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Moneyfacts Pick of the Week - 27/01/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
27/01/2022

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Investec Bank plc – Online Flexi Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank plc has relaunched its Online Flexi Saver this week. Paying a rate of 0.71%, the deal takes a place in our top rate tables when compared against other easy access accounts. Due to its straightforward structure, savers looking for some flexibility may find this an attractive option, unlike some of its peers that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.71% gross / 0.71% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week QIB (UK) has reduced the expected profit rate on selected Raisin UK - Fixed Term Deposit accounts by up to 0.10%. Its 18 Month deal now pays 1.40% and may well attract savers as it remains competitive within the short-term sector. As is usual with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER, payable on maturity
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £50 welcome bonus can be claimed on savings accounts with a term of six months opened with a minimum of £10,000. Sharia compliant account – rates shown are expected profit rate.

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Union Bank of India (UK) Ltd has increased the rates on its Fixed Rate Deposits and Union Premier Bonds this week by up to 0.10%. Now paying a rate of 1.60%, the 2 Year Fixed Rate Deposit account sits comfortably within the top rate tables in its sector and may entice savers looking for a guaranteed return over the next two years. Savers will find early access and further additions are not permitted, so they would be wise to ensure they are satisfied with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on maturity / yearly interest option of 1.60% gross / 1.60% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available.0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

Buy-to-Let Mortgages

NatWest – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week NatWest has increased selected buy-to-let fixed rates, with its two-year fixed rate deal at 75% loan-to-value seeing a rise of 0.10%. Now priced at 1.93% to 30 April 2024, this deal may be appealing to landlords as there is no product fee to pay, plus the combination of a competitive rate and a free valuation incentive may be suited to those looking to save on the upfront cost of their deal. On balance, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.93% fixed rate until 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Banking

NatWest – Select Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“NatWest has launched a new £150 switching incentive this week on a range of its current accounts, including the Select Account. Customers who use the Current Account Switching Service (CASS) by 7 April 2022 must log into online or mobile banking and credit their account with £1,250 to be eligible. This upfront perk may be enticing, and the Select Account offers a fuss-free account with no monthly fee, however cheaper overdraft tariffs can be found elsewhere. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.49% EAR
  • Opening account: Online, by phone and in branch
  • Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Offers free emergency cash service.

Loans

Post Office Money® – Personal Loan

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Post Office Money has both reduced and increased rates on selected tiers of its Personal Loan. The £15,001 to £25,000 tier has seen a cut of 0.1% and now charges 2.7% APR; borrowing of between £5,000 and £7,499 has, however, increased by 0.1% to 4.0% APR. The deal is competitively priced within the unsecured personal loans market and continues to offer an option to overpay without incurring an early repayment charge. Overall, the product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Representative APR: 4.0%
  • Loan period: Rate shown is based on a term of 36 months for a £5,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21. You may be offered an alternative APR dependent on credit rating.

Savings

Investec Bank plc – Online Flexi Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank plc has relaunched its Online Flexi Saver this week. Paying a rate of 0.71%, the deal takes a place in our top rate tables when compared against other easy access accounts. Due to its straightforward structure, savers looking for some flexibility may find this an attractive option, unlike some of its peers that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.71% gross / 0.71% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week QIB (UK) has reduced the expected profit rate on selected Raisin UK - Fixed Term Deposit accounts by up to 0.10%. Its 18 Month deal now pays 1.40% and may well attract savers as it remains competitive within the short-term sector. As is usual with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER, payable on maturity
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £50 welcome bonus can be claimed on savings accounts with a term of six months opened with a minimum of £10,000. Sharia compliant account – rates shown are expected profit rate.

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Union Bank of India (UK) Ltd has increased the rates on its Fixed Rate Deposits and Union Premier Bonds this week by up to 0.10%. Now paying a rate of 1.60%, the 2 Year Fixed Rate Deposit account sits comfortably within the top rate tables in its sector and may entice savers looking for a guaranteed return over the next two years. Savers will find early access and further additions are not permitted, so they would be wise to ensure they are satisfied with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on maturity / yearly interest option of 1.60% gross / 1.60% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available.0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

Buy-to-Let Mortgages

NatWest – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week NatWest has increased selected buy-to-let fixed rates, with its two-year fixed rate deal at 75% loan-to-value seeing a rise of 0.10%. Now priced at 1.93% to 30 April 2024, this deal may be appealing to landlords as there is no product fee to pay, plus the combination of a competitive rate and a free valuation incentive may be suited to those looking to save on the upfront cost of their deal. On balance, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.93% fixed rate until 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Banking

NatWest – Select Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“NatWest has launched a new £150 switching incentive this week on a range of its current accounts, including the Select Account. Customers who use the Current Account Switching Service (CASS) by 7 April 2022 must log into online or mobile banking and credit their account with £1,250 to be eligible. This upfront perk may be enticing, and the Select Account offers a fuss-free account with no monthly fee, however cheaper overdraft tariffs can be found elsewhere. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.49% EAR
  • Opening account: Online, by phone and in branch
  • Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Offers free emergency cash service.

Loans

Post Office Money® – Personal Loan

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Post Office Money has both reduced and increased rates on selected tiers of its Personal Loan. The £15,001 to £25,000 tier has seen a cut of 0.1% and now charges 2.7% APR; borrowing of between £5,000 and £7,499 has, however, increased by 0.1% to 4.0% APR. The deal is competitively priced within the unsecured personal loans market and continues to offer an option to overpay without incurring an early repayment charge. Overall, the product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Representative APR: 4.0%
  • Loan period: Rate shown is based on a term of 36 months for a £5,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21. You may be offered an alternative APR dependent on credit rating.

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert