Brand Logo Moneyfacts Group plc
Telephone Icon T: 01603 476476 Email Icon E: enquiries@moneyfacts.co.uk LinkedIn Icon

Moneyfacts Pick of the Week - 28/04/2022

Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo
Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
28/04/2022

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, Eleanor Williams, 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, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

United Trust Bank – UTB 2 Year Bond

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week sees United Trust Bank increase the rates on a selection of its UTB Bonds. One of the accounts to see a rate rise is the UTB 2 Year Bond, increasing from 2.10% to now pay 2.35% on anniversary. This update sees the bond improve its position in the top 10 when compared to other similar accounts currently on offer and may tempt those happy to secure their savings pot away for the term. Savers able to meet the £5,000 minimum investment may wish to note that neither earlier access nor further additions are permitted, so it’s important that investors are comfortable they can commit at outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.35% gross / 2.35% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

  

Investec Bank plc – 1 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank plc has increased the rate on its Fixed Rate Saver by 0.15% this week. Now paying 2.05% on maturity, this bond takes a position within the top 10 when compared to other fixed bonds with similar terms currently on the market. Savers who are looking for a competitive rate of return and who are happy to lock their cash away for the term of the account may well find this an enticing option. As is common in the fixed market, earlier access is not permitted, however, there is a little flexibility to make further additions for seven days from the account opening, which may be a plus for some investors. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.05% gross / 2.05% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Close Brothers Savings has launched a new 1 Year Fixed Rate Cash ISA which could tempt savers looking to use their new tax-free savings allowance. Those with at least £10,000 to invest could be enticed by this new ISA, which pays a rate of 1.40% on maturity, and which sees it take a prominent position within our top rate tables when compared to other ISAs with similar terms currently on offer. Further additions can be made for 10 days from account opening, and access to funds is possible, but subject to account closure and an interest penalty, which savers may wish to consider. On balance the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Ford Money – Flexible Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Ford Money has increased the rate on its Flexible Saver by 0.15% this week. Now paying 1.00%, this easy access account takes a position within the top 10 when compared to other similar accounts currently available. This account may appeal to savers who want to maintain flexible access to their nest egg, as withdrawals are permitted via a nominated current account. Additionally, those looking to supplement their income may be further tempted by the fact that a monthly interest option is also available. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable on anniversary / monthly interest option of 1.00% gross / 1.00% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £2 million
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Opening account: Online and by phone
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

 

Mortgages

first direct – Five-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“In its latest update first direct has launched a new deal for those looking to purchase a home with a 5% deposit. Entering the 95% loan-to-value sector, this new option is fixed at a rate of 2.94% for five years which is one of the lowest initial rates available in this sector of the market. The appeal of this product is enhanced further by the fact that it does not carry an arrangement fee and it also offers a free valuation incentive. This is a combination of features which is likely to make it a tempting option for those taking a step onto the property ladder, especially those hoping to keep any outgoings associated with setting up a mortgage to a minimum. On assessment this product earns a place within our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.94% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“One of the deals to be updated in HSBC’s latest change is a five-year fixed rate product for landlords looking to purchase a rental property. Available at 60% loan-to-value and following a small rate increase of 0.05% this week, this option is now priced at 2.29%. Despite the rise in rate, when considered as a whole the combination of initial rate, incentive of a free valuation and the unchanged product fee ensure that this deal maintains a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% fixed rate for five years
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Sainsbury’s Bank – 33 Month Balance Transfer Credit Card Mastercard

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest updates from Sainsbury’s Bank sees the term on the 32 Month Balance Transfer credit card increase by one month to 33 months. This card now provides one of the best introductory 0% balance transfer offers, which could well appeal to those looking to transfer a balance over a longer term. Those hoping to consolidate credit card debt may find the deal particularly attractive, although may wish to be aware of the upfront balance transfer fee of 2.89%. Card holders can also benefit by earning Nectar Points when spending on their card, which may broaden its appeal further, as may the introductory 0% purchase offer for three months. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 33 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.89% (min £3.00) as an introductory charge during the first three months from account opening, rising to 3.00% (min £3.00) thereafter
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post and via its mobile app
  • Other information: Minimum age 18. Minimum income £10,000. Rates dependent on credit rating.

Savings

United Trust Bank – UTB 2 Year Bond

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week sees United Trust Bank increase the rates on a selection of its UTB Bonds. One of the accounts to see a rate rise is the UTB 2 Year Bond, increasing from 2.10% to now pay 2.35% on anniversary. This update sees the bond improve its position in the top 10 when compared to other similar accounts currently on offer and may tempt those happy to secure their savings pot away for the term. Savers able to meet the £5,000 minimum investment may wish to note that neither earlier access nor further additions are permitted, so it’s important that investors are comfortable they can commit at outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.35% gross / 2.35% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

  

Investec Bank plc – 1 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank plc has increased the rate on its Fixed Rate Saver by 0.15% this week. Now paying 2.05% on maturity, this bond takes a position within the top 10 when compared to other fixed bonds with similar terms currently on the market. Savers who are looking for a competitive rate of return and who are happy to lock their cash away for the term of the account may well find this an enticing option. As is common in the fixed market, earlier access is not permitted, however, there is a little flexibility to make further additions for seven days from the account opening, which may be a plus for some investors. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.05% gross / 2.05% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Close Brothers Savings has launched a new 1 Year Fixed Rate Cash ISA which could tempt savers looking to use their new tax-free savings allowance. Those with at least £10,000 to invest could be enticed by this new ISA, which pays a rate of 1.40% on maturity, and which sees it take a prominent position within our top rate tables when compared to other ISAs with similar terms currently on offer. Further additions can be made for 10 days from account opening, and access to funds is possible, but subject to account closure and an interest penalty, which savers may wish to consider. On balance the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Ford Money – Flexible Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Ford Money has increased the rate on its Flexible Saver by 0.15% this week. Now paying 1.00%, this easy access account takes a position within the top 10 when compared to other similar accounts currently available. This account may appeal to savers who want to maintain flexible access to their nest egg, as withdrawals are permitted via a nominated current account. Additionally, those looking to supplement their income may be further tempted by the fact that a monthly interest option is also available. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable on anniversary / monthly interest option of 1.00% gross / 1.00% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £2 million
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Opening account: Online and by phone
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

 

Mortgages

first direct – Five-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“In its latest update first direct has launched a new deal for those looking to purchase a home with a 5% deposit. Entering the 95% loan-to-value sector, this new option is fixed at a rate of 2.94% for five years which is one of the lowest initial rates available in this sector of the market. The appeal of this product is enhanced further by the fact that it does not carry an arrangement fee and it also offers a free valuation incentive. This is a combination of features which is likely to make it a tempting option for those taking a step onto the property ladder, especially those hoping to keep any outgoings associated with setting up a mortgage to a minimum. On assessment this product earns a place within our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.94% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“One of the deals to be updated in HSBC’s latest change is a five-year fixed rate product for landlords looking to purchase a rental property. Available at 60% loan-to-value and following a small rate increase of 0.05% this week, this option is now priced at 2.29%. Despite the rise in rate, when considered as a whole the combination of initial rate, incentive of a free valuation and the unchanged product fee ensure that this deal maintains a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% fixed rate for five years
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Sainsbury’s Bank – 33 Month Balance Transfer Credit Card Mastercard

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest updates from Sainsbury’s Bank sees the term on the 32 Month Balance Transfer credit card increase by one month to 33 months. This card now provides one of the best introductory 0% balance transfer offers, which could well appeal to those looking to transfer a balance over a longer term. Those hoping to consolidate credit card debt may find the deal particularly attractive, although may wish to be aware of the upfront balance transfer fee of 2.89%. Card holders can also benefit by earning Nectar Points when spending on their card, which may broaden its appeal further, as may the introductory 0% purchase offer for three months. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 33 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.89% (min £3.00) as an introductory charge during the first three months from account opening, rising to 3.00% (min £3.00) thereafter
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post and via its mobile app
  • Other information: Minimum age 18. Minimum income £10,000. Rates 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