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Moneyfacts Pick of the Week - 28/07/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
28/07/2022

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

Buckinghamshire Building Society – Fixed Rate Bond Issue 161

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

“This week Buckinghamshire Building Society has launched a new Fixed Rate Bond to market. Paying 3.15%, this account takes a position in our top tables when compared to other bonds with similar terms currently available. As is common with many fixed accounts, investors need to be comfortable locking their cash away for the three-year term of this account, as early access is not permitted during this time. However, further additions are possible while the issue remains open, which might be a plus for some investors. On assessment, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.15% gross / 3.15% AER payable yearly
  • Notice / term: To 31.8.25
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted while issue remains open
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age, seven. Joint account option available.

 

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 504

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

“Receiving a rate increase of 0.05% this week is the 1 Year Fixed Rate Cash E-ISA from Virgin Money. This account now takes the lead position in the top 10 of its respective sector when compared to other products currently available. Savers who wish to utilise their tax-free savings allowance may well be tempted by the market-leading return of 2.17% yearly. This ISA also provides a little more flexibility than is often on offer with these types of accounts, as not only are further additions permitted, but also earlier access is available subject to a loss of interest penalty. Additionally, there is the option to take the interest on a monthly basis, which could be another plus for those looking to boost their regular income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.17% gross / 2.17% AER payable yearly / monthly interest option of 2.15% gross / 2.17% AER also available
  • Notice / term: To 24.8.23
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 60 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening.
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash and Stocks & Shares ISAs.
  • Transfers out: Permitted, subject to 60 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Investec Bank plc – 90-Day Notice Saver Issue 1

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

“Savers who want to earn a better rate than can currently be found on an easy access account, but who still want a little flexibility to access their savings pot if needed, may be attracted to the newly launched 90-Day Notice account from Investec Bank plc. Paying a market-leading return of 2.08% gross, this account takes pole position in two of our top tables when compared to both other notice accounts, and also those paying monthly interest, which are currently on offer in the market. Investors able to meet the minimum deposit of £5,000 might also be pleased to see that, although they need to provide 90 days’ notice before accessing their cash, further additions can be made at any time, which may be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.08% gross / 2.10% AER payable monthly
  • Notice / term: 90 days
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 90 days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Virgin Money – M Plus Saver

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

“Virgin Money has increased rates on a number of its savings accounts by up to 0.25% this week. Savers who already hold, or who are happy to open, a Virgin Money M Plus current account may wish to note the improved rate on the M Plus Saver account. Now rising to pay 1.70% quarterly, this account moves up to take its place at the top of the table compared to other similar easy access accounts on the market at the moment. Investors should note that the market-leading rate is offered on balances of up to £25,000, but this does drop to 1.00% for balances over this amount. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.71% AER payable quarterly on deposits of up to £25,000 / rate reduces to 1.00% gross / 1.00% AER for balances above £25,000
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: No maximum
  • Access: Permitted, via M Plus Account or nominated account
  • Further additions: Permitted
  • Opening account: Online, by phone and in branch
  • Managing account: Online, by phone, in branch and via its mobile app
  • Other information: Minimum applicant age 16, 18 to apply online. Customer must have or open an M Plus current account.

 

Yorkshire Building Society – Internet Saver Plus Issue 11

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

“Yorkshire Building Society has increased rates on selected tiers of its Internet Saver Plus account. Savers with between £10,000 and £49,999 to invest will find the return has risen to 1.55%, seeing this account take its place in the top 10 when compared to other easy access products currently on the market. This offering may be an attractive choice for those looking to maintain unrestricted access to their nest egg, as both unlimited withdrawals and additions are permitted. The account can also be simply opened and managed online and, following the update, earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable yearly on a deposit of between £10,000 and £49,999 (alternative rates offered for deposits either above or below this amount).
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £500,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

 

Tesco Bank – Instant Access Cash ISA

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

“One of the accounts to receive a rate increase from Tesco Bank this week is the Instant Access Cash ISA. Now paying 1.36%, this deal improves its position within this sector and sees this ISA take a place in the top 10 in the market. Savers who are looking for a flexible account and who also wish to use their ISA allowance may be tempted by the fact this account allows both unlimited deposits and withdrawals. Savvy investors may want to diarise a review though, as the bonus portion of the rate expires after 12 months and the rate paid will then reduce. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.36% gross / 1.36% AER payable on anniversary (rate includes a bonus of 1.11% for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted
  • Opening account: Online and by phone
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

 

Buy-to-Let Mortgages

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

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

“Landlords looking for a short-term fixed rate mortgage with which to purchase a rental property may be tempted by the two-year fixed rate deal offered by HSBC. Following a slight increase of 0.10% this week, this product is priced at 2.99% until 31 October 2024. Despite the rate rise, this remains the lowest initial rate offered in this sector of the market. The fee of £1,999 has to be paid upfront, but this is offset slightly by the generous incentives associated with the deal, which includes £500 cashback. When assessed as a whole package, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate to 31.10.24
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

Savings

Buckinghamshire Building Society – Fixed Rate Bond Issue 161

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

“This week Buckinghamshire Building Society has launched a new Fixed Rate Bond to market. Paying 3.15%, this account takes a position in our top tables when compared to other bonds with similar terms currently available. As is common with many fixed accounts, investors need to be comfortable locking their cash away for the three-year term of this account, as early access is not permitted during this time. However, further additions are possible while the issue remains open, which might be a plus for some investors. On assessment, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.15% gross / 3.15% AER payable yearly
  • Notice / term: To 31.8.25
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted while issue remains open
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age, seven. Joint account option available.

 

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 504

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

“Receiving a rate increase of 0.05% this week is the 1 Year Fixed Rate Cash E-ISA from Virgin Money. This account now takes the lead position in the top 10 of its respective sector when compared to other products currently available. Savers who wish to utilise their tax-free savings allowance may well be tempted by the market-leading return of 2.17% yearly. This ISA also provides a little more flexibility than is often on offer with these types of accounts, as not only are further additions permitted, but also earlier access is available subject to a loss of interest penalty. Additionally, there is the option to take the interest on a monthly basis, which could be another plus for those looking to boost their regular income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.17% gross / 2.17% AER payable yearly / monthly interest option of 2.15% gross / 2.17% AER also available
  • Notice / term: To 24.8.23
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 60 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening.
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash and Stocks & Shares ISAs.
  • Transfers out: Permitted, subject to 60 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Investec Bank plc – 90-Day Notice Saver Issue 1

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

“Savers who want to earn a better rate than can currently be found on an easy access account, but who still want a little flexibility to access their savings pot if needed, may be attracted to the newly launched 90-Day Notice account from Investec Bank plc. Paying a market-leading return of 2.08% gross, this account takes pole position in two of our top tables when compared to both other notice accounts, and also those paying monthly interest, which are currently on offer in the market. Investors able to meet the minimum deposit of £5,000 might also be pleased to see that, although they need to provide 90 days’ notice before accessing their cash, further additions can be made at any time, which may be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.08% gross / 2.10% AER payable monthly
  • Notice / term: 90 days
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 90 days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Virgin Money – M Plus Saver

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

“Virgin Money has increased rates on a number of its savings accounts by up to 0.25% this week. Savers who already hold, or who are happy to open, a Virgin Money M Plus current account may wish to note the improved rate on the M Plus Saver account. Now rising to pay 1.70% quarterly, this account moves up to take its place at the top of the table compared to other similar easy access accounts on the market at the moment. Investors should note that the market-leading rate is offered on balances of up to £25,000, but this does drop to 1.00% for balances over this amount. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.71% AER payable quarterly on deposits of up to £25,000 / rate reduces to 1.00% gross / 1.00% AER for balances above £25,000
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: No maximum
  • Access: Permitted, via M Plus Account or nominated account
  • Further additions: Permitted
  • Opening account: Online, by phone and in branch
  • Managing account: Online, by phone, in branch and via its mobile app
  • Other information: Minimum applicant age 16, 18 to apply online. Customer must have or open an M Plus current account.

 

Yorkshire Building Society – Internet Saver Plus Issue 11

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

“Yorkshire Building Society has increased rates on selected tiers of its Internet Saver Plus account. Savers with between £10,000 and £49,999 to invest will find the return has risen to 1.55%, seeing this account take its place in the top 10 when compared to other easy access products currently on the market. This offering may be an attractive choice for those looking to maintain unrestricted access to their nest egg, as both unlimited withdrawals and additions are permitted. The account can also be simply opened and managed online and, following the update, earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable yearly on a deposit of between £10,000 and £49,999 (alternative rates offered for deposits either above or below this amount).
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £500,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

 

Tesco Bank – Instant Access Cash ISA

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

“One of the accounts to receive a rate increase from Tesco Bank this week is the Instant Access Cash ISA. Now paying 1.36%, this deal improves its position within this sector and sees this ISA take a place in the top 10 in the market. Savers who are looking for a flexible account and who also wish to use their ISA allowance may be tempted by the fact this account allows both unlimited deposits and withdrawals. Savvy investors may want to diarise a review though, as the bonus portion of the rate expires after 12 months and the rate paid will then reduce. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.36% gross / 1.36% AER payable on anniversary (rate includes a bonus of 1.11% for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted
  • Opening account: Online and by phone
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

 

Buy-to-Let Mortgages

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

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

“Landlords looking for a short-term fixed rate mortgage with which to purchase a rental property may be tempted by the two-year fixed rate deal offered by HSBC. Following a slight increase of 0.10% this week, this product is priced at 2.99% until 31 October 2024. Despite the rate rise, this remains the lowest initial rate offered in this sector of the market. The fee of £1,999 has to be paid upfront, but this is offset slightly by the generous incentives associated with the deal, which includes £500 cashback. When assessed as a whole package, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate to 31.10.24
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

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