Moneyfacts Pick of the Week - 28/09/2023

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Beehive Money – Limited Issue Easy Access

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Beehive Money has launched two new savings products to add to its range, including the Limited Issue Easy Access, which pays 5.10%. The account grabs a market-leading rate at the top of its sector and may attract savers who have £1,000 to invest. The account does include an introductory bonus rate of 2.45% which runs until 31 October 2024, so a review of the account before this expires would be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable yearly, includes a bonus of 2.45% until 31.10.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Al Rayan Bank has taken a prominent position in the short-term fixed market with a rise to the expected profit rate on its 12 Month Fixed Term Deposit. Now paying an expected profit rate of 5.99% gross, the deal may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.99% gross / 6.12% AER payable quarterly
Notice / term: 12-month bond
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online, by phone and via its mobile app
Managing account: Online, by post and via its mobile app
Other information: Minimum applicant age 16. Joint account option available. Shari’ah compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

Sainsbury’s Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Sainsbury’s Bank has increased the rates on its Fixed Rate Cash ISAs this week, including its one-year deal which takes a prominent position in the market. The deal now pays a rate of 5.70% on anniversary and may appeal to savers who want to invest over the next year and use their ISA allowance. This deal pays an attractive rate when compared to similar products. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.70% gross / 5.70% AER payable on anniversary
Notice / term: 1 year bond
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, and by phone
Other information: Minimum applicant age 18

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Close Brothers Savings has launched new Fixed Rate Cash ISAs and Fixed Rate Bonds. The 3 Year Fixed Rate Cash ISA now pays an attractive 5.35%. The deal takes a position within the top 10 when compared to other fixed ISAs of a similar term and may attract savers who are prepared to lock away their cash for a guaranteed return. However, savers should note that earlier access is permitted subject to 270 days’ loss of interest and account closure. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.35% gross / 5.35% AER payable yearly
Notice / term: Three years
Minimum opening amount: £10,000
Maximum investment amount: Maximum ISA allowance
Access: Permitted on account closure, subject to 270-day loss of interest penalty
Further additions: Permitted for 10 days from account opening
Transfers in: Permitted for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Chorley Building Society – Easy Access Cash ISA (1 Withdrawal)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Chorley Building Society has launched two new products this week, including its new Easy Access Cash ISA (1 Withdrawal) which takes a prominent position in the market claiming a spot in our top rate tables for variable Cash ISAs. The deal pays a rate of 4.80% yearly and may appeal to savers who want instant access to their money and to use their ISA allowance. However, investors must consider that if they make more than one withdrawal in a year the rate drops significantly to 2.50%. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% gross / 4.80% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted. 2.50% gross / AER paid if more than one withdrawal made per annum
Further additions: Permitted up to the maximum ISA allowance for 2023/24 tax year
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted
Opening account: Online, post and in branch
Managing account: Online, post and in branch
Other information: Minimum applicant age 16. Reverts to 2.50% rate if more than one withdrawal is made.

Mortgages

NatWest – Five-year fixed rate mortgage, 75% loan-to-value (Online exclusive)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“NatWest has reduced the rate on its five-year fixed rate deal this week. Now priced at 4.84% for five years, the deal is available for borrowers at 75% loan-to-value. Borrowers will find a free valuation incentive is included and a reasonable £1,495 product fee, which can be added to the mortgage. This deal may attract those looking to save on the upfront cost and lock into a highly attractive fixed rate. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

4.84% fixed rate to 31.01.29
Product fee: £1,495
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain, Northern Ireland.

Vernon Building Society – Three-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Vernon Building Society has launched a new 80% loan-to-value fixed rate mortgage priced at 5.50%, making this the lowest deal on rate alone. This option is available to both those purchasing or those remortgaging and could tempt borrowers who are looking to keep the initial costs of mortgaging to a minimum as there is no associated fee to pay. On review, this product takes a highly competitive position in our top rate tables for the three-year fixed rate sector and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 31/03/2027
Product fee: None
Maximum loan-to-value: 80%
Available to: All borrower types
Incentives: No arrangement fee
Flexible features: Allows overpayments
Lending area: England and Wales.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Santander has launched a new product to its two-year fixed rate deals this week, with its 60% loan-to-value priced at 5.43%, which is available to house purchase customers at 60% loan-to-value. Borrowers looking to secure one of the lowest rates in the two-year fixed market and a competitive package will find this offer includes a free valuation incentive and a reasonable product fee of £999, which can be added to the mortgage advance. This deal may then be attractive to those looking to save on the upfront cost of their deal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.43% fixed rate to 2.2.26
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has reduced rates across a range of its fixed deals this week, including its five-year fixed mortgage at 95% loan-to-value. Now priced at 5.79% and fixed to 31 December 2028, this deal carries a free valuation incentive, £500 cashback and does not charge an arrangement fee. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.79% fixed rate to 31.12.28
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-To-Let

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has reduced a handful of its buy-to-let fixed deals, including its five-year fixed mortgage at 60% loan-to-value. Seeing a drop of 0.03%, now priced at 5.21% and fixed until 31 December 2028, this deal carries a free valuation incentive and a fee of £1,999. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.21% fixed rate to 31.12.28
Product fee: £1,999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Savings

Beehive Money – Limited Issue Easy Access

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Beehive Money has launched two new savings products to add to its range, including the Limited Issue Easy Access, which pays 5.10%. The account grabs a market-leading rate at the top of its sector and may attract savers who have £1,000 to invest. The account does include an introductory bonus rate of 2.45% which runs until 31 October 2024, so a review of the account before this expires would be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable yearly, includes a bonus of 2.45% until 31.10.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Al Rayan Bank has taken a prominent position in the short-term fixed market with a rise to the expected profit rate on its 12 Month Fixed Term Deposit. Now paying an expected profit rate of 5.99% gross, the deal may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.99% gross / 6.12% AER payable quarterly
Notice / term: 12-month bond
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online, by phone and via its mobile app
Managing account: Online, by post and via its mobile app
Other information: Minimum applicant age 16. Joint account option available. Shari’ah compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

Sainsbury’s Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Sainsbury’s Bank has increased the rates on its Fixed Rate Cash ISAs this week, including its one-year deal which takes a prominent position in the market. The deal now pays a rate of 5.70% on anniversary and may appeal to savers who want to invest over the next year and use their ISA allowance. This deal pays an attractive rate when compared to similar products. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.70% gross / 5.70% AER payable on anniversary
Notice / term: 1 year bond
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, and by phone
Other information: Minimum applicant age 18

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Close Brothers Savings has launched new Fixed Rate Cash ISAs and Fixed Rate Bonds. The 3 Year Fixed Rate Cash ISA now pays an attractive 5.35%. The deal takes a position within the top 10 when compared to other fixed ISAs of a similar term and may attract savers who are prepared to lock away their cash for a guaranteed return. However, savers should note that earlier access is permitted subject to 270 days’ loss of interest and account closure. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.35% gross / 5.35% AER payable yearly
Notice / term: Three years
Minimum opening amount: £10,000
Maximum investment amount: Maximum ISA allowance
Access: Permitted on account closure, subject to 270-day loss of interest penalty
Further additions: Permitted for 10 days from account opening
Transfers in: Permitted for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Chorley Building Society – Easy Access Cash ISA (1 Withdrawal)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Chorley Building Society has launched two new products this week, including its new Easy Access Cash ISA (1 Withdrawal) which takes a prominent position in the market claiming a spot in our top rate tables for variable Cash ISAs. The deal pays a rate of 4.80% yearly and may appeal to savers who want instant access to their money and to use their ISA allowance. However, investors must consider that if they make more than one withdrawal in a year the rate drops significantly to 2.50%. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% gross / 4.80% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted. 2.50% gross / AER paid if more than one withdrawal made per annum
Further additions: Permitted up to the maximum ISA allowance for 2023/24 tax year
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted
Opening account: Online, post and in branch
Managing account: Online, post and in branch
Other information: Minimum applicant age 16. Reverts to 2.50% rate if more than one withdrawal is made.

Mortgages

NatWest – Five-year fixed rate mortgage, 75% loan-to-value (Online exclusive)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“NatWest has reduced the rate on its five-year fixed rate deal this week. Now priced at 4.84% for five years, the deal is available for borrowers at 75% loan-to-value. Borrowers will find a free valuation incentive is included and a reasonable £1,495 product fee, which can be added to the mortgage. This deal may attract those looking to save on the upfront cost and lock into a highly attractive fixed rate. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

4.84% fixed rate to 31.01.29
Product fee: £1,495
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain, Northern Ireland.

Vernon Building Society – Three-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Vernon Building Society has launched a new 80% loan-to-value fixed rate mortgage priced at 5.50%, making this the lowest deal on rate alone. This option is available to both those purchasing or those remortgaging and could tempt borrowers who are looking to keep the initial costs of mortgaging to a minimum as there is no associated fee to pay. On review, this product takes a highly competitive position in our top rate tables for the three-year fixed rate sector and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 31/03/2027
Product fee: None
Maximum loan-to-value: 80%
Available to: All borrower types
Incentives: No arrangement fee
Flexible features: Allows overpayments
Lending area: England and Wales.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Santander has launched a new product to its two-year fixed rate deals this week, with its 60% loan-to-value priced at 5.43%, which is available to house purchase customers at 60% loan-to-value. Borrowers looking to secure one of the lowest rates in the two-year fixed market and a competitive package will find this offer includes a free valuation incentive and a reasonable product fee of £999, which can be added to the mortgage advance. This deal may then be attractive to those looking to save on the upfront cost of their deal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.43% fixed rate to 2.2.26
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has reduced rates across a range of its fixed deals this week, including its five-year fixed mortgage at 95% loan-to-value. Now priced at 5.79% and fixed to 31 December 2028, this deal carries a free valuation incentive, £500 cashback and does not charge an arrangement fee. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.79% fixed rate to 31.12.28
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-To-Let

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has reduced a handful of its buy-to-let fixed deals, including its five-year fixed mortgage at 60% loan-to-value. Seeing a drop of 0.03%, now priced at 5.21% and fixed until 31 December 2028, this deal carries a free valuation incentive and a fee of £1,999. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.21% fixed rate to 31.12.28
Product fee: £1,999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Notes to editors

Pioneering financial comparison technology for over 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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.

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

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.