Savings 

Newcastle Building Society – Newcastle Base Rate Tracker (Issue 1)

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

“Newcastle Building Society has launched a Base Rate Tracker easy access account this week. Paying a rate of 4.30%, the deal guarantees to pay no less than 0.70% below the Bank of England base rate until it matures on 31 December 2025. The account takes a prominent place in the market against its peers. Savers looking for some flexibility may find this an attractive option, unlike some alternatives that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.30% gross / 4.30% AER payable on its anniversary / monthly interest option of 4.22% gross / 4.30% AER also available.
• Notice / term: Matures on 31.12.25 into an easy access account
• Minimum opening amount: £1
• Maximum investment amount: £250,000
• Access: Permitted
• Further additions: Permitted
• Opening account: Online and in branch
• Managing account: Online, by post, by phone and in branch
• Other information: Minimum applicant age 16. Joint account option available. Guaranteed to pay no less than 0.70% below the Bank of England Base Rate until it matures.

Chip – Instant Access powered by ClearBank 

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

“This week, Chip has increased the rate on its Instant Access powered by ClearBank product to 4.13% gross, improving its position in the market. Savers searching for a flexible savings account with a competitive rate may find this deal enticing as it allows unlimited withdrawals. Savers should be aware that they need to hold a Chip subscription (for which both free and paid options are available). The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.” 

Key product details:

• Rate: 4.13% gross / 4.21% AER payable monthly
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: £250,000
• Access: Permitted
• Further additions: Permitted
• Opening account: Via its mobile app
• Managing account: Via its mobile app
• Other information: Minimum applicant age 18. Open banking connection to current account is required. Investors have the choice between holding a fee-free Chip subscription or paying a £4.99 fee per 28-days subscription.

Vanquis Bank – 90 Day Notice Account

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

“Vanquis Bank has launched a new notice account onto the market this week, which may entice savers searching for a competitive return. The 90 Day Notice Account pays 4.90% gross and may appeal to savers who have £1,000 to invest upfront. There is also a monthly interest option paying 4.79% gross which may suit those looking to supplement their income. Savers who wish to access their cash they must be content to provide 90 days’ notice to do so. The deal secures a prominent position in the market and earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.90% gross / 4.90% AER payable on its anniversary / monthly interest option of 4.79% gross / 4.90% AER also available
• Notice / term: 90 days
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Permitted via a nominated account, subject to 90 days’ notice
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18. Joint account option available.

SmartSave – 1 Year Fixed Rate Saver

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

“This week, SmartSave has increased the rate on its 1 Year Fixed Rate Saver, which takes a prominent position in the market. Paying a rate of 5.86%, the deal sits above many of its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £10,000 to invest. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 5.86% gross / 5.86% AER payable on maturity
• Notice / term: One year
• Minimum opening amount: £10,000
• Maximum investment amount: £85,000
• Access: Not permitted
• Further additions: Permitted for 14 days from account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

Habib Bank Zurich plc – HBZ Fixed Rate eDeposit

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

“This week, Habib Bank Zurich plc has taken a prominent position in the short-term fixed market with a rise to the rate on its one-year fixed rate deal. Now paying 5.80% 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: 5.80% gross / 5.80% AER payable on maturity
• Notice / term: 12 months
• Minimum opening amount: £5,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Permitted for 30 days from account opening
• Opening account: Online
• Managing account: By post and phone.
• Other information: Minimum applicant age 18. Joint account option available. Alternative deal (HBZ Sirat eDeposit Fixed Term Account) is available that operates under Islamic finance principles.

Beehive Money – Online Fixed Regular Saver

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

“Savers who are looking to save towards a specific goal may find the new fixed term regular monthly savings account from Beehive Money appealing. Paying a rate of 6.00% on monthly contributions, the deal sits in a competitive position in its sector. Unlike other fixed term regular savers out there, the deal is available to all new customers but, as is common, savers will not be able to access their pot before the end of the fixed term. Overall, earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 6.00% gross / 6.00% AER payable yearly
• Notice / term: Fixed term to 31.7.24
• Minimum opening amount: £10
• Maximum monthly investment amount: £250
• Maximum investment amount: £3,500
• Access: Not permitted
• Further additions: No requirement to pay in specific deposits each month. Unused subscriptions from previous months cannot be made up in subsequent months.
• Opening account: Online and Mobile app
• Managing account: Online and Mobile app
• Other information: Minimum applicant age 18.

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 599 

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

“Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs this week, including its one-year deal which takes a prominent position in the market. The deal now pays a rate of 5.05% yearly and may appeal to savers who want to invest over the next two years and use their ISA allowance. Savers will also find a monthly interest option is available that pays 4.94% gross, which may appeal if they are looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 5.05% gross / 5.05% AER payable yearly / monthly interest option of 4.94% gross / 5.05% AER also available
• Notice / term: To 24.7.24
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, subject to a 60-day loss of interest penalty
• Further additions: Permitted for 30 days from account opening
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
• Transfers out: Permitted, subject to a 60-day loss of interest penalty
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16

Furness Building Society – 2 Year Fixed Rate ISA

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

“Furness Building Society has increased the rate on its 2 Year Fixed Rate ISA this week, which has improved its position in the market. Now paying 5.10% on its anniversary, savers may find this an attractive choice if they have yet to use their ISA allowance, but they must be comfortable with their initial investment as further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 5.10% gross / 5.10% AER payable on its anniversary
• Notice / term: Two year
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Only on closure and subject to 180-day loss of interest penalty
• Further additions: Not permitted
• Transfers in: Permitted. Accepts cash ISAs
• Transfers out: Permitted, subject to 180-day loss of interest penalty
• Opening account: Online, by post and in branch
• Managing account: Online, by post and in branch
• Other information: Minimum applicant age 16.

Buy-to-let

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive rate to secure their monthly repayments may find the latest deal from HSBC an enticing choice, despite a rate rise this week. Priced at 5.29% and fixed to 31 August 2028, this deal charges a product fee of £1,999 which must be paid upfront, however, the package does carry a free valuation incentive. Overall, this product earns an Excellent Moneyfacts product rating.” 

Key product details:

• Rate: 5.29% fixed rate to 31.8.28
• Product fee: £1,999
• Maximum loan-to-value: 75%
• Available to: Second-time buyers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Banking

Kroo Bank – Current Account

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

“This week, Kroo Bank has announced an increase to the credit interest rate on its Current Account to 4.03% gross, taking effect from 1 July 2023, up from 3.54%. Consumers looking for a competitive return on their balance may find this an attractive account, as the interest is payable on balances up to £85,000. The current account does not charge an account fee, and as a bonus, it does not charge customers for foreign debit card usage. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

• Credit interest / reward: 4.03% gross on balances up to £85,000 (rate rise effective from 1.7.23)
• Cashback on debit card purchases: None
• Account fee: None
• Unarranged overdraft: 24.9% EAR
• Opening account: Mobile app only
• Managing account: Online and via mobile app.
• Other information: Minimum applicant age 18. No charges on foreign debit card usage.

Cards 

Tesco Bank – Clubcard Credit Card Balance Transfer Mastercard

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

“The latest update from Tesco Bank sees the 0% balance transfer offer on the Clubcard Credit Card Balance Transfer Mastercard reduce by three months to 27 months. This card still retains a place in the top end of the market despite the reduction and charges an upfront balance transfer fee of 3.49%. Those customers looking to consolidate debts may then find this an appealing offer but may wish to note that lower fees are available elsewhere. Applicants can also earn Clubcard points when they spend. Overall, the card earns an Excellent Moneyfacts product rating.”

Key product details:

• Introductory rate for purchases: None
• Introductory rate for balance transfers: 0% for 27 months
• Standard rate for purchases: 22.9% APR
• Balance transfer fee: 3.49% as an introductory charge during the first three months from account opening, rising to 3.99% (no min) thereafter
• Card fee: None
• Opening method: Online and by phone
• Card management: Online, by phone, by post and via its mobile app
• Other information: Minimum age 18. Minimum income £5,000. Rates dependent on credit rating.

Loans 

Sainsbury’s Bank –Non-Nectar Cardholder Loan

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

“This week, Sainsbury’s Bank has increased rates charged on its unsecured personal loan, but overall may still entice consumers looking to consolidate their debts as it retains a prominent position in its sector. Customers looking to borrow £7,500 over a term of one to five years will find the representative APR at this tier now stands at 5.6%. This change has not shaken the overall appeal of this loan as it earns an Excellent Moneyfacts product rating.”

Key product details:

• Representative APR: 5.6%
• Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
• Application available: Online or by phone
• Other information: Available to new or existing customers. Minimum age 18, minimum income £7,500 per annum, overpayments allowed without an early repayment charge. An alternative loan for Nectar Cardholders is available that charges different rates.