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Moneyfacts Pick of the Week - 30/06/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
30/06/2022

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

Monument Bank – 2 Year Fixed Term Deposit

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

“The rate paid on the 2 Year Fixed Term Deposit from Monument Bank has been increased by 0.10% this week, now paying a market-leading 3.05% on anniversary. This account now secures the lead spot in our top tables and may well tempt savers who are happy to lock their cash away in order to secure a competitive rate of return over the shorter-term and able to meet the £25,000 minimum investment. As is often the case with fixed bonds, earlier access is not permitted, however, there is a little flexibility to make further additions for 14 days from account opening, which may be a plus for some investors. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.05% gross / 3.05% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £25,000
  • Maximum investment amount: £400,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“National Bank of Egypt (UK) Limited has increased the rates on its Raisin UK - Fixed Term Deposits by as much as 0.30% this week. The 1 Year Fixed Term Deposit option takes a prominent place in the top 10 when compared to other bonds with similar terms currently on offer. The account now pays 2.70% gross on maturity, and on return alone may well appeal to savers. As is common in the fixed rate bond arena, neither earlier access nor further additions are permitted, so savers would need to be happy to commit their funds for the one-year term at outset. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.70% gross / 2.70% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • 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 £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Hampshire Trust Bank – 1 Year Bond (Issue 51)

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

“This week sees Hampshire Trust Bank increase the rate paid on its 1 Year Bond by 0.10%, rising to pay 2.60% on maturity. Following the update this account secures a place in our top 10 when compared to other fixed rate bonds currently available with a similar term. Further additions can be made for 14 days from account opening, which may be an added plus for some investors, but as is common in the fixed bond arena, earlier access is not permitted, so this account might tempt those savers who are happy to secure their cash away for the short term. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.60% gross / 2.60% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Punjab National Bank (International) Limited – 1 Year Fixed Rate Cash ISA

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

“Punjab National Bank (International) Limited has increased the rates on a number of its accounts this week, including its 1 Year Fixed Rate Cash ISA. This now improves its position in our top tables when compared to other ISAs with similar terms currently on offer. Savers looking to use their tax-free ISA allowance may be tempted by the rate of return, but should note that earlier access is only permitted on account closure and is subject to a penalty. Overall, the account earns 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: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on closure, subject to 30 days’ notice and no interest paid
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted on closure, subject to 30 days’ notice and no interest paid
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age 16.

 

Gatehouse Bank – Easy Access Account

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

“Savers looking for a straightforward easy access account without restrictions or limits on withdrawals may be pleased to see that Gatehouse Bank has increased the rate on its Easy Access Account by 0.10%. Now paying an expected profit rate of 1.40%, this takes a place within the top tables when compared to other no notice accounts which are currently available. The account can be easily opened online, and could appeal to those who are looking to maintain simple, flexible access to their savings pot. This account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are an expected profit rate.

 

Saffron Building Society – Small Saver (Issue 4)

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

“Saffron Building Society has launched a competitive new issue of its previously available Small Saver account this week. This fixed rate regular savings product paying a competitive 2.30% takes a place in the top 10 compared to other regular savings accounts currently offered. This may appeal to savers who are looking for an account which will help them get into the habit of setting money aside each month. This account also allows one withdrawal to be made per calendar month, which could be a further draw for some investors. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.30% gross / 2.30% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £600 (£50 per month)
  • Access: Permitted, subject to a maximum of one withdrawal per month (12 per annum)
  • Further additions: Permitted, subject to a maximum of £50 in total per month
  • Opening account: Online, by post and in branch
  • Managing account: Online, by post, in branch and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Reverts into Maturity Easy Access Account after 12 months.

 

Mortgages

Newcastle Building Society – Ten-year fixed rate mortgage, 80% loan-to-value

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

“This week sees Newcastle Building Society refresh its range of residential mortgages. One of the products which sees a rise of 0.20% is a ten-year fixed rate option at 80% loan-to-value. Now priced at 3.50% until 31 October 2032, this may be a tempting choice for those looking for the stability of a longer-term fixed rate mortgage. There continues to be no arrangement fee payable, and despite the increase in rate, this offering maintains its place in our top tables and receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 3.50% fixed rate to 31.10.32
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Accord Mortgages – Two-year discounted variable rate mortgage, 75% loan-to-value

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

“Accord Mortgages has returned discounted variable rate products to its range of mortgage offerings this week. One of the new deals to come to market is priced at 2.19% (2.80% discount) until 30 November 2024 and provides both purchase and remortgage customers with up to 75% loan-to-value. This may be an appealing choice for borrowers who are comfortable with variable rate mortgages and are looking for a competitive initial rate combined with relatively low set-up costs. Additionally, those looking to keep any mortgage set-up costs to a minimum may be further pleased to see that there is a generous incentive package available, which includes £500 cashback and a free valuation. This product therefore secures a place in our top tables for the intermediary sector and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.19% discounted variable rate to 30.11.24
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made and notice required.
  • Lending area: Great Britain. Available via selected intermediaries.

Savings

Monument Bank – 2 Year Fixed Term Deposit

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

“The rate paid on the 2 Year Fixed Term Deposit from Monument Bank has been increased by 0.10% this week, now paying a market-leading 3.05% on anniversary. This account now secures the lead spot in our top tables and may well tempt savers who are happy to lock their cash away in order to secure a competitive rate of return over the shorter-term and able to meet the £25,000 minimum investment. As is often the case with fixed bonds, earlier access is not permitted, however, there is a little flexibility to make further additions for 14 days from account opening, which may be a plus for some investors. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.05% gross / 3.05% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £25,000
  • Maximum investment amount: £400,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“National Bank of Egypt (UK) Limited has increased the rates on its Raisin UK - Fixed Term Deposits by as much as 0.30% this week. The 1 Year Fixed Term Deposit option takes a prominent place in the top 10 when compared to other bonds with similar terms currently on offer. The account now pays 2.70% gross on maturity, and on return alone may well appeal to savers. As is common in the fixed rate bond arena, neither earlier access nor further additions are permitted, so savers would need to be happy to commit their funds for the one-year term at outset. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.70% gross / 2.70% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • 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 £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Hampshire Trust Bank – 1 Year Bond (Issue 51)

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

“This week sees Hampshire Trust Bank increase the rate paid on its 1 Year Bond by 0.10%, rising to pay 2.60% on maturity. Following the update this account secures a place in our top 10 when compared to other fixed rate bonds currently available with a similar term. Further additions can be made for 14 days from account opening, which may be an added plus for some investors, but as is common in the fixed bond arena, earlier access is not permitted, so this account might tempt those savers who are happy to secure their cash away for the short term. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.60% gross / 2.60% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Punjab National Bank (International) Limited – 1 Year Fixed Rate Cash ISA

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

“Punjab National Bank (International) Limited has increased the rates on a number of its accounts this week, including its 1 Year Fixed Rate Cash ISA. This now improves its position in our top tables when compared to other ISAs with similar terms currently on offer. Savers looking to use their tax-free ISA allowance may be tempted by the rate of return, but should note that earlier access is only permitted on account closure and is subject to a penalty. Overall, the account earns 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: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on closure, subject to 30 days’ notice and no interest paid
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted on closure, subject to 30 days’ notice and no interest paid
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age 16.

 

Gatehouse Bank – Easy Access Account

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

“Savers looking for a straightforward easy access account without restrictions or limits on withdrawals may be pleased to see that Gatehouse Bank has increased the rate on its Easy Access Account by 0.10%. Now paying an expected profit rate of 1.40%, this takes a place within the top tables when compared to other no notice accounts which are currently available. The account can be easily opened online, and could appeal to those who are looking to maintain simple, flexible access to their savings pot. This account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are an expected profit rate.

 

Saffron Building Society – Small Saver (Issue 4)

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

“Saffron Building Society has launched a competitive new issue of its previously available Small Saver account this week. This fixed rate regular savings product paying a competitive 2.30% takes a place in the top 10 compared to other regular savings accounts currently offered. This may appeal to savers who are looking for an account which will help them get into the habit of setting money aside each month. This account also allows one withdrawal to be made per calendar month, which could be a further draw for some investors. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.30% gross / 2.30% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £600 (£50 per month)
  • Access: Permitted, subject to a maximum of one withdrawal per month (12 per annum)
  • Further additions: Permitted, subject to a maximum of £50 in total per month
  • Opening account: Online, by post and in branch
  • Managing account: Online, by post, in branch and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Reverts into Maturity Easy Access Account after 12 months.

 

Mortgages

Newcastle Building Society – Ten-year fixed rate mortgage, 80% loan-to-value

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

“This week sees Newcastle Building Society refresh its range of residential mortgages. One of the products which sees a rise of 0.20% is a ten-year fixed rate option at 80% loan-to-value. Now priced at 3.50% until 31 October 2032, this may be a tempting choice for those looking for the stability of a longer-term fixed rate mortgage. There continues to be no arrangement fee payable, and despite the increase in rate, this offering maintains its place in our top tables and receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 3.50% fixed rate to 31.10.32
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Accord Mortgages – Two-year discounted variable rate mortgage, 75% loan-to-value

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

“Accord Mortgages has returned discounted variable rate products to its range of mortgage offerings this week. One of the new deals to come to market is priced at 2.19% (2.80% discount) until 30 November 2024 and provides both purchase and remortgage customers with up to 75% loan-to-value. This may be an appealing choice for borrowers who are comfortable with variable rate mortgages and are looking for a competitive initial rate combined with relatively low set-up costs. Additionally, those looking to keep any mortgage set-up costs to a minimum may be further pleased to see that there is a generous incentive package available, which includes £500 cashback and a free valuation. This product therefore secures a place in our top tables for the intermediary sector and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.19% discounted variable rate to 30.11.24
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made and notice required.
  • Lending area: Great Britain. Available via selected intermediaries.

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