Moneyfacts Pick of the Week - 30/09/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
30/09/2021

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

Close Brothers Savings – 95 Day Notice Account (Issue 11)

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

“Close Brothers Savings has increased the rate paid on its 95 Day Notice Account this week, boosting this to 1.00% payable yearly. Savers who are comfortable providing advance notice in order to access their funds may find this an appealing option, as may those looking to build their nest egg further. This account enables further additions as well as the flexibility to withdraw money subject to the 95-day notice being provided. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable yearly
  • Notice / term: 95-days
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2,000,000
  • Access: Permitted, subject to 95-days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“Savers who are yet to utilise their full tax-free ISA allowance may be interested to note the launch of a couple of e-Cash ISAs from Castle Trust Bank this week.  Paying a rate of 0.90% on maturity, the one-year version assumes the lead spot within its sector, ensuring this could well be an appealing option for savers happy to tuck their funds away for this term. Those tempted by the return on this ISA may wish to note that it can be opened and operated online and via the mobile app by those with minimum investment amounts of £1,000. Further additions are permitted within 14-days of opening the account, which could be a plus for some investors. However, as is common with fixed rate ISAs, early access and the ability to transfer out would only be permitted on closure of the account and would be subject to a loss of interest penalty, so careful planning is advised. On assessment, this product receives an Excellent Moneyfacts product rating and a place in our top rate tables.”

Key product details:

  • Rate: 0.90% gross / 0.90% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on closure only and subject to 90-day loss of interest penalty
  • Further additions: Permitted within 14 days of account opening
  • Transfers in: Not permitted
  • Transfers out: Permitted subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age18. New customers can only open account via online Self-Service Portal, after which they gain access to the mobile app and can open subsequent accounts using either the portal or the app.

SAGA – Saga Easy Access Savings Account

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

“SAGA has increased the rate payable on its Saga Easy Access Savings account by 0.10% this week so that it now pays 0.60% monthly (which includes a bonus rate of 0.10% for 12-months). Improving its position when compared to other easy access products currently on offer in the market this could be a tempting proposition for those who wish to maintain unrestricted access to their savings and also those hoping to boost their monthly income. However, investors should note that a review would be advised after 12-months when the bonus of 0.10% expires and the rate paid will reduce. Further additions are permitted and unrestricted on this account, which can be easily opened online. The account improves its position in our top rate tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.60% gross / 0.60% AER, payable monthly (rate includes a bonus of 0.10% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount:  £0
  • Maximum investment amount: £100,000
  • Access: Permitted
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online and by phone

Other information: Minimum applicant age18. Joint account option available. Operated by Goldman Sachs International Bank.

Marcus by Goldman Sachs® – Cash ISA

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

“Those who want to use any remaining tax-free savings allowance but still keep access to their savings pot may wish to note that Marcus by Goldman Sachs® has increased the rates on both its Online Savings Account and Cash ISA by 0.10%. Paying 0.60% monthly (inclusive of the bonus rate), the Cash ISA now secures the lead spot in the top ten when compared to other variable rate ISAs currently on offer.

As withdrawals are permitted and unrestricted via a nominated account this may well be an attractive option for savers, however, the bonus portion of the rate does expire after 12 months, so investors may wish to review at this time as the rate paid will drop. On assessment, this product receives an Excellent Moneyfacts product rating and a place in our top rate tables.”

Key product details:

  • Rate: 0.60% gross / 0.60% AER, payable monthly (rate includes a bonus of 0.10% gross for 12 months)
  • Notice / term: One year
  • Minimum opening amount:  £0
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18.

Mortgages

Nationwide – Three-year fixed rate mortgage, 95% loan-to-value

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

“First-time buyers who are looking for a 95% loan-to-value mortgage product may wish to note that Nationwide has reduced the rate on its three-year fixed rate deal, dropping from 3.09% down to 2.99% in its latest update. As there is no fee to pay for this deal and a generous incentive package, which includes both a free valuation and £500 cashback, this could be a particularly tempting proposition for those who have exhausted their nest egg to raise a 5% deposit and who may have little money left over to meet any mortgage set-up costs. Overall, this option secures a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers
  • Incentives: Free valuation, £500 cashback and Green reward
  • Flexible features: Allows overpayments. Underpayments consider subject to approval and overpayments having been made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

NatWest – Two-year fixed rate mortgage, 85% loan-to-value

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

“Prospective remortgage borrowers may be interested to note that among the products to receive a rate cut from NatWest this week is a two-year fixed rate option at 85% loan-to-value. Following a reduction of 0.19%, this deal is now priced at 1.61% to 30 November 2023 and continues to carry a reasonable £995 fee which can either be paid upfront or added to the advance. While slightly lower initial rates can currently be found elsewhere in this sector of the market, when considered as a package the appeal of this product becomes clear, as there are generous incentives on offer of a free valuation, free legal fees and also £250 cashback, ensuring this could be a tempting option for those looking to keep any outgoings associated with taking on a new mortgage to a minimum. On balance this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% fixed rate to 30.11.23
  • Product fee: £995
  • Maximum loan-to-value: 85%
  • Available to: Remortgage borrowers
  • Incentives: Free valuation, free legal fees and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Buy-to-Let Mortgages

NatWest Intermediary Solutions – Five-year fixed rate mortgage, 75% loan-to-value

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

“NatWest Intermediary Solutions have launched a couple of new products within its buy-to-let range this week. One of the new options is fixed at 1.69% until 30 November 2026 and is available via intermediaries only to landlords who are purchasing at a maximum loan-to-value of 75%. On rate alone this is one of the lowest currently on offer within this sector of the market, and at £1,495 the fee associated with the product is lower than that of many of its closest-priced rivals. Add to this the incentive of a free valuation and the appeal of this product is clear, as on assessment, this deal receives an Outstanding Moneyfacts product rating and place in our top tables.”

Key product details:

  • Rate: 1.69% fixed rate to 30.11.26
  • 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 and Northern Ireland. Available via intermediaries only.

 

Savings

Close Brothers Savings – 95 Day Notice Account (Issue 11)

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

“Close Brothers Savings has increased the rate paid on its 95 Day Notice Account this week, boosting this to 1.00% payable yearly. Savers who are comfortable providing advance notice in order to access their funds may find this an appealing option, as may those looking to build their nest egg further. This account enables further additions as well as the flexibility to withdraw money subject to the 95-day notice being provided. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable yearly
  • Notice / term: 95-days
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2,000,000
  • Access: Permitted, subject to 95-days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“Savers who are yet to utilise their full tax-free ISA allowance may be interested to note the launch of a couple of e-Cash ISAs from Castle Trust Bank this week.  Paying a rate of 0.90% on maturity, the one-year version assumes the lead spot within its sector, ensuring this could well be an appealing option for savers happy to tuck their funds away for this term. Those tempted by the return on this ISA may wish to note that it can be opened and operated online and via the mobile app by those with minimum investment amounts of £1,000. Further additions are permitted within 14-days of opening the account, which could be a plus for some investors. However, as is common with fixed rate ISAs, early access and the ability to transfer out would only be permitted on closure of the account and would be subject to a loss of interest penalty, so careful planning is advised. On assessment, this product receives an Excellent Moneyfacts product rating and a place in our top rate tables.”

Key product details:

  • Rate: 0.90% gross / 0.90% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on closure only and subject to 90-day loss of interest penalty
  • Further additions: Permitted within 14 days of account opening
  • Transfers in: Not permitted
  • Transfers out: Permitted subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age18. New customers can only open account via online Self-Service Portal, after which they gain access to the mobile app and can open subsequent accounts using either the portal or the app.

SAGA – Saga Easy Access Savings Account

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

“SAGA has increased the rate payable on its Saga Easy Access Savings account by 0.10% this week so that it now pays 0.60% monthly (which includes a bonus rate of 0.10% for 12-months). Improving its position when compared to other easy access products currently on offer in the market this could be a tempting proposition for those who wish to maintain unrestricted access to their savings and also those hoping to boost their monthly income. However, investors should note that a review would be advised after 12-months when the bonus of 0.10% expires and the rate paid will reduce. Further additions are permitted and unrestricted on this account, which can be easily opened online. The account improves its position in our top rate tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.60% gross / 0.60% AER, payable monthly (rate includes a bonus of 0.10% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount:  £0
  • Maximum investment amount: £100,000
  • Access: Permitted
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online and by phone

Other information: Minimum applicant age18. Joint account option available. Operated by Goldman Sachs International Bank.

Marcus by Goldman Sachs® – Cash ISA

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

“Those who want to use any remaining tax-free savings allowance but still keep access to their savings pot may wish to note that Marcus by Goldman Sachs® has increased the rates on both its Online Savings Account and Cash ISA by 0.10%. Paying 0.60% monthly (inclusive of the bonus rate), the Cash ISA now secures the lead spot in the top ten when compared to other variable rate ISAs currently on offer.

As withdrawals are permitted and unrestricted via a nominated account this may well be an attractive option for savers, however, the bonus portion of the rate does expire after 12 months, so investors may wish to review at this time as the rate paid will drop. On assessment, this product receives an Excellent Moneyfacts product rating and a place in our top rate tables.”

Key product details:

  • Rate: 0.60% gross / 0.60% AER, payable monthly (rate includes a bonus of 0.10% gross for 12 months)
  • Notice / term: One year
  • Minimum opening amount:  £0
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18.

Mortgages

Nationwide – Three-year fixed rate mortgage, 95% loan-to-value

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

“First-time buyers who are looking for a 95% loan-to-value mortgage product may wish to note that Nationwide has reduced the rate on its three-year fixed rate deal, dropping from 3.09% down to 2.99% in its latest update. As there is no fee to pay for this deal and a generous incentive package, which includes both a free valuation and £500 cashback, this could be a particularly tempting proposition for those who have exhausted their nest egg to raise a 5% deposit and who may have little money left over to meet any mortgage set-up costs. Overall, this option secures a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers
  • Incentives: Free valuation, £500 cashback and Green reward
  • Flexible features: Allows overpayments. Underpayments consider subject to approval and overpayments having been made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

NatWest – Two-year fixed rate mortgage, 85% loan-to-value

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

“Prospective remortgage borrowers may be interested to note that among the products to receive a rate cut from NatWest this week is a two-year fixed rate option at 85% loan-to-value. Following a reduction of 0.19%, this deal is now priced at 1.61% to 30 November 2023 and continues to carry a reasonable £995 fee which can either be paid upfront or added to the advance. While slightly lower initial rates can currently be found elsewhere in this sector of the market, when considered as a package the appeal of this product becomes clear, as there are generous incentives on offer of a free valuation, free legal fees and also £250 cashback, ensuring this could be a tempting option for those looking to keep any outgoings associated with taking on a new mortgage to a minimum. On balance this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% fixed rate to 30.11.23
  • Product fee: £995
  • Maximum loan-to-value: 85%
  • Available to: Remortgage borrowers
  • Incentives: Free valuation, free legal fees and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Buy-to-Let Mortgages

NatWest Intermediary Solutions – Five-year fixed rate mortgage, 75% loan-to-value

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

“NatWest Intermediary Solutions have launched a couple of new products within its buy-to-let range this week. One of the new options is fixed at 1.69% until 30 November 2026 and is available via intermediaries only to landlords who are purchasing at a maximum loan-to-value of 75%. On rate alone this is one of the lowest currently on offer within this sector of the market, and at £1,495 the fee associated with the product is lower than that of many of its closest-priced rivals. Add to this the incentive of a free valuation and the appeal of this product is clear, as on assessment, this deal receives an Outstanding Moneyfacts product rating and place in our top tables.”

Key product details:

  • Rate: 1.69% fixed rate to 30.11.26
  • 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 and Northern Ireland. Available via intermediaries only.

 

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert