Moneyfacts Pick of the Week - 31/08/2023

Rachel Springall, Press Officer

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

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 Finance Expert, Rachel Springall, 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 Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Oxbury Bank – Personal Easy Access Account (Issue 1)

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

“This week, Oxbury Bank has increased the rate on its Personal Easy Access Account, which takes a prominent position in the easy access savings sector. The account pays an attractive rate of 4.83% gross and may entice savers looking for flexibility with their cash as the account allows unlimited withdrawals. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.83% gross / 4.94% AER payable monthly
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £500,000
Access: Permitted via a nominated account only
Further additions: Permitted via a nominated account only
Opening account: Online
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

Recognise Bank – 2 Year Fixed Rate Account

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

“Recognise Bank has launched a new 2 Year Fixed Rate Account this week, which grabs a prominent position in the market. Paying a rate of 6.00%, the deal sits above many of its peers and may entice savers looking for a guaranteed return over the next two years. Savers will also find a monthly interest option is available that pays 5.84% gross, which may appeal to those looking to supplement their income. 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: 6.00% gross / 6.00% AER payable on anniversary / monthly interest option of 5.84% gross / 6.00% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online, by post, by telephone
Other information: Minimum applicant age 18. Joint account option available.

RCI Bank UK – 3 Year Fixed Term Savings Account

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

“RCI Bank UK has reduced the rate on its 3 Year Fixed Term Savings Account this week, which now pays 5.90% gross. The deal retains a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return. Savers must have £1,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.90% gross / 5.90% AER payable on anniversary / monthly interest option of 5.75% gross / 5.90% AER also available
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Joint account option available.

Tandem Bank – Raisin UK – 5 Year Fixed Term Deposit

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

“Tandem Bank has launched a 5 Year Fixed Term Deposit through Raisin UK this week. Paying 5.85%, the deal may be an attractive choice for savers looking to lock their money away for a guaranteed return over the next five years. As is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.85% gross / 5.85% AER payable yearly
Notice / term: Five years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and post
Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Tipton & Coseley Building Society – Fixed Rate ISA to 28.02.25 (App)

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

“Tipton & Coseley Building Society has launched a new Fixed Rate ISA which pays an attractive rate of 5.60% until 28 February 2025. Investors who want to utilise their ISA allowance and are happy to lock their cash away may then find this an appealing choice. Consumers can make Cash ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.60% gross / 5.60% AER fixed rate, payable yearly
Notice / term: To 28.2.25
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure, subject to a 90-day loss of interest penalty
Further additions: Permitted for 14 days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, full transfer only, subject to a 90-day loss of interest penalty
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Branch version also available.

Mortgages

Skipton Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Skipton Building Society has launched a selection of fixed deals this week, including a five-year fixed mortgage at 95% loan-to-value. Priced at 5.95%, this deal offers borrowers a free valuation incentive and does not charge a product fee. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.95% fixed rate to 30.11.28
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered, subject to approval, notice required.
Lending area: Great Britain.

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

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

“This week, Barclays Mortgage has reduced selected fixed rates in its range, including its two-year fixed offer at 60% loan-to-value. Now priced at 5.97%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage and secure a competitive rate. A free valuation incentive is included, plus the deal does not charge a product fee. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.97% fixed rate to 31.12.25
Product fee: None
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

Suffolk Building Society – Two-year discounted-variable rate mortgage, 80% loan-to-value

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

“Landlords searching for a competitive package may find the new two-year discounted-variable rate mortgage from Suffolk Building Society appealing. Priced at 5.99%, the deal charges a reasonable product fee of £1,198, of which £999 can be added to the mortgage advance. This deal secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.99% discounted-variable rate (2.70% discount) for 2 years
Product fee: £1,198
Maximum loan-to-value: 80%
Available to: Second-time buyers
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

Savings

Oxbury Bank – Personal Easy Access Account (Issue 1)

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

“This week, Oxbury Bank has increased the rate on its Personal Easy Access Account, which takes a prominent position in the easy access savings sector. The account pays an attractive rate of 4.83% gross and may entice savers looking for flexibility with their cash as the account allows unlimited withdrawals. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.83% gross / 4.94% AER payable monthly
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £500,000
Access: Permitted via a nominated account only
Further additions: Permitted via a nominated account only
Opening account: Online
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

Recognise Bank – 2 Year Fixed Rate Account

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

“Recognise Bank has launched a new 2 Year Fixed Rate Account this week, which grabs a prominent position in the market. Paying a rate of 6.00%, the deal sits above many of its peers and may entice savers looking for a guaranteed return over the next two years. Savers will also find a monthly interest option is available that pays 5.84% gross, which may appeal to those looking to supplement their income. 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: 6.00% gross / 6.00% AER payable on anniversary / monthly interest option of 5.84% gross / 6.00% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online, by post, by telephone
Other information: Minimum applicant age 18. Joint account option available.

RCI Bank UK – 3 Year Fixed Term Savings Account

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

“RCI Bank UK has reduced the rate on its 3 Year Fixed Term Savings Account this week, which now pays 5.90% gross. The deal retains a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return. Savers must have £1,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.90% gross / 5.90% AER payable on anniversary / monthly interest option of 5.75% gross / 5.90% AER also available
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Joint account option available.

Tandem Bank – Raisin UK – 5 Year Fixed Term Deposit

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

“Tandem Bank has launched a 5 Year Fixed Term Deposit through Raisin UK this week. Paying 5.85%, the deal may be an attractive choice for savers looking to lock their money away for a guaranteed return over the next five years. As is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.85% gross / 5.85% AER payable yearly
Notice / term: Five years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and post
Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Tipton & Coseley Building Society – Fixed Rate ISA to 28.02.25 (App)

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

“Tipton & Coseley Building Society has launched a new Fixed Rate ISA which pays an attractive rate of 5.60% until 28 February 2025. Investors who want to utilise their ISA allowance and are happy to lock their cash away may then find this an appealing choice. Consumers can make Cash ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.60% gross / 5.60% AER fixed rate, payable yearly
Notice / term: To 28.2.25
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure, subject to a 90-day loss of interest penalty
Further additions: Permitted for 14 days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, full transfer only, subject to a 90-day loss of interest penalty
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Branch version also available.

Mortgages

Skipton Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Skipton Building Society has launched a selection of fixed deals this week, including a five-year fixed mortgage at 95% loan-to-value. Priced at 5.95%, this deal offers borrowers a free valuation incentive and does not charge a product fee. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.95% fixed rate to 30.11.28
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered, subject to approval, notice required.
Lending area: Great Britain.

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

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

“This week, Barclays Mortgage has reduced selected fixed rates in its range, including its two-year fixed offer at 60% loan-to-value. Now priced at 5.97%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage and secure a competitive rate. A free valuation incentive is included, plus the deal does not charge a product fee. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.97% fixed rate to 31.12.25
Product fee: None
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

Suffolk Building Society – Two-year discounted-variable rate mortgage, 80% loan-to-value

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

“Landlords searching for a competitive package may find the new two-year discounted-variable rate mortgage from Suffolk Building Society appealing. Priced at 5.99%, the deal charges a reasonable product fee of £1,198, of which £999 can be added to the mortgage advance. This deal secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.99% discounted-variable rate (2.70% discount) for 2 years
Product fee: £1,198
Maximum loan-to-value: 80%
Available to: Second-time buyers
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

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.