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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 01/07/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Welcome to your weekly dose of the best new products to hit the personal finance market, Money in a Minute.

This week, we showcase a couple of savings accounts that should appeal to both serious and casual savers, while there are a couple of mortgages that will catch the eye of buyers up and down the land.

As usual, we've broken the products down into technical details and unbiased analysis, so you know exactly what you're getting.

Savings

Aldermore - Product details

  • This new 90 Day Notice account pays an annual rate of 3.10% with a guarantee that the AER will be at least 2.00% above base rate until 1.3.13.
  • A monthly interest option is available at 3.06% with the same guarantee.
  • Savers can invest between £1,000 and £1 million.
  • Advance notice of 90 days is required for those who wish to access funds and all withdrawals must be made via a nominated account.
  • The account is available to savers aged 18 and over and can be operated by post, telephone or online.

Moneyfacts.co.uk analysis

Paying a great rate of 3.10%, this product sits just below the current market leading 90 day notice account, with the monthly option at 3.06% offering a highly competitive rate for those looking to supplement their income. The added guarantee that the AER will remain at least 2.00% above base rate heightens this account's appeal.

Coventry Building Society - Product details

  • Coventry Building Society has re-launched its Online Poppy Saver account.
  • This no notice account pays an annual rate of 3.10% including a 1.10% bonus for twelve months.
  • For every twelve month period 0.05% of the average balance held is donated to The Royal British Legion.
  • No advance notice is needed to access funds, although only four penalty free withdrawals are permitted per year.
  • Savers who exceed this limit will be subject to 50 days' loss of interest.
  • The account can be operated by savers aged 18 and over.

Moneyfacts.co.uk analysis

The re-launch of this popular account sees Coventry Building Society continuing to support the Royal British Legion. As well as supporting a good cause, this deal rewards investors with a competitive rate of 3.10% including a bonus of 1.10% and allows investors to access funds up to four times a year. Exceeding this limit will, however, be subject to penalty.

Find the best savings rates for you - Compare savings accounts

Mortgages

HSBC - Product details

  • As part of its latest product review, HSBC has reduced various fixed rates.
  • The new five year fixed deal has a rate of 5.99% to 30.9.16, a loan-to-value of 90% and a maximum advance of £400,000.
  • A reasonable fee of £599 is payable.
  • Remortgage borrowers can enjoy incentives of free legal fees.

Moneyfacts.co.uk analysis

Reductions to its fixed rate range has seen the latest five year fixed rate fall to 5.99% to 30.9.16. With a loan-to-value of 90% and a low fee of just £599 this product should certainly prove popular with borrowers, particularly first-time buyers.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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