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Money in a Minute

Money in a Minute

Category: Money

Updated: 02/09/2011
First Published: 02/09/2011

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 It is now over 6 months old so the content may be out of date.

This week's 'Money in a Minute' gives you the lowdown on the best new launches in the savings and mortgage market.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Northern Rock - Product details

  • Northern Rock has launched its new Online Reward account paying 3.11% including a bonus of 1.61% for twelve months.
  • A monthly interest option is also available at 3.07% with the same introductory bonus.
  • Savers can invest between £5,000 and £100,000.
  • No advance notice is needed to access funds, although a maximum of six withdrawals are allowed per year.
  • The account is available to investors aged 16 and over and, as the name suggests, can be operated online only.

Moneyfacts.co.uk analysis

Northern Rock has expanded its internet savings range with the launch of its new no notice Online Reward paying 3.11%, which sits just below the market-leading accounts in the variable no notice field. Savers looking for regular short-term access to funds must remember that only six notice and penalty-free withdrawals are allowed per year.

Nottingham Building Society - Product details

  • Nottingham Building Society has launched its new eSaver Fixed Issue 1 bond paying an annual rate of 4.00% to 30.9.13.
  • Savers can invest between £500 and £250,000 and further additions can be made whilst the issue remains open.
  • Early access is not allowed.
  • The account is available to savers aged 16 and over and can be operated online only.

Moneyfacts.co.uk analysis

Nottingham BS has extended its range of fixed rates with the launch of this highly competitive online two year fixed rate bond which sits just below the current market leaders. As is common with fixed rate bonds, no earlier access is permitted so investors must be committed to tie in their funds for the two year term.

Find the best savings rates for you - Compare savings accounts

Mortgages

Chelsea Building Society - Product details

  • Chelsea Building Society has reduced selected fixed rates by up to 0.90%.
  • The new ten year fixed rate mortgage offers a rate of 3.99% to 31.8.21 and has a maximum loan-to-value of 70% for purchase and remortgage borrowers.
  • A fee of £1,495 is payable and there is the flexibility to make overpayments of up to 10% of the mortgage advance.

Moneyfacts.co.uk analysis

Following rate reductions across its fixed rate mortgage range, Chelsea Building Society's' new ten year fixed rate has overtaken the current market leaders. Borrowers looking for a long term fixed product will be pleased with the lowest priced ten-year deal at 3.99% to 31.8.21.

Coventry Building Society - Product details

  • Coventry Building Society has launched a competitive new fixed deal offering a rate of 4.49% to 30.9.15.
  • The maximum loan-to-value is 85% for purchase and remortgage borrowers and an arrangement fee of £199 is payable.
  • Incentives of a free valuation for purchase borrowers and free legal fees for those remortgaging are also included.

Moneyfacts.co.uk analysis

The introduction of a new four-year fixed deal at 4.49% to 30.9.15 should please customers with a deposit of at least 15% of the property value. This is a highly competitive product and sits comfortably at the top of the market. Customers can benefit from a low fee of £199, a good incentive package and the chance to make overpayments of 5% of the outstanding balance if they wish.

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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