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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 03/01/2012

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 It is now over 6 months old so the content may be out of date.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 two cracking mortgages, a great new savings account and a new loan.

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

Savings

West Brom Building Society - Product details

  • West Brom Building Society has launched a one-year regular saver account paying a fixed rate of 4.25% on maturity.
  • Savers can invest a maximum of £3,250 and a minimum opening deposit of £10 is required.
  • Missed payments between January and October 2012 will result in an interest penalty.
  • Early access is allowed from 1.11.12 when unlimited instant access will be permitted.
  • The account can be operated in branch by savers aged 16 and over.

Moneyfacts.co.uk analysis

The Christmas Regular Saver offers a competitive rate of 4.25% and is aimed at helping customers save for Christmas 2012. Unlike many other regular savers, the flexibility of unlimited withdrawals from 1.11.12 means that consumers can start early on the Christmas shopping.

Yorkshire Building Society - Product details

  • A new one year Fixed Rate Bond has been launched paying a rate of 3.50% on maturity.
  • A monthly interest option is also available at 3.45%.
  • Savers can invest between £1,000 and £2 million.
  • Further additions can be made while the issue is open but early access is not allowed.
  • The account is available to investors aged 16 and over and can be operated in branch, by post, by telephone or online.

Moneyfacts.co.uk analysis

Yorkshire Building Society has reviewed its fixed rate bond range and launched this new one year deal, falling amongst the market leaders in this sector. Savers can enjoy a decent rate at 3.50% and can make further additions whilst the issue is open, although they must be willing to lock funds in for the duration of the term as early access is not permitted.

Mortgages

Marsden Building Society - Product details

  • The latest variable mortgage deal from Marsden Building Society offers a discounted rate of 3.19% (2.76% discount) to 31.3.15.
  • The maximum loan-to-value is 80% and customers can borrow from £20,000.
  • A fee of £598 is payable.
  • Incentives offered include a £250 rebate for those remortgaging and free valuation fees for properties valued up to £500,000 for purchase customers.

Moneyfacts.co.uk analysis

Offering a rate of 3.19%, this is one of the lowest three-year discounted variable rates in the market at 80% loan-to-value. The combination of a reasonable fee and a low rate makes this an attractive deal, in particular for first-time buyers trying to get on to the property ladder.

Personal Loans

Sainsbury's Finance - Product details

  • Sainsbury's Finance has reduced the rate of its Standard Nectar Cardholder personal loan by 0.1% APR.
  • Offering a new rate of 7.8% APR, this new loan rate is available to customers who wish to borrow between £5,000 and £7,499.

Moneyfacts.co.uk analysis

The latest reduction to the Standard Nectar Cardholder loan rates has made the borrowing amounts of £5,000 to £7,499 the most competitive within the market for new customers. This new rate should prove popular with customers looking for a competitive loan rate following on from the festive season.

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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