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Money in a Minute

Money in a Minute

Category: Money

Updated: 04/10/2012
First Published: 04/10/2012

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 It is now over 6 months old so the content may be out of date.

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

Norwich and Peterborough Building Society

  • Norwich and Peterborough Building Society has launched an 18-month fixed rate bond paying 3.35% yearly or 3.30% monthly.
  • Savers can invest from £1,000 up to a maximum of £1 million and no early access or additions are permitted.
  • This account is available to savers aged 7 and above and can be operated via branch, post and internet.

Norwich and Peterborough BS has extended its range of fixed rates with the launch of an 18-month fixed rate bond. Offering a rate of 3.35% yearly, this account is highly competitive when compared to other products with similar terms and should prove popular. However, as is common within the fixed rate market, no further additions or earlier access is permitted.

M&S Bank

  • M&S Bank has launched the M&S Monthly Saver account paying 6.00% for one year, available to those who hold an M&S Premium Current Account.
  • Savers must make regular payments from as little as £25 up to a maximum £250.
  • Early access to funds is permitted, although this is subject to account closure and a fall in rate to 1.35% for the term.
  • The account is available to savers aged 18 and over and can be operated via branch, post, internet and telephone.

M&S Bank has launched the M&S Monthly Saver account to coincide with the launch of its current account. At 6.00% for one year, the new monthly saver is highly competitive and sits just below the market leader. Customers need to be aware that to be eligible for this deal they will need to take out the M&S Premium Current Account. Although early access is permitted this is only allowed on closure and results in a fall in rate to 1.35%.

What Next?

Find the best savings rates for you - Compare savings accounts

Mortgages

Yorkshire Bank

  • Yorkshire Bank has added a new two-year fixed rate mortgage to its range priced at 2.69% to 31.12.14.
  • This deal is available to all borrowers who borrow from £250,000 at 60% loan-to-value.
  • A fee of £1999 is payable, but the whole fee can be added to the advance of the mortgage.
  • An incentive package is available to those remortgaging their home of free valuation and free legal fees.
  • This deal also comes with the added flexibility of being able to make regular overpayments.

Yorkshire Bank has today added to its mortgage range with the introduction of a two-year fixed rate priced at 2.69% to 31.12.14. Aimed at borrowers who require a large loan advance, this package is highly competitive in its sector. Although the fee of £1999 can appear quite high, this is on par with the market average. Remortgage customers can also enjoy a good incentive package of free valuation and free legal fees, which will help those who are looking to keep initial costs down.

The Co-operative Bank

  • The Co-operative Bank has revamped it range including the five-year fixed rate priced 3.49% to 31.12.17.
  • This deal is available to all borrowers who borrow from £25,000 at 75% loan-to-value.
  • A fee of £999 is payable of which £150 needs to be paid upfront.
  • An incentive package is available to remortgage customers including a free valuation and free legal fees.
  • The package is also highly flexible with customers able to make overpayments up to a maximum of 10% of outstanding balance, lump sum payments and the option to take up to a six months payment holiday.

This five-year fixed rate priced at 3.49% to 31.12.17 from The Co-operative Bank is a good overall package which sits comfortably at the top of the market. Borrowers will be able to not only benefit from a low rate but a reasonable fee of £999 as well. Remortgage customers will also receive a good incentive package of free valuation fees and free legal fees, which will help make this a popular choice.

What Next?

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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