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Money in a Minute

Money in a Minute

Category: Money

Updated: 05/08/2011
First Published: 05/08/2011

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 It is now over 6 months old so the content may be out of date.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 two cracking savings accounts and two 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

Secure Trust Bank - Product details

  • Secure Trust Bank has launched the new Fixed Rate Bond 4 Year Term Series 3 paying an annual rate of 4.40%.
  • Savers can invest between £1,000 and £1 million and further additions can be made whilst the issue remains open.
  • Early access is not permitted.
  • The account can be operated by savers aged 18 and over by post or telephone.

Moneyfacts.co.uk analysis

The launch of this new fixed rate bond, paying a competitive rate of 4.40%, sees Secure Trust Bank storming the top of the long-term fixed bond market. Whilst this product pays a great rate, investors must be committed to locking away their funds for the four year term as early access is not permitted.

Coventry Building Society - Product details

  • Coventry Building Society has increased the rate on its popular Poppy Online Saver account by 0.05% taking the rate to 3.15% including a 1.15% bonus for twelve months.
  • Monthly interest is also available at 3.11% with a 1.13% bonus for twelve months.
  • Savers can invest between £1 and £250,000 and 0.05% of the average balance will be donated every twelve months to the Royal British Legion.
  • A maximum of four notice and penalty free withdrawals are allowed per year. Savers will incur a 50 day loss of interest penalty for each withdrawal made thereafter.
  • The account is available to savers aged 18 and over and can be operated online only.

Moneyfacts.co.uk analysis

Continuing its support of the Royal British Legion, this rate increase has seen the Poppy Online Saver soar to the top of the easy access account market. A maximum of four no notice withdrawals are allowed per year, so it is important that savers keep track of how often they access their funds to avoid falling foul of the loss of interest penalty.

Find the best savings rates for you - Compare savings accounts

Mortgages

ING Direct - Product details

  • ING Direct has reduced the rate on its three year fixed deal by 0.50% to 3.99% to 30.9.14.
  • The maximum loan-to-value of 80% remains as does the minimum and maximum borrowing limits of £50,000 and £500,000 for purchase and remortgage customers.
  • The deal has no arrangement fee and remortgage borrowers can enjoy a free valuation and free legal fees.
Moneyfacts.co.uk analysis
The latest set of mortgage product changes from ING Direct has included a substantial reduction to its three year fixed rate. Offering a rate of 3.99% to 30.9.14, this deal should prove popular with borrowers with a deposit of at least 20%. There is also the flexibility to make overpayments of up to 10% of the mortgage advance.

Woolwich from Barclays -
Product details
  • A reduction in rate to its already competitive variable rate deal sees the new rate of 2.99% retain its position among the market-leaders.
  • The maximum loan-to-value is 70% and first, second time and remortgage customers can borrow between £50,000 and £1 million.
  • There is no arrangement fee and remortgage borrowers can enjoy incentives of a free valuation, free legal fees or a £200 rebate.

Moneyfacts.co.uk analysis

This variable rate deal offers customers with a 30% deposit a competitive rate and should prove popular with borrowers who are looking to keep costs to a minimum. Additional incentives of a free valuation and the option of free legal fees or a £200 cash rebate add to its appeal.

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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