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Money in a Minute

Money in a Minute

Category: Money

Updated: 06/01/2012
First Published: 06/01/2012

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 It is now over 6 months old so the content may be out of date.
This week's 'Money in a Minute' gives you the lowdown on the best new launches in the savings, mortgage and loans markets.

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

Cheshire Building Society - Product details

  • Cheshire Building Society has launched a new regular savings account paying 5.00% yearly on 31.1.13.
  • Savers can invest between £100 and £6,500.
  • The maximum monthly investment is £500.
  • More than one missed payment or more than one withdrawal will result in an interest penalty.
  • The account can be operated in branch by savers aged 16 and over.

Moneyfacts.co.uk analysis

Customers looking for a high return on their savings this year will find the Platinum Monthly Saver attractive. It encourages the savings habit and allows one withdrawal and one missed payment without any penalty, which is unusual for a regular savings account which may restrict access.

Virgin Money - Product details

  • Virgin Money has launched a new variable cash ISA paying a yearly rate of 2.85%.
  • Savers can invest a minimum of £1.
  • No advance notice is required to access funds and transfers in are accepted.
  • The account is available to investors aged 16 and over and can be operated in branch or by post.

Moneyfacts.co.uk analysis

Following much anticipation in the market, Virgin Money has finally launched its new range of savings products. The Easy Access Cash ISA pays a competitive annual rate of 2.85%, accepts transfers in and, as the name suggests, allows short-term access to funds.

Mortgages

Coventry Building Society - Product details

  • This latest five year fixed deal from Coventry Building Society offers a rate of 4.58% to 31.3.17.
  • The maximum loan-to-value is 85% for all customer types.
  • A fee of £199 is payable.
  • Incentives offered include free legal fees for those remortgaging and free valuation fees up to a maximum of £670 for purchase customers.

Moneyfacts.co.uk analysis

Offering a fixed rate of 4.58% this five year fixed mortgage has a combination of a low fee and incentives package. Customers who have a lower deposit will find this deal attractive, in particular for first-time buyers trying to get on to the property ladder.

Personal Loans

Marks & Spencer Money - Product details

  • Marks & Spencer Money has reduced the rate of its personal loan by 0.4% APR. Offering a rate of 6.0% APR, this new loan rate is available to customers who wish to borrow between £7,500 and £15,000.
    Research has shown that 6.0% APR on a £10,000 borrowing amount over a five year term is the lowest loan rate on offer in four years.

Moneyfacts.co.uk analysis

The latest rate reduction for medium borrowing amounts of £7,500 to £15,000 is the most competitive rate and repayment in the market. This new rate should prove popular with customers looking for a competitive loan rate who wish to consolidate their debts.

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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