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Money in a Minute

Money in a Minute

Category: Money

Updated: 06/09/2012
First Published: 06/09/2012

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 It is now over 6 months old so the content may be out of date.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

Sainsbury's Bank

  • Sainsbury's Bank has launched Bonus WebSaver a new notice account to its range, paying 2.90% on its anniversary including a 1.40% bonus.
  • Savers must invest from £5,000 up to a maximum of £100,000.
  • This account is available to savers aged 18 and over and can only be operated via the internet.

Sainsbury's Bank has extended its current savings range with the launch of the Bonus WebSaver, paying 2.90% on its anniversary. Available to those customers prepared to open and operate the account via the internet, this product is highly competitive and sits within the top ten in the market. A review of the rate will be required before the bonus expires to ensure competitive returns.

Post Office

  • Post Office has reviewed its Online Saver no notice account now paying 2.95% yearly or 2.91% monthly, including a 1.30% bonus for 12 months.
  • Savers can invest from as little as £1 up to a maximum of £2 million.
  • This account is available to savers aged 18 and over and can be operated online only.

This review by Post Office sees its popular internet account Online Saver now paying 2.95% which secures its position in the top 10 no notice accounts. There is also a monthly option paying 2.91% for those looking to supplement their income. With no withdrawal restrictions and a low minimum investment of just £1 it should appeal to those who prefer internet banking.

What Next?

Find the best savings rates for you - Compare savings accounts

Mortgages

HSBC

  • HSBC has revamped its range with several reductions including its five-year fixed rate deal now priced at 4.89% to 31.12.17.
  • This deal is available to all borrowers at 90% loan-to-value.
  • A fee of £599 is payable.
  • This deal offers remortgage customers free legal fees and has the added flexibility of overpayments up to a maximum of 20% each month.

HSBC's five- year fixed rate of 4.89% to 31.12.17 at max 90% loan-to-value is highly competitive sitting comfortably towards the top of the market. Customers can benefit from a reasonable fee of £599 and an incentive package of free legal fees for remortgage customers making this deal highly attractive.

Loughborough Building Society

  • Loughborough Building Society has introduced a new three-year fixed rate mortgage to its range, priced at 3.15%.
  • This deal is available to house purchasers only who borrow between £25,000 and £200,000 at 75% loan-to-value.
  • A fee of £499 is payable.
  • This package comes with the added flexibility of being able to reduce capital up to maximum of 10% of the mortgage advance.

Loughborough Building Society has extended its range of fixed rates with the launch of a new three- year fixed product. Priced at 3.15% for three years for house purchase customers only, this rate is now the lowest in the market for three years at 75% loan-to-value. There are no incentives on offer with this product; however, the fee of £499 is affordable, making this product a good deal overall.

West Brom Building Society

  • West Brom Building Society has launched a new two-year fixed rate mortgage to its range, priced at 2.59% to 30.11.14.
  • This deal is available to all borrowers who borrow between £25,001 and £250,000 at 60% loan-to-value.
  • A fee of £1,994 is payable.
  • This package comes with the added flexibility of being able to make overpayments up to a maximum of £999 each month.

West Brom Building Society's new two-year fixed product, priced at 2.59% to 30.11.14, is now the lowest two-year fixed in the market. The fee of £1,994 is higher than other deals available; however, this can be added to the advance of the mortgage. Customers who have raised the 40% deposit and are looking for a low rate will find this deal particularly attractive.

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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