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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 07/10/2011

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 It is now over 6 months old so the content may be out of date.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

Newcastle Building Society- Product details

  • A new variable rate ISA has been launched by Newcastle Building Society paying 3.05% on its anniversary including a bonus of 0.95% for twelve months.
  • A monthly interest option is available at 2.80% with the same bonus.
  • A minimum investment of £1 is required.
  • Funds can be accessed instantly, although only two withdrawals are allowed in a year.
  • Savers who make a third withdrawal will have their account closed.
  • Transfers in are accepted.
  • The account is available to savers aged 16 and over and can be operated in branch, by post or online.

Moneyfacts.co.uk analysis

Paying a competitive rate of 3.05%, this new variable rate ISA is a market-leading account and should attract investors looking for a good tax-free savings product. Withdrawals are restricted to only two per year, so careful budgeting will be required to avoid the account closure penalty.

Secure Trust Bank - Product details

  • Secure Trust Bank has launched a new 4 Year Fixed Rate Bond paying an annual rate of 4.30%.
  • Savers can invest between £1,000 and £1 million and further additions can be made whilst the issue remains open.
  • Early access is not allowed.
  • The account is available to savers aged 18 and over and can be operated by post and telephone.

Moneyfacts.co.uk analysis

This latest four year bond at 4.30% is 0.10% lower than its predecessor and sits just below the current market-leading product for this term. As is common with many fixed rate bonds, early access to funds is not permitted, although additions can be made whilst the issue is open.

Find the best savings rates for you - Compare savings accounts

Mortgages

Cheltenham & Gloucester - Product details

  • Cheltenham & Gloucester has made various rate reductions across its fixed rate range.
  • Most notable is its two year fixed deal for remortgage borrowers, which has been reduced by 0.25%.
  • Offering a new rate of 3.04% to 30.11.13, the product has a maximum loan-to-value of 75% and borrowing amounts between £5,000 and £1 million.#
  • A fee of £1,260 is payable.
  • Incentives of a free valuation, £400 rebate for borrowers residing in Scotland and Northern Ireland and free legal fees for borrowers in Great Britain are also offered.

Moneyfacts.co.uk analysis

Following a rate reduction of 0.25%, this two year fixed remortgage deal's appeal has been boosted. As well as offering a host of generous incentives, customers looking for flexibility with repayments will be pleased with the options to make overpayments, underpayments and take payment holidays.

Chelsea Building Society - Product details

  • Chelsea Building Society has launched a new range of three year fixed rate mortgages.
  • The lowest rate among the range offers 4.89% to 31.12.14.
  • The maximum loan-to-value is 90% and customers can borrow between £75,000 and £500,000.
  • A fee of £195 is payable.
  • A £500 rebate is offered to purchase and remortgage borrowers.

Moneyfacts.co.uk analysis

This new three year fixed mortgage should prove very popular with borrowers looking for a competitive fixed medium term mortgage. Along with a low fee of just £195 the product has a rebate of £500 and allows borrowers to make overpayments of up to 10% of the mortgage advance.

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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