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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 08/07/2011

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 It is now over 6 months old so the content may be out of date.

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

Ipswich Building Society

  • Ipswich Building Society has launched the Guaranteed Tracker account paying 2.75%.
  • The rate is guaranteed to be 2.25% above base rate with a minimum rate of 3.25% from 1st February 2012.
  • Savers can invest between £1,000 and £250,000.
  • Early access is permitted on account closure only and is subject to 90 days' loss of interest.
  • The account is available to savers of all ages and can be operated in branch and by post.

This new tracker bond offers investors the peace of mind of knowing rates will increase when base rate goes up, along with the rate increasing to 3.25% in February 2012 even if base rate does not increase. Currently paying 2.75% but with an overall rate of approximately 3.00% when the February increase is taken into account, this bond sits comfortably amongst the other deals in this growing sector of the savings market.

Post Office

  • The Post Office has launched the latest issue of the Online Bond.
  • The new Online Bond Issue 5 for one year pays 3.41% upon maturity and allows savers to invest between £500 and £2 million.
  • Further additions are not permitted and early access is allowed on closure, subject to a breakage fee.
  • The account is available to savers aged 18 and over and, as the name suggests, can be operated online only.

A review of its fixed rate bonds sees the Post Office launching a competitive one year deal at 3.41%. Unlike many fixed rate bonds, the account allows savers to access funds early if they need to. This is, however, subject to them closing the account and incurring a breakage fee which is determined by the provider.

Find the best savings rates for you - Compare savings accounts

Mortgages

ING Direct

  • This latest mortgage product review sees a reduction of 0.20% to ING Direct's two year deal fixed deal.
  • Offering a new rate of 3.75% to 30 September 2013, the product has a maximum loan-to-value of 80% and a maximum advance of £500,000 for first, second time and remortgage customers.
  • Incentives of a free valuation and free legal fees are offered to remortgage borrowers.

This latest two year fixed deal offers borrowers a competitive rate of 3.75%. Sitting comfortably amongst the top 80% loan-to-value fixed deals, the product has generous incentives for remortgage customers and offers the flexibility to make overpayments of up to 10% of the mortgage advance.

Lloyds TSB

  • Lloyds TSB has reduced rates across its mortgage portfolio.
  • Rates for the Lend a Hand mortgage range have been reduced with the most notable being the newly priced deal at 4.79% to 30 September 2014.
  • The maximum loan-to-value remains at 95%, with a low fee of £99.
  • Flexible features are available for borrowers wishing to make overpayments, underpayments or take payment holidays.

Placed towards the top of the market, the new Lend a Hand rate of 4.79% to 30 September 2014 should please borrowers taking their first steps onto the property ladder. The product benefits from a low fee of £99 and a 0.10% reduction is available to customers who hold an existing Lloyds TSB current account.

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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