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Money in a Minute

Money in a Minute

Category: Money

Updated: 09/12/2011
First Published: 09/12/2011

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 It is now over 6 months old so the content may be out of date.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

Chelsea Building Society - Product details

  • Chelsea Building Society has launched a one-year regular saver account paying a fixed rate of 3.50% on maturity.
  • Savers can invest a maximum of £1,200 and a minimum opening deposit of £10 is required.
  • Early access is allowed, subject to 90 days' loss of interest.
  • The account can be operated by post or in branch by savers aged 12 and over.

Moneyfacts.co.uk analysis

The Christmas Saver 2012 offers a competitive rate of 3.50% and is aimed at helping consumers save for next Christmas. Unlike many other regular savers, it does allow early access to funds, subject to 90 days' loss of interest, which should appeal to investors.

AA - Product details

  • The AA has increased the rate on its Internet Extra account to 3.20% including a bonus of 2.60% for twelve months.
  • Savers can invest between £1 and £1 million.
  • Withdrawals can be made via a nominated account and no notice needs to be given to access funds.
  • This account can be operated by those aged 18 and over online only.

Moneyfacts.co.uk analysis

Due to the rate increase, the Internet Extra account is now a market leader for online no notice accounts. Savers who require access to funds without giving prior notice should find this product appealing, while investors need to be aware that the rate includes a bonus of 2.60% for 12 months.

Find the best savings rates for you - Compare savings accounts

Mortgages

ING Direct - Product details

  • The latest variable mortgage deal from ING Direct offers a variable tracker rate of 2.64% (BBR + 2.14%) for two years.
  • The maximum loan-to-value is 60% and customers can borrow between £50,000 and £2 million.
  • A fee of £945 is payable.
  • A host of incentives are offered including free valuation fees and free legal fees for those remortgaging and a refund of valuation fees for purchase customers.

Moneyfacts.co.uk analysis

This new two-year variable tracker deal from ING Direct offers a decent rate of 2.64% for two years. A £945 fee and a generous incentive package for first, second time and remortgage customers help to boost this deal's appeal further.

Skipton Building Society - Product details

  • Skipton Building Society has launched a 95% loan-to-value fixed rate mortgage of 5.99% to 30.4.17.
  • There is a fee of £195 and remortgage customers can benefit from a generous incentive package including free valuation fees and free legal fees.
  • There is also the option to make overpayments of up to 10% of the outstanding balance.

Moneyfacts.co.uk analysis

This deal is a welcome addition to the five-year fixed market and should please those with smaller deposits, particularly first-time buyers. In addition to a good initial rate of 5.99%, the product has a £195 fee, lower than the majority of other high loan-to-value mortgages available. Those remortgaging will benefit from a generous incentive package including free valuation fees and free legal fees.

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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