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Money in a Minute

Money in a Minute

Category: Money

Updated: 11/10/2012
First Published: 11/10/2012

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 It is now over 6 months old so the content may be out of date.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

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.

Savings

Leeds Building Society

  • Leeds Building Society has launched a new variable notice account paying 3.00% yearly including a 1.65% bonus to 31.10.13.
  • Savers can invest from £1,000.
  • Additions are permitted whilst the issue remains open and early access is allowed on 90 days' loss of interest.
  • This account is available to savers of all ages and can be operated by branch or post.

Leeds Building Society has extended its range with the launch of this new variable notice account. Offering a rate of 3.00% yearly including a 1.65% bonus, this account sits in the top ten accounts. Unlike many recent launches, early access is permitted on 90 days' loss of interest. This account should appeal to investors looking for a competitive rate without having to tie their money up long term. However, a review will be required before the introductory bonus period ends to ensure competitive returns.

Virgin Money

  • Virgin Money has reviewed its no notice accounts in its latest update, with the Virgin Easy Access Saver Issue 3 paying 2.50% yearly or 2.48% monthly.
  • Savers can invest from as little as £1 up to a maximum of £100,000.
  • The account is available to savers aged 16 and over and can be operated by branch, post and internet.

This review from Virgin Money sees the Virgin Easy Access Saver Issue 3 now paying 2.50% yearly. This account is highly competitive sitting comfortably towards the top of the no notice accounts without bonuses market. This account is very straightforward and should appeal to investors who don't want to keep moving their money around to chase the top deal.

Find the best savings rates for you - Compare savings accounts

Mortgages

Yorkshire Building Society

  • Yorkshire Building Society has reduced its popular two-year fixed rate by 0.15%, now priced at 2.64% to 31.12.14.
  • This deal is available to all borrowers who borrow from £25,001 up to a maximum of £5 million at 75% loan-to-value.
  • A fee of £995 is payable of which £195 is payable upfront.
  • This package has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance and take payment holidays.

This reduction by Yorkshire Building Society creates a very low rate for its sector. The 2.64% to 31.12.14 secures the market-leading position in the market at 75% loan-to-value. The fee of £995 is reasonable, and although there are no incentives, this deal is bound to be a popular choice.

Tesco Bank

  • The Tesco Bank has revamped its mortgage portfolio with the launch of the new three-year fixed rate priced at 2.99% to 31.12.15.
  • This deal is available to all borrowers who borrow from £40,000 at 70% loan-to-value.
  • A fee of £995 is payable of which £195 is payable upfront.
  • An incentive package is available for remortgage customers of free valuation fees and free legal fees.
  • This deal also benefits from the added flexibility of being able to make overpayments up to a maximum of 20% of the outstanding balance and take payment holidays.
  • A reward scheme is also offered whereby 1 Tesco Clubcard point will be awarded for every £4 of the mortgage repayment (excludes fees & charges) and on overpayments (excluding full repayment).

Since Tesco Bank launched its mortgage range in August, the products have been continuously improving with this current update being highly competitive in the market. This new rate of 2.99% to 31.12.15 is currently the lowest rate available at 70% loan-to-value.
The deal has a Clubcard point reward scheme for all borrowers, alongside free valuation and free legal fees for remortgage customers, which will help to make this product extremely popular.

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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