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.
Post Office has reviewed its fixed ISA range. The new Fixed Rate Cash ISA Issue 7, a one year ISA, pays 3.10% on maturity. Savers can invest a minimum of £500. Early access is allowed on closure only, subject to 90 days' loss of interest. Transfers in are accepted. The account can be operated by post and telephone by savers aged 16 and over.
Following amendments to its fixed rate ISA accounts, the Post Office's one year fixed ISA now pays a competitive 3.10%. Despite a rate reduction the deal remains amongst the top fixed rate ISA accounts in the market and offers a degree of flexibility with access. Savers must remember, however, that this is upon account closure only and will incur a loss of interest penalty.
Yorkshire Bank has launched the latest version of its Cash ISA – Fixed Rate Bond. Paying a highly competitive annual rate of 4.00%, this two year bond requires investments of £2,000 and above. Funds can be accessed early upon account closure only, although this will be subject to penalty depending on the number of days remaining until maturity, as follows: 1-91 days, 45 days' loss; 92-181, 90 days' loss; 182-273, 135 days' loss and for 273 days and over, 180 days' loss of interest. Transfers in are accepted. The account is available to savers aged 16 and over and can be operated in branch, by post or online.
Yorkshire Bank has re-entered the medium term fixed ISA market with the launch of this market-leading two year ISA. Paying 4.00% it should prove popular with savers with a large deposit, especially as it allows transfers in and early access to funds, subject to penalty.
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Market Harborough Building Society
The latest new mortgage product from Market Harborough Building Society offers a rate of 3.70% to 31 December 2014. The maximum loan-to-value is 80% and customers can borrow between £50,000 and £350,000. A host of incentives are offered including a refund for valuation fees (up to £550) for purchase borrowers and free legal fees for those remortgaging. Refunds for Accident, Sickness and Unemployment Insurance are offered to all customers.
Priced at 3.70% to 31 December 2014 for borrowers with deposits of 20% or more, this new deal should prove popular with purchase and remortgage borrowers alike. A host of generous incentives and no arrangement fee help boost the overall appeal of this new two year fixed product.
The Co-operative Bank
The Co-operative Bank has reduced selected fixed rates across its range. Most notable is the reduced five year deal, now offering a rate of 3.59% to 31 January 2017. The maximum loan-to-value is 75% and customers can borrow a minimum advance of £5,000. Remortgage borrowers can enjoy a free valuation and free legal fees.
Following a substantial rate reduction of 0.90%, this five year deal now offers a decent rate of 3.59% to 31 January 2017. This product should prove popular with borrowers looking to keep costs to a minimum, as there is no arrangement fee and a free valuation and legal fees is offered to those remortgaging. Flexible features of overpayments, underpayments and payment holidays are also offered to all customers.
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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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