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Money in a Minute

Money in a Minute

Category: Money

Updated: 18/01/2013
First Published: 11/01/2013

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 It is now over 6 months old so the content may be out of date.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


Coventry Building Society

Coventry Building Society has launched a no-notice account paying 2.00% upon its anniversary including a 0.40% bonus for 12 months. A monthly option is also available paying 1.98%. Savers can invest from as little as £1 up to a maximum of £250,000. The number of withdrawals are limited to four per annum; any additional withdrawals will result in 50 days' loss of interest. This deal is available to savers aged 16 and over and can be operated online only.

Coventry Building Society has launched a very competitive no-notice account that sits in the top ten in the market. At 2.00% from just £1 it should appeal to those who prefer the flexibility of internet banking. Whilst the number of free withdrawals per annum is limited to four, this should not deter the organised investor and should actively encourage the savings habit. A review of the rate will be required before the bonus expires to ensure competitive returns.

Bank of Scotland

Bank of Scotland has reviewed its four-year fixed rate ISA now paying 2.45% upon its anniversary. Savers can invest from £500. No additions are permitted with this account; however, access to funds is allowed on closure of the account subject to a 320 days' loss of interest penalty. Transfers in to the ISA are permitted within 60 days of the account opening. This account is available to savers aged 16 and over and can be operated via branch, internet and telephone.

This review by Bank of Scotland sees them bucking the trend by increasing the rate on its four-year fixed ISA. Now paying 2.45%, it is currently the market-leading deal for its term. This deal should prove popular with investors looking to utilise their tax-free allowance who are looking for the security of a longer-term fixed deal.

Compare the best savings rates with Moneyfacts Best Buys


Mortgages

Leeds Building Society

Leeds Building Society has revamped selected two-year fixed rate mortgages including the 2.54% to 31.1.15. This deal is available to first and second-time buyers who borrow from £5,000 and remortgage customers who borrow from £25,001 at 75% loan-to-value. A fee of £199 is payable upfront. An incentive package of free valuation fees up to a maximum of £335 and free legal fees for remortgage customers accompanies this deal. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance. Borrowers will be required to take out building and contents insurance when applying for this deal.

This deal from Leeds Building Society is highly competitive and sits in the top ten in its sector. With a low fee of £199, a good incentive package of free valuation up to a maximum of £335 and free legal fees for remortgage customers, this deal is bound to prove popular with those looking to keep initial costs down. However, customers will be required to take out building and contents insurance when applying for this deal.

Yorkshire Building Society

Yorkshire Building Society has reduced rates across its mortgage portfolio, including the newly-priced two-year fixed rate of 4.39% to 31.3.15. This deal is available to first-time buyers only who borrow from £75,000 up to a maximum of £500,000 at 90% loan-to-value. No fee is payable and an incentive package of free valuation and a £1,000 rebate is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance as well as take payment holidays.

Yorkshire Building Society has made a significant reduction to its popular two-year fixed rate for first-time buyers only which is now priced at 4.39%. This reduction significantly improves the deal's position in the market. This is a very competitive product offering no product fees and incentives of free valuation and £1,000 rebate making it a very suitable package for first-time buyers.

Compare the best mortgage rates with Moneyfacts Best Buys

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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