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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 12/08/2011

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 It is now over 6 months old so the content may be out of date.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

ING Direct

ING Direct has increased its Savings Account rate by 0.10%, paying a competitive rate of 3.06% including a 2.56% bonus for twelve months for new customers. Savers can invest between £1 and £250,000. No advance notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated by telephone and online by savers aged 18 and over.

Due to a rate increase of 0.10%, this product now sits comfortably amongst the other market leading no notice account. Paying a monthly rate of 3.06% with a substantial introductory bonus, this deal should suit savers looking for short-term access to funds.

Allied Irish Bank

Allied Irish Bank has increased the rate on its Fixed Rate Bond by 0.10%. Paying a new rate of 3.40%, this one year bond allows savers to invest between £1,000 and £2 million. Further additions are not allowed. Early 'emergency' access is permitted subject to the provider's discretion, although savers will incur a 60 day loss of interest penalty. The account can be operated by post or telephone by savers aged 18 and over.

This latest product review sees Allied Irish Bank's one year bond increased by 0.10% and with a new rate of 3.40%, it has improved its position to within the top ten of the short term market. As with many bonds, funds have to be locked away for the full term, although access is permitted at the bank's discretion, subject to 60 days' loss of interest.

Find the best savings rates for you - Compare savings accounts

Mortgages

NatWest Mortgage Services

NatWest Mortgage Services has launched a new two year variable tracker rate at 4.89% to 30.11.13. The maximum loan-to-value is 90% and customers can borrow a minimum of £25,000. A fee of £999 is payable. Remortgage borrowers can enjoy incentives of a free valuation and free legal fees, while all customers can make overpayments of up to 10% of the outstanding balance.

This competitive new tracker product should prove popular with borrowers looking for a high loan-to-value deal. As well as a great rate, the reasonably low booking fee of £999 and generous incentive package for remortgage borrowers should help keep initial set-up costs to a minimum.

Lloyds TSB

Lloyds TSB has reduced rates on its fixed Lend a Hand mortgages by 0.15%. The newly priced deal of 4.04% fixed to 30.11.14 has a maximum loan-to-value of 95% and lets first-time buyers borrow between £5,000 and £350,000. A fee of £1,094 is payable.

This latest product review has seen the launch of the 4.04% deal to 30.11.14. Sitting comfortably amongst the top end of the fixed rate market, this first-time buyer product offers a good overall package for those looking to take their first steps onto the property ladder. Borrowers must ensure a 'Lend a Hand' savings account is held by a parent or older relative, with a balance of 20% of the property value.

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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