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Money in a Minute

Money in a Minute

Category: Money

Updated: 13/01/2012
First Published: 13/01/2012

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 It is now over 6 months old so the content may be out of date.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

Savings

FirstSave - Product details

  • The 1 Year Fixed Rate Bond from FirstSave has increased by 0.10% to 3.45%.
  • Investments range between £1,000 and £2 million, however, savers who choose the monthly interest option, at 3.40%, must invest a minimum deposit of £5,000.
  • Further additions and early access are not permitted.
  • The account can be operated by investors aged 18 and over online only.

Moneyfacts.co.uk analysis

FirstSave's latest review of its fixed rate bond range has seen the one-year deal increase to a competitive rate of 3.45%. Available to online savers only, this deal also offers a good monthly interest rate, although savers must be willing to invest a minimum of at least £5,000.

Post Office - Product details

  • The Reward Saver account from Post Office has increased its rate to 3.00% including a bonus of 1.25% for twelve months.
  • A monthly interest option is available at 2.96%.
  • Savers can invest between £500 and £2 million.
  • Advance notice of 30 days must be given to access funds.
  • Those who access funds early will be penalised with 30-day loss of interest penalty.
  • The account is available to investors aged 18 and over and can be operated in branch, by post or telephone.

Moneyfacts.co.uk analysis

The latest issue of the Reward Saver account pays a market-leading rate of 3.00%. This account should prove popular with savers who do not require immediate access to their funds. It is important to remember, however, that the introductory bonus of 1.25% will expire after twelve months.

Mortgages

Nationwide Building Society - Product details

  • The latest fixed deal from Nationwide Building Society offers a rate of 3.59% for five years.
  • The maximum loan-to-value is 70% for all borrower types.
  • A fee of £999 is payable for remortgage and second-time buyers, while a reduced fee of £499 applies to first-time buyers.
  • Incentives offered include a free valuation and free legal fees for those remortgaging.

Moneyfacts.co.uk analysis

With a rate of 3.59% this five-year fixed mortgage is one of the lowest rates in this market at 70% loan-to-value. First-time buyers will benefit from a lower fee of £499 and remortgage customers can have their mortgage costs eased by the extra incentive of free legal fees and free valuation fees.

Chelsea Building Society - Product details

  • Chelsea Building Society has made reductions to its fixed mortgage deals, most notably to its two-year fixed offer now at 3.69% to 31.3.14.
  • The maximum loan-to-value is 85% for all borrower types.
  • A fee of £395 is payable.
  • There is also the option to make overpayments of up to 10% of the outstanding balance.

Moneyfacts.co.uk analysis

Following a rate reduction to the fixed range, this deal has a combination of a low fee of £395 and one of the lowest rates at 85% loan-to-value for two-year fixed mortgages. Customers who have a lower deposit will find this deal attractive, particularly first-time buyers looking to get on the property ladder.

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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