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Money in a Minute

Money in a Minute

Category: Money

Updated: 14/06/2012
First Published: 14/06/2012

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 It is now over 6 months old so the content may be out of date.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, mortgage and loans markets.

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

Santander - Product details

  • Santander has increased the rate on its eSaver Issue 5 no notice account to 3.20%.
  • This market-leading rate includes an introductory bonus of 2.70% for 12 months.
  • Savers can invest from £1 to £2 million.
  • The account can be operated online or via telephone by savers aged 16 and over.

Moneyfacts.co.uk analysis

This latest rate increase from Santander sees its eSaver account becoming a market leader for no notice accounts with an introductory bonus. The ease of use by operating the account online or by telephone may be an attractive feature to some investors. The rate of interest will drop drastically after 12 months when the introductory period ends, so savers would be wise to review the rate before this happens.

Leeds Building Society - Product details

  • A reduction of 0.10% sees the 1 Year Fixed Rate ISA account remaining within the top ten in its sector.
  • Savers can invest a minimum of £1 and further additions are allowed.
  • Early access is permitted of up to 25% of the investment amount, although savers will incur a 90 days' loss of interest penalty is this limit is exceeded.
  • Transfers in are not accepted.
  • The account is available to investors aged 16 and over and can be operated in branch or by post.

Moneyfacts.co.uk analysis

Leeds Building Society has reviewed its fixed rate ISA range, with a reduction to its one year deal. Despite this, the account still pays a competitive rate of return of 3.15% for those investing over a twelve month period. Unlike many fixed ISAs, penalty free access to 25% of the capital is permitted.

Mortgages

Skipton Building Society - Product details

  • Skipton Building Society has launched a new five-year fixed mortgage deal at 4.18% to 30.9.17.
  • The maximum loan-to-value is 75% a fee of £995 is payable. Remortgage borrowers can enjoy incentives of free valuation fees and free legal fees.
  • The deal also offers flexible features of overpayments of up to 10% of the outstanding balance and the ability to take payment holidays.

Moneyfacts.co.uk analysis

The latest fixed rate deal from Skipton Building Society offers a decent rate of 4.18% for borrowers with deposits of 25% or over. Those looking to remortgage will find this deal particularly attractive, as it offers a good all round package of a decent rate, reasonably low fee and generous incentives.

Loans

Santander - Product details

  • Santander has reduced its unsecured Personal Loan by 1.0% to 7.6% for new and existing customers.
  • The loan terms range between twelve and sixty months.
  • Based on a borrowing of £5,000 over three years, the monthly repayment amount would be £155.18

Moneyfacts.co.uk analysis

Santander has reduced its Personal Loan rate by 1.0%. This change applies to borrowers applying for loans of £3,000 to £7,450, £15,050 and £20,000 for telephone applications, and for amounts of £3,000 to £7,499 and £15,001 to £20,000 for online applications. The move sees Santander asserting their position in the loans market, particularly for mid-range borrowing.

Find the best loan for you - Loans Calculator

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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