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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 15/04/2011

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 It is now over 6 months old so the content may be out of date.

Today's 'Money in a Minute' showcases the best new launches in the savings and mortgage markets over the past week.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are some of the best deals in their respective fields.

To make sure you fully understand the products, the technical details behind the plans are followed by our analysis.

Savings

Barnsley Building Society

  • The new Fixed Rate Online Bond to 30 April 2013 from Barnsley Building Society pays a rate of 3.95%.
  • This deal allows investments between £1,000 and £2 million and further additions are allowed.
  • Early access is not permitted.
  • The account is available to savers aged 16 and over and can be operated online only.
  • The latest addition to Barnsley Building Society's range of online fixed rate bonds sits comfortably amongst the top five deals for its term.
  • Investors must be prepared to lock funds away for the duration of the term, as early access is not permitted.

Post Office

  • An increase of 0.35% sees the Fixed Rate Cash ISA Issue 5 rate rise to 3.95%.
  • Savers can invest a minimum of £500 and further additions are not permitted.
  • Early access is allowed on account closure, subject to 180 days' loss of interest.
  • Transfers in are accepted.
  • The account can be operated by savers aged 16 and over by post or telephone.
  • This Fixed ISA review by the Post Office sees rates on all terms increasing, making them more competitive.
  • The three year term at 3.95% is a top five rate when compared to similar terms.
  • Earlier closure is permitted subject to an interest penalty of up to 180 days' loss, offering a degree of flexibility to investors.

Find the best savings rates for you - Compare savings accounts

Mortgages

HSBC

  • HSBC has withdrawn and replaced selected variable rates.
  • The new variable tracker deal offers a rate of 2.39% for term (Bank of England base rate plus 1.89%), a maximum loan-to-value of 60% and maximum borrowing amount of £1 million.
  • No fee is payable and there is also the incentive of a free valuation for first and second time borrowers and free legal fees for those remortgaging.
  • There is also the option to make overpayments.
  • Despite increases to selected variable rates, this latest tracker product at 2.39% for term remains one of the top deals in the tracker product market.
  • Borrowers concerned with costs will be pleased with generous incentives and also not having to pay an arrangement fee.

Yorkshire Building Society

  • Yorkshire Building Society's latest mortgage product review includes the launch of a new three year fixed rate deal at 3.89% to 30 June 2014.
  • The product has a maximum loan-to-value of 75% and a reasonable fee of £495.
  • First and second time borrowers can enjoy incentives of a free valuation and a £250 rebate, while those remortgaging will receive free legal fees.
  • Flexible features are also offered including overpayments of up to 10% of the outstanding balance, underpayments and the option to take payment holidays.
  • This new three year fixed deal priced at 3.89% comfortably takes its place in the best buy tables.
  • All borrowers will be pleased with a reasonable arrangement fee of £495 and generous incentives package, while those looking for a decent flexible deal won't be disappointed.

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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