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Money in a Minute

Money in a Minute

Category: Money

Updated: 19/09/2011
First Published: 16/09/2011

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 It is now over 6 months old so the content may be out of date.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

Tesco Bank

  • Tesco Bank has increased the rate on its one year Fixed Rate Saver deal by 0.15% to 3.40%.
  • There is also a monthly interest option at 3.35%.
  • Savers can invest between £2,000 and £5 million.
  • Further additions and early access are not permitted.
  • The account can be operated by savers aged 18 and over by telephone only.

A review of Tesco Bank's one year fixed rate bond has seen its position boosted in the current top ten. Offering a competitive new rate of 3.40%, this account should prove popular with savers looking for a short-term investment from a well-known high street name.

Derbyshire Building Society

  • The Derbyshire Netsaver (Issue 1) rate has increased to 3.18%, including a bonus of 2.18% until 30 November 2012.
  • Savers can invest between £1 and £1 million.
  • No advance notice is needed to access funds, although all withdrawals must be made via a nominated account.
  • Savers must be aged 16 and over to operate this online only account.

The latest savings product review by Derbyshire Building Society sees its popular internet operated account boosting its position within the variable online account market. The new competitive rate of 3.18% has been achieved by way of an increase to the bonus, leaving the underlying rate unchanged.

Find the best savings rates for you - Compare savings accounts

Mortgages

Cambridge Building Society

  • Cambridge Building Society has reduced selected two year fixed rate mortgages by up to 0.40%.
  • Most notable is the new deal offering a rate of 2.99% for two years.
  • The maximum loan-to-value is 75% and customers can borrow a maximum of £500,000.
  • A fee of £1,398 is payable.
  • First and second time buyers will receive a free valuation, while those remortgaging will receive either free legal fees or £200 towards costs.

As a result of the latest rate reductions the lowest deal available is now priced at a very reasonable 2.99%. Generous incentives are offered to both purchase and remortgage customers, while there is also the opportunity to make overpayments of up to 10% of the outstanding balance.

Norwich & Peterborough Building Society

  • Norwich & Peterborough Building Society has launched a new discounted variable rate mortgage.
  • Offering a rate of 3.05% (2.30% discount) for two years, this deal offers purchase and remortgage borrowers the chance to offset their savings against their mortgage.
  • The maximum loan-to-value is 85% and customers can borrow a minimum of £50,000.
  • An arrangement fee of £995 is payable.

This new offset mortgage adds further variety to Norwich & Peterborough Building Society's mortgage range. Priced at 3.05% (2.30% discount) for two years, with an 85% loan-to-value and a reasonable fee of £995, this deal should appeal to those looking for a decent variable offset product.

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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