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Money in a minute

Money in a minute

Category: Money

Updated: 17/06/2011
First Published: 17/06/2011

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 It is now over 6 months old so the content may be out of date.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

Chelsea Building Society

  • Chelsea Building Society has increased the rate on its Fixed Rate ISA by 0.20% to 3.70%.
  • A monthly interest option is available at 3.64%.
  • Savers can invest a minimum of £100 and further additions can be made whilst the issue remains open.
  • Early access is permitted on account closure only and is subject to 120 days' loss of interest.
  • Transfers in are accepted.
  • The account is available to investors aged 16 and over and can be operated in branch and by post.
  • An increase of 0.20% sees this deal sitting comfortably amongst the other short-term ISA market leaders, with a rate of 3.70%.
  • Early access is allowed, although savers must bear in mind that this is upon account closure only and will incur a penalty of 120 days' loss of interest.

West Brom

  • A new Direct Fixed Rate Regular Saver one year bond has been launched paying 4.10% on its anniversary.
  • Between £10 and £250 can be invested and contributions can be amended within these limits.
  • Ten payments are required within a year and savers who miss payments will see their rate reduced by 3.60%.
  • Funds can be accessed without notice or penalty.
  • Savers must be aged 17 and over to operate this online-only account.
  • This latest fixed regular savings account from West Brom pays a competitive rate of 4.10%.
  • As with many regular savings accounts, investors must be willing to deposit a fixed amount each month or risk incurring a penalty, in this case a 3.60% loss of interest.
  • This deal's appeal is boosted by its flexibility with accessing funds, however, with no advance notice required.

Find the best savings rates for you - Compare savings accounts

Mortgages

Northern Rock

  • Selected rates have been reduced in Northern Rock's latest review.
  • The most eye-catching new deal is the five year fixed product with an initial rate of 4.79% to 1 September 2016.
  • The maximum loan-to-value is 75% and first, second time and remortgage customers can borrow a maximum of £1 million.
  • No fee is payable.
  • Remortgage customers can enjoy incentives of a free valuation and free legal fees.
  • Following a rate reduction of 0.50%, the new five year fixed deal offers a decent rate of 4.79% to 1 September 2016 to customers borrowing up to 75% of the property value.
  • This product offers borrowers who are looking to keep set-up costs to a minimum a good deal, with no arrangement fee to pay and incentives for remortgage customers.
  • There are also the options to make overpayments and take payment holidays.

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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