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Money in a Minute

Money in a Minute

Category: Money

Updated: 31/12/2012
First Published: 18/11/2011

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 It is now over 6 months old so the content may be out of date.

Welcome to your weekly dose of the best new products to hit the personal finance market, Money in a Minute.

This week, we showcase two cracking savings accounts, a great new mortgage and one of the best personal loans on the market.

As usual, we've broken the products down into technical details and unbiased analysis, so you know exactly what you're getting.

Savings

Cahoot - Product details

  • Cahoot has launched a new 2 Year Bond paying an annual rate of 4.01%.
  • Savers can invest between £25,000 and £2 million and no further additions are allowed.
  • Early access is permitted on closure only, subject to six days' notice and 120 days' loss of interest.
  • The account can be operated by savers aged 18 and over by telephone or online.

Moneyfacts.co.uk analysis

Cahoot has returned to the fixed rate bond market with the launch of this two year product. Paying a decent rate of 4.01%, this deal should prove popular with savers looking for a medium-term bond offering a degree of flexibility with accessing funds. Early account closure and access to money is permitted but this does require six days' notice and savers will incur a penalty of 120 days' loss of interest.

Find the best savings rates for you - Compare savings accounts

Halifax - Product details

  • Halifax has increased selected fixed rates by 0.20%.
  • Most notable is the 4 year bond which now pays 4.30% on its anniversary and is the current market leader for its term.
  • Savers can invest between £500 and £5 million.
  • Further additions are not permitted.
  • Earlier access to funds is allowed, subject to 320 days' loss of interest.
  • The account can be operated online only by savers aged 16 and over.

Moneyfacts.co.uk analysis

Following a review of its fixed rate bonds, this latest four year deal pays a market-leading 4.30%. Savers looking for a competitive online operated long-term bond will be pleased with the good rate and the fact that funds can be accessed at short notice if needed. It is important to remember, however, that this is subject to a loss of interest of 320 days.

Mortgages

Britannia - Product details

  • Britannia has reduced selected rates by up to 0.90% across its fixed mortgage range.
  • The latest five year deal offering 3.59% to 31.1.17, should appeal to both purchase and remortgage customers with a deposit of 25% or more.
  • There is no arrangement fee and remortgage borrowers can enjoy incentives of a free valuation and free legal fees.
  • There is also the flexibility to make overpayments of up to 10% of the outstanding balance.

Moneyfacts.co.uk analysis

This new five year deal is available to both house purchase and remortgage customers with a rate of 3.59% to 31.1.17. This deal should attract borrowers who are looking to keep initial costs down with the absence of an arrangement or booking fee and a generous incentive package for those remortgaging.

Find the best mortgage rate - Compare best selling mortgages

Personal Loans

Nationwide Building Society - Product details

  • Nationwide Building Society has reduced the rate of its unsecured personal loan, for both new and existing customers by 0.1% APR.
  • Offering a new rate of 8.9%, this new loan rate is available to customers who wish to borrow between £7,500 and £14,999.

Moneyfacts.co.uk analysis

The latest reduction to Nationwide Building Society's loan rates has made the borrowing amounts of £7,500 to £14,999 one of the most competitive within the market for new customers. This new rate should prove popular with customers looking for a competitive loan rate in the run-up to the expensive festive season.

Find the best loan for you - compare loans

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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