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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 20/05/2011

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 It is now over 6 months old so the content may be out of date.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

Bank of Cyprus UK - Product details

  • The Bank of Cyprus UK has increased its three year bond rate by 0.10% to 4.25%.
  • Savers can invest between £1 and £1 million, and interest will be paid in gross for balances exceeding £50,000.
  • Earlier access and further additions are not permitted.
  • The account is available to savers of all ages and can be operated in branch, by post, by telephone or online.

Moneyfacts.co.uk analysis

This latest rate increase to the Bank of Cyprus UK's three year bond sees it settle amongst the top deals in its field. Paying a competitive rate of 4.25% on a wide range of investment amounts, savers must be willing to lock away funds for the duration of the three year term.

Post Office - Product details

  • The Post Office has launched its latest Online Saver deal paying a rate of 2.85% including a bonus of 1.20% for twelve months.
  • A monthly interest option is available at 2.82% including a bonus of 1.19% for twelve months.
  • Savers can invest between £1 and £2 million.
  • No advance notice is needed to access funds, although all withdrawals must be made via a nominated account.
  • The account is available to investors aged 18 and over and, as the name suggests, can be operated online only.

Moneyfacts.co.uk analysis

The Post Office's Online Saver Issue 3 account pays a competitive rate of 2.85%, including a 1.20% bonus for twelve months. Sitting comfortably amongst the other no notice market leaders, this deal should appeal to investors who require easy, short term access to their money without incurring a penalty.

Find the best savings rates for you - Compare savings accounts

Mortgages

Newcastle Building Society - Product details

  • Newcastle Building Society has amended its fixed rate mortgage range, with a new two year deal at 4.19% to 30.6.13.
  • The maximum loan-to-value is dependent on the borrowing advance; for between £10,000 and £500,000 the maximum loan-to-value is 75%, while customers with advances between £10,000 and £350,000 can borrow up to 80%.
  • The deal has no arrangement fee.
  • Incentives of free legal fees are offered to remortgage customers, while a free valuation for properties valued up to £500,000 is offered to first, second time and remortgage borrowers.
  • There is also the option to make overpayments.

Moneyfacts.co.uk analysis

The new two year fixed deal at 4.19% to 30.6.13 has loan-to-values of between 75 and 80%, depending on the mortgage advance. As well as a competitive rate, this product offers a good all-round package with no arrangement fee and a generous incentive package, which should please borrowers looking to keep set-up costs to a minimum.

Norwich & Peterborough Building Society - Product details

  • Norwich & Peterborough Building Society has reviewed its mortgage range, including the launch of a new fixed deal at 3.99% for two years.
  • The maximum loan-to-value is 85% and customers can borrow a minimum of £20,000.
  • A fee of £995 is payable.
  • The deal also offers a host of flexible features including overpayments, underpayments and payment holidays.

Moneyfacts.co.uk analysis

This new two year deal at 3.99% is the lowest fixed rate currently offered by Norwich & Peterborough Building Society. Borrowers looking for a flexible mortgage deal will be pleased with the options to make overpayments and underpayments and to 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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