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Money in a Minute

Money in a Minute

Category: Money

Updated: 22/02/2013
First Published: 21/02/2013

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 It is now over 6 months old so the content may be out of date.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


The Co-operative Bank

  • The Co-operative Bank has launched a new three-year fixed rate bond paying 3.00% on maturity or a monthly option of 2.96%.
  • Savers can invest from £1,000 up to a maximum of £1 million.
  • Early access to funds and further additions are not permitted.
  • The account is available to savers aged 16 and over and can be operated via branch, post, internet and telephone.

The new three-year fixed rate bond paying 3.00% from The Co-operative Bank is highly competitive. This deal is propelled to the top of the three year fixed rate market. As is common in the fixed rate market no earlier access to funds is permitted during the term, so savers will need to decide upfront how much they are willing to invest.


Skipton Building Society

  • Skipton Building Society has launched Online Bonus Saver, a new no notice account paying 1.85% upon its anniversary, including a 0.85% bonus for 12 months.
  • Savers can invest from £1,000 up to a maximum of £1 million.
  • This account is available to savers aged 16 and over and can be operated online only.

The Online Bonus Saver from Skipton Building Society pays a competitive 1.85% and is placed within the top ten for its sector. With no restriction on the number of withdrawals, this should appeal to internet savvy investors looking for a straightforward account. A review will be required before the bonus period expires to ensure competitive returns are maintained.

Mortgages


The Co-operative Bank

  • The Co-operative Bank has reviewed its popular five-year fixed rate mortgage priced at 2.79% to 30.4.18.
  • This deal is available to all borrowers who borrow between £25,000 and £500,000 at 60% loan-to-value.
  • No fee is payable and remortgage customers will receive a free valuation and free legal fees.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance, underpayments and payment holidays.

Borrowers who have the required 40 % deposit will be pleasantly surprised with this latest offering from The Co-operative Bank. Not only does this have a low competitive rate sitting just shy of the market leader for its sector, it offers a great all-round incentive package which will enable borrowers to keep initial costs to a minimum.


Hanley Economic Building Society

  • Hanley Economic Building Society has launched a new two-year fixed rate mortgage priced at 3.59% to 31.3.15.
  • This deal is available to first and second-time buyers only who borrow from £30,000 at 85% loan-to-value.
  • No fee is payable and borrowers will receive a free valuation up to a maximum of £240.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

This new two-year fixed rate for house purchase only at 3.59% from Hanley Economic Building Society is reasonably competitive on rate alone. This deal also offers customers an attractive range of benefits including no arrangement fee and a free valuation, which is bound to be a popular choice with borrowers looking to keep initial costs to a minimum.

What Next?

Compare the best savings rates with Moneyfacts Best Buys

Compare the best mortgage rates with Moneyfacts Best Buys

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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