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Money in a Minute

Money in a Minute

Category: Money

Updated: 01/08/2011
First Published: 22/07/2011

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 It is now over 6 months old so the content may be out of date.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, mortgage and credit card markets.

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

Norwich & Peterborough Building Society

  • Norwich & Peterborough Building Society has moved into pole position of the best buy tables by launching the new market-leading 1 Year E-Bond, paying 3.55%.
  • Savers bringing new money to the provider can invest between £1,000 and £1 million into the bond.
  • Once opened further additions and earlier access are not allowed.
  • The account is available to savers aged 16 and over and can be operated online only.

Savers looking for a short term bond should be pleased with this new offering from Norwich & Peterborough Building Society. Paying 0.50% more than its nearest competitors it currently tops the Moneyfacts best buy tables. Savers need to ensure they won't need the money during the year as earlier access is not permitted.

Northern Rock

  • Northern Rock has launched a new Fixed Rate E-ISA Issue 18 paying 4.01%, for investments of £500 and over.
  • Savers investing between £1 and £499 will receive a rate of 0.10%.
  • Early access is allowed, although this is subject to 120 days' loss of interest.
  • All withdrawals must be made via a nominated account or another Northern Rock account.
  • Transfers in are accepted.
  • The account is available to savers aged 16 and over and can be operated online only.

This new three year fixed rate deal is highly competitive and sits just below the current market leader for its term. Unlike many fixed rate ISAs, savers can access funds, although this will incur a hefty interest penalty of 120 days' loss of interest.

Mortgages

Woolwich from Barclays

  • This week has seen the reduction of a number of tracker and fixed mortgage rates by Woolwich.
  • Most notable is its two-year fixed deal, which charges a rate of 2.54% until 31 August 2013.
  • The deal is available to borrowers with a 30% deposit and has a £999 arrangement fee.
  • Remortgage borrowers can benefit from an incentive package of a free valuation, plus either free legal fees or a £200 rebate.

By reducing the rate on its two-year fixed deal by 0.24% to 2.54%, Woolwich from Barclays has soared to the top of the best buy tables. The generous incentive package for remortgage borrowers should help to widen this deal's appeal.

Credit Cards

Barclaycard

  • The Barclaycard Platinum Extended Balance Transfer Visa has extended its introductory balance transfer deal by 4 months to 0% for 24 months.
  • The deal is subject to a 2.80% fee, minimum £7.25 and customers can also benefit from no interest charges for the first three months on new purchases.
  • The card charges a representative of 17.9% APR outside of any introductory deals.

By increasing its balance transfer deal to 24 months, Barclaycard now stands head and shoulders above the competition. This new deal is the longest balance transfer deal that has ever been available and is likely to prove popular with customers looking to transfer their debt.

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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