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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 24/06/2011

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 It is now over 6 months old so the content may be out of date.

Welcome to this week's Money in a Minute, your weekly rundown of the best new personal finance deals to hit the market.

Our unbiased and impartial research team have scoured this week's new arrivals to pick out the very best products, and have delivered two cracking savings rates and a couple of eye-catching mortgages.

As usual, the deals are described in technical detail and analysis which you know you can rely on.

Savings

Barclays Bank - Product details

  • Barclays Bank has launched the new ISA Saver Issue 1 account.
  • This instant access cash ISA pays a monthly rate of 2.00% including a 0.50% bonus for twelve months.
  • Savers can invest a minimum of £1.
  • Transfers in are not permitted.
  • The account is available to savers aged 16 and over and can be operated in branch, by telephone or online, although all investors must open or have an existing Barclays Bank current account.

Moneyfacts.co.uk analysis

The latest ISA product review from Barclays Bank sees the launch of the ISA Saver. Paying a rate of 2.00%, including a bonus of 0.50% for twelve months, this is a good deal for those looking for a tax-free investment. Savers must bear in mind that the bonus rate will fall away after the initial twelve months however.

Northern Rock - Product details

  • A review to Northern Rock's fixed rate ISA product range sees the launch of a new three year deal.
  • Paying a rate of 4.26% for investments of £500 and over, this bond has stormed to the top of the short-term fixed rate ISA market.
  • Savers with deposits between £1 and £499 will receive a lower rate of 0.10%.
  • Further additions can be made up to 30 days after the issue has closed.
  • Early access is allowed, although this is subject to 120 days' loss of interest penalty.
  • Transfers in are accepted.
  • Savers must be aged 16 and over to operate this online only account.

Moneyfacts.co.uk analysis

This new fixed rate ISA pays a highly competitive rate of 4.26% to 27.7.14 for savers with a minimum investment of £500. Unlike many fixed rate deals, savers can access their funds early if they wish, but must bear in mind that they will incur a penalty of 120 days' loss of interest.

Find the best savings rates for you - Compare savings accounts

Mortgages

Halifax - Product details

  • Halifax has reviewed its fixed rate mortgage range with a competitive new two year fixed deal.
  • Offering a rate of 2.99% to 30.9.13, this product has a maximum loan-to-value of 60% for first, second time and remortgage borrowers and a maximum borrowing advance of £1 million.
  • A fee of £1,240 is payable.
  • Remortgage borrowers are offered incentives of a free valuation and free legal fees.

Moneyfacts.co.uk analysis

This latest two year product from Halifax has secured its place amongst the other short-term market leaders. Offering a great rate of 2.99% to borrowers with a 40% deposit, this deal has plenty of appealing features such as incentives for remortgage customers and flexible features of overpayments, underpayments and payment holidays.

Yorkshire Building Society - Product details

  • Yorkshire Building Society has also made changes to its fixed rate product range.
  • Its latest first-time buyer deal offers a rate of 5.39% to 30.9.13, with a maximum loan-to-value of 90%.
  • Customers can borrow between £25,001 and £500,000.
  • There is no arrangement fee and incentives of a free valuation, free legal fees and a £150 rebate upon completion are offered.

Moneyfacts.co.uk analysis

This new two year fixed product for first-time buyers offers a great overall package for borrowers with a deposit of 10% or more. Designed to help keep initial costs to a minimum, this deal offers a good rate and a very generous incentives package which should please those taking their first steps onto the housing ladder.

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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