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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 26/07/2012

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 It is now over 6 months old so the content may be out of date.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

Post office Online Saver
Post Office

  • Post Office has introduced Online Saver Issue 6, a new no notice internet account paying 3.01% yearly including a 1.36% bonus for 12 months.
  • A monthly option of 2.96% with a 1.33% bonus for twelve months is also available.
  • Savers can invest as little as £1 up to a maximum of £2 million.
  • This account is available to savers aged 18 and over and can only be operated online.

Post Office has entered the no notice internet account market with the launch of its Online Saver paying 3.01%. With a minimum investment of just £1 and no withdrawal restrictions, it should prove popular with internet investors. A review will need to be carried out before the end of the term when the bonus expires.

Aldermore one year fixed rate ISA
Aldermore

  • Aldermore has increased its one-year fixed rate ISA by 0.20% to 3.30% on maturity with a monthly option of 3.25%.
  • Savers can invest from £1,000.
  • Early access to funds will incur a penalty of 120 days' loss of interest.
  • Transfers in are accepted.
  • This account is available to savers aged 18 and over and can be operated by post, telephone and internet.

This review by Aldermore sees a 0.20% increase on its one-year fixed rate ISA, which greatly improves its position in the market. Paying 3.30%, this account is just shy of the market leader. As is common with fixed accounts, no additions are permitted but earlier access is allowed subject to 120 days' loss of interest.

Find the best savings rates for you - Compare savings accounts

Mortgages

Woolwich two yr fixed rate mortgage
Woolwich from Barclays

  • Woolwich from Barclays has launched a new two-year fixed rate priced at 3.29% to 30.9.14.
  • This deal is available to house purchases only, who borrow between £50,000 and £1 million at 70% loan-to-value.
  • This package comes with the added flexibility of being able to make overpayments up to a maximum of 10%.

The new two-year fixed rate from Woolwich from Barclays sits comfortably at the top of the market at 70% loan-to-value. Priced at 3.29%, this deal benefits from not only a competitive rate, but also no arrangement fee, making it a very attractive proposition.

Skipton BS 7 yr fixed rate mortgage deal
Skipton Building Society

  • Skipton Building Society has added a new seven-year fixed rate deal to its range.
  • Priced at 4.29% to 30.9.19 with a 75% loan-to-value, it is available to purchase and remortgage customers up to a maximum of £300,000.
  • A fee of £995 is payable.
  • This product offers an incentive package for remortgage customers of free valuation and free legal fees.
  • Borrowers will be able to reduce capital by making overpayments up to 10% of the outstanding balance per annum as well as being able to take a six month payment holiday after one year.

This new seven-year deal priced at 4.29% to 30.9.19 from Skipton Building Society sits towards the top of a very small section of the market. Remortgage customers will benefit from a good incentive package of free valuation and free legal fees. All borrower types will be able to enjoy the added flexibility of being able to make overpayments and take payment holidays, attracting customers further.

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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