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Money in a Minute

Money in a Minute

Category: Money

Updated: 28/04/2011
First Published: 28/04/2011

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 It is now over 6 months old so the content may be out of date.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

Northern Rock

  • Northern Rock's Fixed Rate E-ISA Issue 9, with a three year term, has increased by 0.25% to 4.25%.
  • Savers can invest a minimum of £1, while further additions can be made up to 30 days after the issue has closed.
  • Early access is allowed subject to 120 days' loss of interest.
  • The account can be operated by savers aged 16 and over online only.
This latest product review from Northern Rock sees this deal climb to the top of the medium term fixed rate savings market. Unlike many fixed rate accounts, investors can access funds during the term although they must be willing to incur the penalty of 120 days' loss of interest.

AA

  • AA has launched a new Two Year Fixed Rate Cash ISA paying a rate of 3.50%.
  • Savers can invest a minimum of £1, while further additions can be made whilst the issue remains open and transfers in are accepted too.
  • Early access to the funds is allowed, although this is subject to 180 days' loss of interest in year one and 90 days' loss in year two.
  • The account is available to savers aged 16 and over and can be operated by post only.

AA has made its debut into the fixed term ISA market with a competitive rate of 3.50% sitting just below the current market leader in the two year ISA field. The ability to make withdrawals during the term will be welcomed by savers, especially as this is becoming a rare feature on fixed rate products. Transfers in are also permitted, adding to this deal's appeal.

Find the best savings rates for you - Compare savings accounts

Mortgages

Cumberland Building Society

  • Cumberland Building Society has launched a new three year fixed rate mortgage for first and second time buyers at 3.89% to 1 June 2014.
  • Having a fee of £699, the maximum loan-to-value is 60%, although customers residing in West Northumberland, Dumfriesshire, Cumbria and North Lancashire can borrow up to 75% of the property value.
  • There is also the option to make overpayments of up to £5,000 a year.

This newly priced mortgage deal is highly competitive and sits comfortably in the three year fixed market. Borrowers in the local area can benefit from a higher maximum loan-to-value of 75%, although other borrowers can borrow up to 60%. Customers who open or hold an existing Cumberland Building Society current account will receive a £100 rebate.

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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