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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 28/07/2011

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 It is now over 6 months old so the content may be out of date.
Welcome to your weekly one-stop-shop of the best new personal finance products – Money in a Minute!

Under the microscope this week are the latest savings deals from the Post Office and AA.

We also showcase two eye catching mortgages from Yorkshire Building Society and Cheltenham & Gloucester.

As usual, the products are broken down into fine detail and analysed by Moneyfacts.co.uk's renowned, unbiased and impartial research team.

Savings

Post Office - Product details

  • The Post Office has increased rates on its Fixed Rate ISAs and Growth Bonds by between 0.06% and 0.30%.
  • The new Fixed Rate Cash ISA Issue 6, with a two year term, has increased from 3.45% and pays a market-leading rate of 3.75% on its anniversary.
  • Savers can invest a minimum of £500.
  • Further additions are not permitted, although early access is allowed subject to 180 days' loss of interest.
  • Transfers in are accepted.
  • The account is available to investors aged 16 and over and can be operated by post and telephone.

Moneyfacts.co.uk analysis

The Post Office's latest rate increase has seen its two year fixed rate ISA move from 3.45% to a highly competitive 3.75%. Unlike many fixed rate bonds, savers can access funds at short notice with this account although this is subject to 180 days' loss of interest.

AA - Product details

  • The AA has launched the Internet Access ISA (Issue 2) paying 3.05% including a 1.35% bonus for twelve months.
  • Savers can invest a minimum of £500 and no advance notice is required to access funds.
  • Transfers in are not accepted. This online-only account is available to savers aged 18 and over.

Moneyfacts.co.uk analysis

With a rate of 3.05%, this attractive new deal sits just below the current market leader in the no notice ISA field. Available to online investors only, the account should also please those looking to make withdrawals at short notice without incurring penalties.

Mortgages

Yorkshire Building Society - Product details

  • Changes to Yorkshire Building Society's fixed rate product range has seen the two year fixed deal, for first-time buyers only, reduce to 4.99%.
  • The deal has a maximum loan-to-value of 90% and customers can borrow between £75,000 and £500,000.
  • No arrangement fee is payable and additional incentives of a free valuation, free legal fees and a £500 rebate upon completion are offered.
  • Flexible features include overpayments, underpayments and payment holidays.

Moneyfacts.co.uk analysis

A rate reduction to this already competitive two year fixed deal sees it storm to the top of the market. With a maximum loan-to-value of 90%, no arrangement fee and a host of generous incentives, this deal should please first-time buyers who are looking to keep initial costs to a minimum.

Cheltenham & Gloucester - Product details

  • Cheltenham & Gloucester has launched a new variable tracker deal offering a rate of 3.59% to 30.9.13.
  • The maximum loan-to-value is 80% and customers can borrow between £5,000 and £1 million.
  • An arrangement fee of £1,094 is payable.
  • All remortgage borrowers can enjoy the incentive of free valuation fees, while a £400 rebate upon completion is offered to borrowers in Scotland and Northern Ireland, and free legal fees for those in Great Britain.

Moneyfacts.co.uk analysis

Offering a rate of 3.59% to 30.9.13 this product offers a good deal to borrowers with a deposit of at least 20%. Remortgage customers are offered attractive incentives that vary as to where they reside, while all borrowers can take advantage of flexible features of overpayments, underpayments and payment holidays.

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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