Money in a Minute - Money - News - Moneyfacts

News

Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 30/03/2012

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 It is now over 6 months old so the content may be out of date.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

Mortgages

Skipton Building Society - Product details

  • Skipton Building Society has launched a fixed rate mortgage of 3.99% to 30.6.15.
  • The maximum loan-to-value is 75%.
  • The maximum advance is £300,000 for first-time buyers.
  • There is a fee of £995 payable.
  • There is also the option to make overpayments of up to 10% of the outstanding balance.

Moneyfacts.co.uk analysis

This latest three year fixed mortgage deal offers a competitive rate of 3.99% to purchase borrowers with a deposit of 25% or more. A reasonable fee and a host of flexible features such as overpayments and payment holidays help to boost this deal's overall appeal.

Personal Loans

Sainsbury's Finance - Product details

  • Sainsbury's Finance has reduced the rate of its personal loan by 0.2% APR.
  • Offering a rate of 7.7% APR, this new loan rate is available to customers who wish to borrow between £5,000 and £7,499 over one to three years.

Moneyfacts.co.uk analysis

This latest rate reduction, focusing on a term between one and three years, makes borrowing between £5,000 and £7,499 the most competitive in the market at 7.7% APR. This new rate should prove popular with customers looking for a competitive loan rate whilst consolidating their debts.

Savings

BM Savings - Product details

  • BM Savings has increased the rate on its 2 Year Fixed Rate deal by 0.30% to 3.90%.
  • A monthly rate of 3.83% is also available.
  • Savers can invest between £1 and £10 million and additions can be made whilst the issue remains open.
  • Early access is allowed, although this is subject to penalty depending on the outstanding term, as follows:
    • up to two years, 180 days and
    • for one year or less, 90 days.
  • The account can be operated by post only by savers aged 16 and over, although initial applications can be made online.

Moneyfacts.co.uk analysis

The latest rate increase from BM Savings has seen its two year postal bond increase by 0.30% to 3.90%, with it sitting comfortably amongst the top products for this term. Unlike many bonds it does have the advantage of allowing access to funds subject to 180 days' loss of interest. This, together with the low minimum investment of £1, should boost its widespread appeal.

Sainsbury's Finance - Product details

  • A new range of fixed rate bonds has been launched by Sainsbury's Finance.
  • Most notable is the one year Fixed Rate Saver bond paying a competitive rate of 3.30% on maturity.
  • Savers can invest between £5,000 and £50,000.
  • Further additions and early access are not permitted.
  • The account can be operated online and by telephone by investors aged 18 and over.

Moneyfacts.co.uk analysis

Sainsbury's Finance has re-entered the fixed rate savings market with the launch of a new one year bond paying a competitive rate of 3.30%. Nestled amongst the top one year bonds this deal will appeal to savers looking to lock their money away for the short-term.

Find the best savings rates for you - Compare savings accounts

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.

Related Articles

A quarter of Brits have fallen victim to a scam

Think you know how to spot a scam? It may not be as easy as you’d think, with 25% of Brits admitting that they’ve been the victim of one in the past, and a further 73% are concerned about being scammed in the future.

Brits’ bad spending habits revealed

Many of us like to think that we’re good with money, yet there are often things that get in the way of regular saving and financial security. Solution Loans has taken a look, and has identified the bad spending habits that leave us in the red.

Growing fears that inflation could impact wallets

We’ve all heard reports that the cost of food and petrol could increase in the next few months, together with the threat of rising inflation, and it seems that these concerns are beginning to take their toll on the nation’s consumers.
 
Close