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Money in a Minute

Money in a Minute

Category: Money

Updated: 30/08/2012
First Published: 30/08/2012

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 It is now over 6 months old so the content may be out of date.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

FirstSave

  • FirstSave has re-launched its one-year fixed rate bond, priced at 3.45% on maturity or 3.40% monthly.
  • Savers must invest from £5,000 up to a maximum of £2 million.
  • Further additions and early access are not permitted.
  • This account is available to savers aged 18 and over and can only be operated via the internet.

FirstSave has re-launched its standard internet operated 1 year bond, paying 3.45%. This account is highly competitive and has gone straight into top position as a market leader for its term. This account however offers no earlier access or additions; so investors will need to be willing to lock away their funds for the whole year.

Leeds Building Society

  • Leeds Building Society has launched a new cash ISA paying 3.00% yearly, which includes a 1.70% bonus to 30.9.13.
  • Savers can invest from as little as £1.
  • Only 2 withdrawals are permitted within the bonus period with the third withdrawal resulting in closure of the account.
  • This account is available to savers aged 16 and over and can be operated by branch, internet and post.

Leeds Building Society has launched a new cash ISA, which is competitively priced at 3.00% including a bonus of 1.70% to 30.9.13. The Bonus ISA is aimed at those who have yet to invest this year's tax free allowance. However, with a substantial 1.70% bonus included in the rate a review will be required before the bonus period ends to ensure that high return is achieved.

What Next?

Find the best savings rates for you - Compare savings accounts

Mortgages

Coventry Building Society

  • Coventry Building Society has launched a new variable rate for term to its range, priced at 4.15%.
  • This deal is available to all borrowers at 80% loan-to-value.
  • A fee of £999 is payable of which £199 is payable upfront.
  • This deal offers an incentive package of free valuation up to a maximum of £670 and free legal fees for those borrowers who are remortgaging.
  • Customers can also benefit from the added flexibility of making overpayments and taking a three month payment holiday every year.

Coventry Building Society launched a new variable rate priced at 4.15% for term. This new product sits comfortably in the middle of its sector at 80% loan-to-value. Customers can enjoy a good incentive package of free valuation up to a maximum of £670 and free legal fees for remortgage customers, which should appeal to those wishing to keep initial costs down.

Chelsea Building Society

  • Chelsea Building Society has revamped its range in its latest update.
  • The newly priced two-year fixed at 3.19% has received a 0.15% reduction.
  • This deal is available to all borrowers, who borrow from £25,001 up to a maximum of £5 million at 70% loan-to-value.
  • A fee of £1695 is payable of which £195 is payable upfront.
  • This package comes with the added flexibility of being able to make overpayments up to maximum of 10% of the mortgage advance.

Chelsea Building Society has reduced its lowest fixed rate by 0.15% and is now priced at 3.19%. Available at 70% loan-to-value, this product is reasonably competitive in this sector. Although the fee of £1695 can appear quite expensive, £1500 can be added to the advance of the mortgage.

What Next?

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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