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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 31/01/2013

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 It is now over 6 months old so the content may be out of date.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

Vanquis Bank
Vanquis Bank

  • Vanquis Bank has launched its three-year fixed rate bond paying 2.86% upon its anniversary or a monthly option of 2.82%.
  • Savers can invest from £1,000 up to a maximum of £250,000.
  • No early access or additions are permitted.
  • This account is available to savers age 18 and over and can be operated online only.

Vanquis Bank has re-launched its popular three-year High Yield account. Paying 2.86%, it sits just shy of the current market leaders in its sector. This deal has the added benefit of a competitive monthly option at a slightly reduced rate of 2.82%, which should appeal to those looking to supplement their income.

Chorley BS
Chorley & District Building Society

  • Chorley & District Building Society has launched a new 60-day Cash ISA paying 2.50% yearly.
  • Savers can invest from as little as £1 to the maximum of £5,640.
  • Transfers in are not permitted;
    • however, early access is permitted subject to a 60 days' loss of interest.
  • This account is available to savers age 16 and over and can be operated by branch and post.

The 60-day notice cash ISA from Chorley & District Building Society is highly competitive. Paying a rate of 2.50%, this deal sits in the top-five in its sector. With transfers in not being permitted the account is likely to entice investors who have yet to use their tax-free allowance.

Mortgages

tesco Bank
Tesco Bank

  • Tesco Bank has launched a new five-year fixed rate priced at 2.89% to 30.4.18.
  • This deal is available to all borrowers who borrow from £40,000 at 70% loan-to-value.
  • A fee of £1,495 is payable of which £1,300 can be added to the advance of the mortgage.
  • An incentive package is available for remortgage customers of free valuation and free legal fees.
  • Tesco Clubcard holders will also receive 1 Clubcard point for every £4 made in mortgage repayments.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 20% of the outstanding balance per year as well as making underpayments and taking payment holidays.

The new five-year fixed rate priced at 2.89% from Tesco Bank is a very competitive entry offering the market-leading rate in the 70% loan-to-value sector. Remortgage customers can benefit from free valuation and free legal fees. Alongside this, Clubcard holders will receive the added benefit of extra points to spend in store.

Market Harborough
Market Harborough Building Society

  • Market Harborough Building Society has launched a new two-year fixed rate to its range priced at 2.75% to 31.3.15.
  • This deal is available to all borrowers who borrow between £50,000 and £350,000 at 80% loan-to-value.
  • A fee of £595 is payable, £95 of which must be paid upfront.
  • An incentive package of a refunded valuation up to a maximum £300 and refunded accident, sickness and unemployment insurance for three months is available.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance as well as making underpayments and taking payment holidays.

The two-year fixed rate deal priced at 2.75% from Market Harborough Building Society is highly competitive within its sector. This deal offers a reasonable fee and borrowers can enjoy an incentive package of a refunded valuation and refunded accident, sickness and unemployment insurance for three months. This deal is likely to appeal to borrowers who are looking for an overall good package.

What Next?

Compare the best savings rates with Moneyfacts Best Buys

Compare the best mortgage rates with Moneyfacts Best Buys

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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