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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 08/11/2012

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 It is now over 6 months old so the content may be out of date.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

Sainsbury's Bank

Sainsbury's Bank has re-launched a four-year fixed bond paying 3.00% yearly, with a monthly option of the same rate. Savers can invest from £5,000 up to a maximum of £50,000. No early access to funds or additions is permitted. This account is available to savers aged 18 and over and can be operated by internet and telephone.

The launch of the four-year fixed rate bond by Sainsbury's Bank is highly competitive. Priced at 3.00% this rate sits in the top five best rates in its sector. The monthly option paying the same rate should appeal to those looking to supplement their income. In common with most bonds no earlier access to funds is permitted.

Tesco Bank

Tesco Bank has launched a one-year fixed rate ISA paying 2.75% upon its anniversary. Savers can invest from as little as £1. Transfers in are accepted and transfers out are on closure only and will incur a 30 days' loss of interest penalty. Additions are also permitted in the first 30 days of account opening. This account is available to savers aged 18 and over and can be operated online and by telephone only.

This review from Tesco Bank sees the launch of a new one-year fixed rate ISA. Paying 2.75% this is a competitive rate that sits in the top five in its sector. With transfers in accepted and transfers out on 30 days' loss of interest, it should prove popular with investors seeking to use their tax free allowance.

Mortgages

The Co-operative Bank

The Co-operative Bank has launched a new two-year fixed rate mortgage priced at 3.99% to 31.12.14. This deal is available to first and second time buyers who borrow from £25,000 at 90% loan-to-value. No fee is payable and a good incentive of a free valuation is available. This deal has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance and take payment holidays.

The Co-operative Bank's two-year deal is the lowest rate available at 90% loan-to-value, priced at 3.99% to 31.12.14. With no product fee and an incentive of a free valuation, this makes an incredibly attractive offer, particularly for those who have a small deposit and are looking to keep initial costs down.

Post Office

The Post Office has launched a new five-year fixed rate to its range priced at 3.19% to 31.12.17. This deal is available to all customers who borrow from £25,001 at 75% loan-to-value. A fee of £1,495 is payable, but all of this can be added to the advance of the mortgage. This deal has the added option of being able to make overpayments up to a maximum of 10% of the outstanding balance from a minimum of £500.

This five-year deal from the Post Office is highly competitive, at 3.99%; it sits just below the market leader at 75% loan-to-value. Although a large fee of £1,495 is payable, all of this can be added to the advance of the mortgage. This deal should also prove popular to those looking for a good well known brand.

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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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