Welcome to your weekly Money Masterclass, where we at Moneyfacts.co.uk bring the best new financial products to you.
In the spotlight this week are a couple of savings accounts that should whet the appetite of investors looking for a short term home for their funds, while potential homebuyers with a 25% deposit should find our mortgage selections of great interest.
As usual, the products are broken down into fine detail and analysed by Moneyfacts.co.uk's renowned, unbiased and impartial research team.
We hope you enjoy this week's Money Masterclass.
First Direct - Product detailsFirst direct has launched a one year fixed rate bond paying 3.00% on maturity. Savers can invest between £2,000 and £49,999. Earlier access is permitted on closure only and will be subject to a £100 charge. Further additions are not allowed, although further accounts can be opened whilst the issue remains open. Savers must hold another first direct account other than an ISA or Regular Saver and must maintain the account for the term. The account can be operated by telephone only by savers aged 18 and over.
The latest savings product review from first direct has seen the launch of the new one year bond at a highly competitive rate of 3.00%. The product remains amongst the market leaders in its field and should prove popular with clients who prefer to operate their account via the telephone. Investors should bear in mind, however, that they will also have to hold and maintain another first direct account during the term, excluding an ISA or Regular Saver.
Norwich & Peterborough Building Society - Product details
Norwich & Peterborough's latest range of fixed rate online bonds includes a new sixmonth E-Bond at 2.53% and a one year E-Bond at 3.15%. Both of these products require investments of between £1,000 and £1m. Further additions and early access are not allowed. The bonds are available to savers aged 16 and over, although accounts can be opened in trust for under 16s. As the names suggest, these accounts can be operated online only.
Rate increases to the six month and one year internet bonds will be good news for investors looking for a short term investment. The one year deal at 3.15% has stormed to the top of the market and should prove popular with investors who prefer to operate their finances via the internet.
Find the best savings rates for you - Compare savings accounts
Newcastle BS - Product details
Newcastle Building Society has launched its latest fixed rate mortgage, offering a rate of 3.35% to 31.1.13. Customers can borrow up to 75% of the property value. A fee of £995 is payable and the product includes incentives of a free valuation for properties valued up to £500,000, and a £300 rebate paid on completion. Borrowers also have the option to make overpayments of up to £499 each month.
The new 3.35% fixed rate to 31.1.13 is one of the lowest rates in the 75% loan-to-value market. It is available to home mover customers and can be applied for in branch only. As well as a competitive rate, this product's appeal is boosted further with a reasonably low fee of £995 and some good incentives.
ING Direct UK - Product details
ING Direct's fixed rate of 3.79% to 31.3.14 has been reduced by 0.15% to 3.64%. This new deal has a maximum loan-to-value of 75%, a fee of just £195 and offers remortgage customers incentives of a free valuation and legal fees. Overpayments of up to 10% of the mortgage advance can also be made.
This latest product review has seen selected rates increased including a reduction to its highly competitive three year fixed deal. Available at 3.64% to 31.3.14, this rate offers borrowers great value for money with a maximum loan-to-value of 75%. Although it is not the lowest rate in this sector, a low fee of £195 and incentives for remortgage customers help to keep costs down.
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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