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Money Masterclass: savings & mortgages

Money Masterclass: savings & mortgages

Category: Money

Updated: 20/01/2011
First Published: 20/01/2011

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Welcome to this week's Money Masterclass, your weekly rundown of the very best new financial products to hit the market.

This week, we have a pair of eye-catching savings accounts, while those looking for a mortgage could find just what they're looking for from The Co-operative Bank or Skipton Building Society.

At Moneyfacts.co.uk, we pride ourselves on having the best research team in the business, so you can be sure the product details and analysis is 100% trustworthy and impartial.

Savings

Tesco Bank - Product details:

  • Tesco's 2 Year Fixed Rate Saver has increased by 0.15% to 3.50%.
  • Savers can invest between £2,000 and £1million.
  • Early access and further additions are not allowed.
  • The account is available to savers aged 18 and over and can be operated by telephone only.
Moneyfacts.co.uk analysis

Tesco Bank has reviewed its fixed rate savings range including a new two year fixed rate of 3.50% which falls amongst the top accounts fixed for two years. Deposits range from £2,000 to £1million. There is also a monthly interest option, at 3.45%, which should appeal to those looking to supplement their income.

Coventry Building Society - Product details

  • Coventry Building Society has launched its new eNotice account paying 3.05% on its anniversary including a 0.50% bonus for 12 months.
  • The rate is guaranteed to be at least equal to 3.05% until 31.12.11.
  • A monthly interest option is also available at 3.01% with a bonus of 0.49% for 12 months.
  • Investments range between £1,000 and £250,000 and 30 days' notice is required to access funds.
  • Early access is allowed, subject to 30 days' loss of interest.
  • Withdrawals must be made via a nominated account or transferred to another Coventry BS account.
  • The account can be operated online only by savers aged 16 and over.

Moneyfacts.co.uk analysis

This new 30 day notice online only account pays a competitive rate of 3.05%. When compared to other notice and internet accounts, the rate appears of the market and the fact that the rate is guaranteed to be at least equal to 3.05% until the end of the year will also add to its overall appeal.

Find the best savings rates for you - Compare savings accounts

Mortgages

The Co-operative Bank - Product details

  • The Co-operative Bank's fixed rate product range has been revamped with a new three year fixed rate of 5.49% to 31.5.14 for house purchases only.
  • The product has a maximum loan-to-value of 90% and customers can borrow up to £315,000.
  • A fee of £999 is payable.
  • No incentives are offered, although a host of flexible features are available including the option to make overpayments of up to 10% of the outstanding balance, underpayments and take payment holidays.

Moneyfacts.co.uk analysis

This new three year fixed deal offers a competitive rate of 5.49% and a high loan-to-value of 90%, which will no doubt please borrowers with a limited deposit amount. A reasonable arrangement fee and a plethora of flexible features more than make up for the absence of incentives.

Skipton Building Society - Product details

  • Skipton Building Society has launched a new fixed rate product at 5.98% to 30.4.14.
  • The deal has a maximum loan-to-value of 90% and a fee of £995 is payable.
  • First time buyers can borrow up to £250,000 while second time buyers and remortgage customers are allowed a maximum advance of £1million.
  • Incentives of a free valuation, free valuation fees and free legal fees are also offered to remortgage customers.
  • All customers have the option to make overpayments of up to 10% of the outstanding balance and to take payment holidays.

Moneyfacts.co.uk analysis

Skipton Building Society's latest product review has seen the launch of a new and competitive three year deal priced at 5.98% to 30.4.14. Remortgage customers will be pleased with a generous incentive package of free valuation and free legal fees, while a loan-to-value of 90% and the opportunity to make overpayments and take payment holidays should please all borrowers.

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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