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Money Masterclass

Money Masterclass

Category: Money

Updated: 27/01/2011
First Published: 27/01/2011

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 It is now over 6 months old so the content may be out of date.

Welcome to the Money Masterclass, your weekly rundown of the finest new personal finance deals to be launched.

This week, we have savings accounts from Northern Rock and Sainsbury's Finance, while the mortgage offerings come from HSBC and Coventry BS.

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

Northern Rock - Product details

Northern Rock has reviewed its Fixed Rate Cash ISA range:

  • An increase of 0.20% to the five year option which now pays 4.30%.
  • Savers can invest a minimum of £500.
  • Further additions are allowed up to 30 days after the issue has closed. Early access is also allowed, subject to 180 days' loss of interest.
  • Upon maturity, the rate reverts to the 30 Day Cash ISA deal, which allows free access to funds up to 30 days afterwards.
  • Transfers in are accepted. The account can be operated by post by savers aged 16 and over.
Moneyfacts.co.uk analysis

The new rate of 4.30% sees Northern Rock's Fixed Rate Cash ISA Issue 155 sitting amongst the leaders of the fixed ISA market. Investors have the option to access funds early, but must be aware an interest penalty of 180 days' loss of interest will be payable.

Sainsbury's Finance - Product details

Sainsbury's Finance has increased its 1 Year Fixed Rate Saver by 0.20% to 3.20%:

  • A monthly interest option is available which also pays 3.20%.
  • This deal requires investments between £5,000 and £50,000.
  • Further additions and early access are not allowed.
  • The account is available to savers aged 18 and over and can be operated by telephone and online.

Moneyfacts.co.uk analysis

A rate increase of 0.20% means this one year bond rate sits just shy of the current market leader. The monthly option offers a good return for investors looking to supplement their income, although they must ensure they commit to locking funds away for the full term, as early access is not permitted.

Find the best savings rates for you - Compare savings accounts

Mortgages

HSBC - Product details

Despite rate increases across HSBC's fixed rate mortgage range:

  • The two year deal now offering 5.49% to 30.04.13, still appears among the better priced high loan-to-values deals.
  • Customers can borrow up to 90% of the property value and the maximum advance is £400,000.
  • A fee of just £99 is payable. Remortgage borrowers can enjoy the incentive of free legal fees.

Moneyfacts.co.uk analysis


HSBC has reviewed its fixed rate mortgage range, with some significant rate increases. A substantial rate increase of 0.50% hasn't hindered this deal's ability to sit among the other high loan-to-value deals. A small booking fee of £99 and free legal fees help boost this product's appeal further.

Coventry Building Society - Product details

The latest product review from Coventry Building Society includes a new:

  • Four year fixed rate deal at 4.19% to 31.03.15.
  • First, second time and remortgage customers can borrow up to 75% of the property value.
  • A reasonable fee of £999 is payable.
  • Incentives are also offered; a free valuation and free valuation fees for house purchase customers and free legal fess for those remortgaging.
  • There is also the option to make overpayments of up to 5% of the outstanding balance.

Moneyfacts.co.uk analysis

This latest update from Coventry BS sees the launch of a new 4 year fixed rate priced at 4.19%, with a maximum loan-to-value of 75%. Thanks to a decent arrangement fee of £999 and a generous incentive package, this product sits at the top of a rather limited four year fixed rate market.

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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