Welcome to your weekly one-stop-shop of the best new personal finance products – the Money Masterclass!
Every Thursday, Moneyfacts.co.uk showcases the top rated latest products to hit the consumer finance market.
Here you can find a selection of new savings accounts and mortgages, with technical product details complemented by impartial and concise analysis.
Marsden BS - Product details
The new Christmas regular saver account from Marsden Building Society is available to existing customers with an instant access account and pays a rate of 3.25% on maturity. Savers can invest between £10 and £25 per month and contributions can be amended. Twelve payments are required per annum. Withdrawals are not allowed and early access will result in the closure of the account with accrued interest paid. This account is available to savers aged 18 years and over and can be operated only in branch.
It is good to see Marsden BS launching its regular savings account again this year. Designed to help investors save for next Christmas or a winter holiday, it encourages savers to put away funds each month until next November. At 3.25%, it is amongst the market leading rates for a variable rate regular savings account. The flexibility to close the account early without penalty will add to its appeal. Investors need to bear in mind that they must have or open an instant access savings account in order to take advantage of this competitive rate.
Yorkshire BS - Product details
This three year fixed rate bond pays an annual rate of 4.00%. A monthly option is also available at 3.93%. Savers can invest between £1000 and £2m. No early access is allowed. Further additions are permitted whilst the issue remains open. The account is available to anyone aged 12 years and over, although the account can be opened in trust for a child up to the age of 11 years. This account can be operated in branch or by post.
The launch of Yorkshire Building Society's new three year bond is exciting news for investors looking to lock funds away for the medium term. The product pays a market leading rate of 4.00% and although there is no flexibility to access funds during the term, further additions can be made whilst the issue remains open.
Find the best savings rates for you - Compare savings accounts
Newcastle BS - Product details
Newcastle BS has launched a new two year fixed rate mortgage offering a rate of 3.65% until 31.01.2013. This product has a maximum loan-to-value of 60% and offers first time buyers and second time buyers some appealing incentives of a free valuation for properties valued up to £500K, no arrangement fee and a £300 rebate on completion.
Newcastle BS has added to its branch exclusive products with the launch of a new two year fixed rate for house purchase customers only. It offers borrowers a 'fee free' option, and incentives of a free valuation and £300 rebate are available. Borrowers can apply for this product only in a branch, which may limit its appeal.
HSBC- Product details
This variable tracker rate mortgage offers a rate of 2.29% (BBR + 1.79%). The deal has a maximum loan-to-value is 60% and there is a competitive arrangement fee of £99. Free legal fees are offered to remortgaging customers. There is also the flexibility to make over payments..
HSBC has reduced the rate on its variable tracker for term by 0.10%. Now priced at 2.29%, this deal is the lowest rate in this sector at 60% loan-to-value. The low fee of £99 will please borrowers who have limited set-up funds and whilst there are no incentives for house purchase, those wishing to remortgage will benefit from free legal fees.
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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