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Money Masterclass

Money Masterclass

Category: Money

Updated: 04/03/2011
First Published: 04/03/2011

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 It is now over 6 months old so the content may be out of date.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 one-stop-shop for the best new personal finance products on the market.

This week we look at two new savings accounts from Cheltenham & Gloucester and Halifax, and two new mortgages from Principality Building Society and Lloyds TSB Scotland.

As usual, products are broken up into technical details and impartial product analysis, so you can be sure the information is 100% reliable.

Savings

Cheltenham & Gloucester - Product details

  • A new 3 year fixed cash ISA has been launched by Cheltenham & Gloucester paying a rate of 3.95% on its anniversary.
  • The account requires a minimum deposit of £100.
  • Early access is allowed, although this is subject to 120 days' loss of interest.
  • Transfers in are accepted.
  • The deal is available to savers aged 16 and over and can be operated in branch or by post.

Moneyfacts.co.uk analysis

Cheltenham & Gloucester has extended its ISA product range with the launch of a competitive new three year deal. Paying a rate of 3.95%, it falls within the top five ISA deals for its term and offers a competitive monthly option at 3.88%. Investors have the flexibility to make withdrawals, but must remember it is subject to a 120 day loss of interest penalty. Additions can be made for both the current tax year and until 27 May for the new tax year.

Halifax-Product details

  • Halifax has launched its new ISA Direct Reward account paying an annual rate of 3.00% including a variable bonus of 2.50% for 12 months.
  • The rate reverts to that of the ISA Saver Direct (currently paying 0.50%) after 12 months.
  • The minimum investment is £1 and the initial deposit must be made within 28 days of opening the account.
  • Transfers in are accepted.
  • The account is available to savers aged 16 and over and can be operated online or by telephone.

Moneyfacts.co.uk analysis

The rate on this new product is 0.20% higher than its predecessor and at 3.00%, the deal sits just below the current market leading no notice ISA. The rate reverts to the ISA Saver Direct rate (currently 0.50%) after 12 months, so savers should bear this in mind.

Find the best savings rates for you - Compare savings accounts

Mortgages

Principality Building Society - Product details

  • Principality Building Society has reduced its buy-to-let variable tracker rate mortgages by up to 0.30%.
  • The new two year tracker deal offers a rate of 3.19%, has a maximum loan-to-value of 60% and a fee of 2.5% of the mortgage advance.
  • Incentives of a free valuation and free legal fees for remortgage customers are also offered.

Moneyfacts.co.uk analysis

Principality Building Society has reduced its tracker mortgage range by up to 0.30%. The previously reduced 3.29% two year tracker rate has dropped by a further 0.10% to 3.19%, making it the lowest priced product for this term.

Lloyds TSB Scotland - Product details

  • Lloyds TSB Scotland has reduced selected rates in its remortgage product range.
  • The most notable new product is the 3.29% fixed rate to 31.5.2013.
  • The maximum loan-to-value is 60% and customers can borrow between £5,000 and £1 million. A fee of £994 is payable.
  • Incentives of free legal fees and a free valuation are offered to customers borrowing between £25,000 and £999,999.
  • This product has a range of flexible features including options to make overpayments, underpayments and take payment holidays.

Moneyfacts.co.uk analysis

Following a review of its remortgage range, Lloyds TSB Scotland now offers a competitive rate of 3.29% to 31.5.2013. A good incentive package of a free valuation and free legal fees are offered, although these are only available to customers borrowing between £25,000 and £999,999. A wealth of flexible features and a reasonable fee of £994 also heighten this deal's overall appeal.

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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