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Money Masterclass

Money Masterclass

Category: Money

Updated: 14/12/2012
First Published: 07/04/2011

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 It is now over 6 months old so the content may be out of date.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 your weekly one-stop-shop of the best new personal finance products – the Money Masterclass!

Under the microscope this week are the latest savings deals from Leeds Building Society and Whiteaway Laidlaw Bank

For those looking for a loan, we have a new offer from Sainsbury's Finance, while a real stand out credit card from Barclaycard is also showcased.

As usual, the products are broken down into fine detail and analysed by Moneyfacts.co.uk's renowned, unbiased and impartial research team.

Savings

Leeds Building Society - Product details

  • Leeds Building Society has just launched the 3 Year Fixed Rate ISA paying a market-leading 4.20%.
  • Savers can invest from £1 into the account which accepts transfers in, meaning savers can also make the most of this top rate on previous years' allowances.
  • Unlike many other fixed rate accounts, Leeds allows savers to withdraw 25% of the initial investment penalty free, with further withdrawals permitted subject to a loss of 120 days' interest.
Moneyfacts.co.uk analysis
The combination of a market-leading rate, plus the ability to access part of the funds penalty free if needed makes this account a winner. ISA savers could potentially have £70,000 saved in a tax free ISA, so the ability to transfer previous years' allowances will make this account popular amongst savers.

Whiteaway Laidlaw Bank - Product details

  • Whiteaway Laidlaw Bank has recently increased the rate on its 90 Day Notice Direct Account to 3.02% - the highest variable rate available on the market.
  • Savers can invest between £1,000 and £100,000 into the account, which is operated by branch or post.
  • To access funds savers must give 90 days' notice.

Moneyfacts.co.uk analysis

This account will appeal to savers who want a market-leading rate and want to benefit from rate rises as they happen. With no temporary bonus as part of the rate, the account will hold appeal for those not wanting to keep moving their money. The only downside is that savers must give 90 days' notice, so they won't be able to get earlier access in an emergency.

Find the best savings rates for you - Compare savings accounts

Loans

Sainsbury's Finance - Product details

  • Sainsbury's Finance launched a new lower loan rate for customers who don't want to take advantage of their nectar points offer.
  • A rate of 6.9% APR is charged for loans between £7,500 and £14,999 for terms between one and three years, while loans repaid over four and five years are charged 7.0% APR.
  • Rates are typical and dependent on credit rating.
Moneyfacts.co.uk analysis
Most customers would rather have a lower loan rate than benefit from an incentive of additional nectar points, so this market-leading loan will appeal to borrowers. Unfortunately the lowest rate is only available for loans of between £7,500 and £14,999, so savers looking for smaller or larger loans won't benefit.

Find the best loan for you - compare loans

Credit Cards

Barclaycard - Product details

  • Borrowers looking to transfer existing debt may like to consider the new Barclaycard Platinum Visa, which is offering 0% for 18 months on balance transfers.
  • The deal is subject to a 2.90% transfer fee (minimum £7.25), but if customers transfer more than one balance they will receive a 25% discount off the fee.
  • The card also offers 0% for three months on purchases, after which the rate reverts to 16.9% APR.

Moneyfacts.co.uk analysis

While this card may offer a slightly shorter deal than the market-leading product also from Barclaycard, customers benefit from a lower balance transfer fee and lower APR. If customers can repay their existing debt within 18 months, they will be better off with this card over the market leader.

Compare 0% balance transfer credit cards
Compare 0% platinum balance transfer credit cards

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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