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Money Masterclass

Money Masterclass

Category: Money

Updated: 25/02/2011
First Published: 25/02/2011

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 It is now over 6 months old so the content may be out of date.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 Barclays Bank and Nationwide Building Society.

For mortgage borrowers, we have dissected new deals from The Co-operative Bank and Market Harborough Building Society.

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

Savings

Barclays Bank -Product details

  • Barclays Bank has launched its latest five year fixed rate bond.
  • The minimum investment is £500 which pays an annual rate of 4.25% (4.17% for monthly interest).
  • Savers with deposits of £50,000 or more will receive a rate of 4.75% (4.65% for monthly interest).
  • Further additions are not allowed and, as with many fixed rate deals, no earlier access is permitted.
  • Investors must be aged 18 and over and can operate this account in branch only.

Moneyfacts.co.uk analysis

Barclays has extended its fixed range with the launch of this five year fixed bond. Paying up to 4.75%, it is amongst the market leading long term bonds, so long as investors have £50,000 or more to invest. Savers must ensure they are committed to locking funds away for the duration of the term.

Nationwide BS - Product details

  • The popular MySave Online Plus account has been re-launched paying a monthly rate of 2.91% including a 1.41% bonus for 12 months.
  • Investments range between £1,000 and £3million. Investors can make one penalty free withdrawal per annum.
  • If more than one withdrawal is made within a 12 month rolling period, the rate will reduce to 0.10% for the month in which the withdrawal was made.
  • All withdrawals must be made via a nominated account.
  • Savers must be aged 16 and over to operate this online-only account.

Moneyfacts.co.uk analysis

This latest deal from Nationwide Building Society heads straight to the top of the no notice internet market with its competitive rate, including a bonus for 12 months. Whilst this product is very appealing, savers must remember that only one penalty free withdrawal is allowed per year, and failure to adhere to this condition will result in a hefty penalty.

Find the best savings rates for you - Compare savings accounts

Mortgages

The Co-operative Bank -Product details

  • The Co-operative Bank has reviewed its fixed rate mortgage range.
  • The five year fixed rate of 6.09% has been reduced to 5.89% to 31.5.16.
  • The maximum loan-to-value is 90% and a reasonable fee of £999 is payable.
  • The deal also offers a host of flexible features such as the options to make overpayments, underpayments and to take payment holidays.

Moneyfacts.co.uk analysis

A rate reduction of 0.20% means this five year deal features as one of the lower rates in this market. The high loan-to-value of 90% will please borrowers with a limited deposit amount, while a fee of £999 plus many flexible features help to heighten this product's appeal.

Market Harborough Building Society - Product details

  • Market Harborough Building Society has launched this new fixed rate mortgage at 4.30% to 31.5.14.
  • Available to borrowers in England and Wales, this deal has a maximum loan-to-value of 80% and a low fee of £495.
  • Customers can borrow between £50,000 and £350,000.
  • Borrowers will receive incentives of an accident sickness and unemployment refund for three months and remortgage customers can enjoy free legal fees.

Moneyfacts.co.uk analysis

Market Harbourough Building Society has launched a new three year fixed rate to complement its mortgage range. Offering a rate of 4.30% at 80% loan-to-value, with a reasonable fee of £495, this deal is highly competitive. A range of incentives are offered to purchase and remortgage customers, whilst there is also the opportunity to make overpayments, underpayments and take payment holidays.

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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