This week's seasonal Moneyfacts Money Masterclass is a real festive treat, detailing the finest new savings accounts, mortgages, credit cards and loans.
As usual, the following products have been analysed by Moneyfacts.co.uk's impartial team of researchers so you can be sure the information is 100% unbiased and trustworthy.
We hope you find the product for you in the last Money Masterclass of 2010. See you in 2011!
Savings Accounts: HSBC
Product details: As part of the HSBC sale, the company has increased the rate on the HSBC Regular Saver (Preferential) account by 2.00% to 10.00%. The rate is fixed for one year. The account is available to new and existing Premier, Advance, Passport and Graduate Advance customers. Savers can invest between £25 and £250 per month into the account.
The increases in the regular savings rate are great news for investors who either have or who are willing to open certain current accounts with HSBC. Investors will need to act fast as this sale is only due to last until 6 February 2011. At 10% the preferential rate is head and shoulders above its competitors and the standard rate of 5.00% is a market leader. However, investors do need to take in to account the fees and funding requirements of the required linked current account when assessing their savings needs.
Mortgages: Leeds Building Society
Product details: Leeds Building Society has reduced the fee on its two year discount mortgages. Borrowers with a 25% deposit are being offered a rate of 2.45%, including just a £199 fee. The deal offers incentives of a free valuation and free legal fee for remortgagers. Lower rates are available to borrowers, but these all charge high percentage fees making them more expensive in most cases when considering the true cost of the deal.
Leeds Building Society has enhanced these direct business two year discount rates by removing the completion fee. At 2.45%, the 75% loan-to-value rate now offers a far more attractive overall package for borrowers with a 25% deposit, although in order to be eligible for this rate, the lenders buildings and contents insurance must be taken out, which may lessen its appeal.
Credit Cards: Barclaycard
Product details: Barclaycard has extended the balance transfer period on its Barclaycard Platinum with Balance Transfer Visa. The card now offers a market leading 0% interest rate for 17 months, subject to a 2.90%, min £7.25 fee. Customers transferring at least £3,000 before 31st January 2011, will receive £20 off the balance transfer fee. The card also makes no interest charges on new purchases for three months, after which 16.9% APR is charged.
The extension to the introductory 0% balance transfer rate by 1 month to 17 months makes this Barclaycard one of the most competitive deals on the market for those people wishing to consolidate their debt. Consumers whose New Years resolution is to sort out their credit card debt might find this card highly appealing.
Loans: Tesco Bank Loans
Product details: Tesco Bank has reduced rates on loans of between £7,500 and £14,999 by 0.30% to a market leading 7.6%. Borrowing £7,500 over five years will equate to repayments of £149.56 per month, total repayable is £8,973.60. Anyone with an existing Tesco loan is being offered a rate of 7.5% on the same borrowing limits.
This loan reduction for amounts between £7500 and £14999 may bring some New Year cheer to consumers who may have overspent over Christmas and during the sales. This product was very competitive at this tier and will be even more so with this rate reduction. It is good that Tesco Bank rewards consumer loyalty by offering a lower rate at between £7500 and £14,999 for those customers who already have a Tesco loan.
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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