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Money in a Minute

Money in a Minute

Category: Savings

Updated: 10/03/2015
First Published: 10/06/2011

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 It is now over 6 months old so the content may be out of date.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 this week's Money in a Minute, your pre-weekend catch-up of the nest new personal finance products to be launched this week.

This week, we showcase a couple of cracking savings accounts and two new mortgages

As usual, we've broken the products down into technical details and unbiased analysis, so you know exactly what you're getting.

Savings

Coventry Building Society

Product details

  • Coventry Building Society has launched its new eNotice (2) account.
  • This online only deal pays an annual rate of 3.05% including a bonus of 0.50% for 12 months.
  • The gross rate is guaranteed to be at least 3.05% until 31.3.12.
  • A monthly interest option is available at 3.01%.
  • Savers can invest between £1,000 and £250,000.
  • Advance notice of 30 days must be given to access funds; investors who access funds early will incur a 30 day loss of interest penalty.
  • All withdrawals must be made via a nominated account or transferred to another Coventry Building Society account.
  • The account can be operated by savers aged 16 and over.

Moneyfacts.co.uk analysis

This latest issue of the popular eNotice account pays 3.05% with a lower rate of 3.01% for savers who choose the monthly interest option. The account sits just below the current market-leading 30 day notice account. The fact that the rate is guaranteed to be at least equal to 3.05% until the end of March 2012 will no doubt add to its overall appeal.

Post Office

Product details

  • The latest issue of the Online Bond from Post Office has been launched.
  • The Online Bond Issue 4 pays 3.35% on maturity, with a monthly interest rate of 3.30%.
  • Investments between £500 and £2 million can be made and further additions are not permitted.
  • Early access is allowed, on account closure only and is subject to a breakage fee.
  • The online only account is available to savers aged 18 and over.

Moneyfacts.co.uk analysis

This review of its fixed bonds by the Post Office sees the re-launch of the online options offering both annual and monthly interest. At 3.35%, this one year online bond rate is amongst the market leaders in its field. The account offers flexibility to savers who wish to access funds early, although this is upon account closure and will be subject to an interest penalty.

Mortgages

Yorkshire Building Society

Product details

  • Yorkshire Building Society has launched its latest five year fixed rate mortgage deal with a market-leading rate of 4.29% to 30.9.16.
  • The maximum loan-to-value is 75% and first, second time and remortgage customers can borrow a minimum of £25,001.
  • A fee of £495 is payable.
  • Incentives include a free valuation for all borrowers, a £250 rebate for first and second time buyers and free legal fees for those remortgaging.

Moneyfacts.co.uk analysis

This new deal has settled comfortably amongst the current market-leaders with a rate of 4.29% to 30.9.16. This five year deal offers borrowers a great overall mortgage product with a low fee of £495, generous incentives for all borrowers and a plethora of flexible features such as overpayments, underpayments and payment holidays.

Skipton Building Society

Product details

  • The latest product review from Skipton Building Society has produced a new highly competitive three year fixed rate mortgage.
  • Offering a rate of 5.79% to 30.6.14 to first, second time and remortgage customers this deal has a maximum loan-to-value of 90%.
  • Second time buyers and remortgage borrowers can borrow up to £1 million, while first-time buyers have a maximum advance of £250,000.
  • A booking fee of £195 is payable.
  • Remortgage customers can enjoy incentives of a free valuation and free legal fees.
  • Flexible features of overpayments and payment holidays are also included.

Moneyfacts.co.uk analysis

Skipton Building Society has reduced selected fixed rates as part of its latest product review. The 5.79% to 30.6.14 deal is highly competitive and available for both house purchase and remortgage customers with a 10% deposit. It has a reasonable booking fee of £195 and generous incentives for customers who wish to remortgage.

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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