Product News - Moneyfacts

Product News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Principality reduces 2yr mortgage rate 16th January 2017

Principality BS has reduced the rate on its two-year fixed mortgage deal by 0.15%, which sees it enter the Best Buy chart for its sector and earn the highest Moneyfacts rating in the process.
The basics… This mortgage now boasts a rate of 1.75% fixed to 28.02.2019. It's available at 80% loan-to-value (LTV), and is completely fee-free.
The finer details… This deal is offered to all borrowers with the necessary deposit. It offers an attractive incentive package of free valuation fees for all and free legal fees for remortgagors, and comes with the option to make overpayments.

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BLME improves all fixed bonds 13th January 2017

The Bank of London and the Middle East (BLME) has increased the anticipated profit rates across its range of fixed bonds, which sees all deals improve their positions in the Best Buy charts, and has made the 18-month, one and five-year bonds market-leaders over their respective terms. As a result, all have earned a high Moneyfacts rating.
The basics… The 18-month Premier Deposit Account now boasts a market-leading anticipated profit rate of 1.50%, paid on maturity, while the one-year equivalent pays 1.45% on maturity, also a market-leader. The two-year version pays 1.55% yearly, the three-year 1.65% and the five-year a leading 2.10%, making it worthy of first place in the Best Buys for its sector.
The finer details… These accounts require a minimum investment of £25,000 and have to be opened online, but can then be operated by post as well. Additions, withdrawals and early access are not permitted on these accounts, which require a current account with BLME to be opened. With no access allowed, savers will need to be sure they are happy with the term they choose, but luckily they will have plenty of choice.

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Charter Savings Bank launches 5yr bond 13th January 2017

Charter Savings Bank has launched a new five-year fixed rate bond, which has entered the Best Buy chart for its sector, earning a high rating in the process.
The basics… The new Fixed Rate Bond boasts a yearly rate of 1.95% over a term of five years. A version of the account which pays interest on a monthly basis is also available, paying a slightly reduced rate of 1.93%.
The finer details… This online-only account requires a minimum investment of £1,000. Further additions are allowed within 14 days of account opening, but withdrawals and early access are not, so savers must ensure they are happy to part with their savings for the full term.

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Sainsbury’s reduces balance transfer fee 12th January 2017

Sainsbury's Bank has reduced the introductory fee on its leading 0% balance transfer credit card by a whopping 1.15%, which has improved its position in the Best Buy chart for its sector and earned it our highest rating.
The basics… The Sainsbury's Bank 42 Month Long Balance Transfer Credit Card MasterCard now boasts an introductory balance transfer fee of 2.35% (min. £3) to complement its long interest-free term of 42 months. It also has an introductory 0% purchase term of three months from the date of issue.
The finer details… After the introductory periods have ended, balance transfers will be charged at an annual rate of 18.95%, while standard purchases will be charged at 18.9% APR.
As a bonus for loyal Sainsbury's shoppers, this card comes with 5,000 Nectar points for new customers who spend £250 on Sainsbury's shopping or fuel in the first 40 days (valid until 26.3.17), and another 3,000 bonus points if the card is taken out before the end of January and a balance of at least £1,000 is transferred in before then. Customers will also earn two Nectar points per £1 spent on Sainsbury's shopping or fuel and one point for every £5 spent elsewhere, whereby they should remember there is only a three-month interest-free term on using the card to make purchases.
Borrowers must be at least 18 years old and should remember that rates are representative and dependent on credit ratings.

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Hanley Economic’s new 2yr fixed bond 11th January 2017

Hanley Economic BS has launched a new two-year fixed bond, which has entered the Best Buy chart for its sector, earning a high rating in the process.
The basics… The Fixed Rate Bond Issue 126 boasts a yearly rate of 1.55%, fixed to 08.01.19.
The finer details… The bond requires a £5,000 minimum investment, up to a maximum of £75,000. It allows further additions while the issue remains open, but withdrawals are not permitted. At least 50% of the funds in the account must be new money to the institution. The account can be opened and operated by branch or post.

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New monthly savings account goes top 11th January 2017

Hanley Economic BS has launched a new monthly savings account, which has entered two Best Buy charts, reaching number two in the monthly interest chart and number one for easy access. It therefore easily earns a high Moneyfacts rating.
The basics… The Monthly Income Saver has a variable rate of 1.06% AER paid monthly (1.05% gross), which must be paid away. This constitutes the market-leading rate in the easy access market.
The finer details… The saver requires a £25,000 minimum initial deposit, at least 50% of which (as well as any additional funds) must be new money to the institution. Further additions are allowed while the issue remains open, up to a maximum investment limit of £75,000, and withdrawals are allowed at any time. The account can be managed by branch and post.

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Tesco Bank improves remortgage deal 11th January 2017

Tesco Bank has reduced the rate on its two-year fixed remortgage deal by 0.17%, which has made it competitive enough to go all the way to the top of the Best Buy chart for its sector, earning our highest rating in the process.
The basics… This remortgage offering is now priced at 1.52%, fixed to 30.04.2019, at 80% loan-to-value. It comes with a fee of £995.
The finer details… The deal is offered to all remortgagors with the necessary funds. It includes an incentive package of free legal and valuation fees, and comes with the option to make overpayments and take payment holidays.

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Rate increase for easy access savings account 11th January 2017

Nottingham BS has increased the rate on its variable rate no notice account by 0.02%, which sees the account take over the number two spot in the Best Buys for its sector, as well as earning a high rating.
The basics… The eSaver Instant Issue 6 now boasts a variable rate of 1.02%, paid yearly, which sees it sit just behind the market-leader. However, among no notice accounts that pay interest on a yearly basis and don't have any opening restrictions, it is now the highest-paying deal.
The finer details… This online-only account requires a minimum investment of £1,000. Further additions and withdrawals are allowed, though both will need to be arranged through a nominated account.

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Virgin Money improves 0% purchase card 10th January 2017

Virgin Money has increased the introductory purchase term on its 0% purchase credit card, which sees it sit just behind the market-leader. This has allowed the card to take second place in the Best Buys for its sector, as well as earning it our highest rating.
The basics… The Virgin 28 Month Purchase Credit Card MasterCard now boasts an introductory 0% purchase term of 28 months, as well as an introductory balance and money transfer term of 18 months (down from 20 months). It comes with an introductory balance transfer fee of 1.99% (min £3) and an introductory money transfer fee of 2.99% (min £3).
The finer details… Balance and money transfers must be completed within 60 days of card issue to benefit from the introductory offers. After the introductory periods have ended, standard purchases will be charged at 19.9% APR, while balance and money transfers will have an annual rate of 19.9% with a 5% fee (min £5).
The card can be requested online or over the phone, after which it can also be managed by post. Borrowers must be at least 18 years old, and should remember that rates are representative and dependent on credit ratings.

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New fixed bonds take charts by storm 10th January 2017

Atom Bank has launched new three and five-year fixed rate bonds, both of which enter the Best Buy charts of their respective sectors near or at the top, earning a high Moneyfacts rating in the process.
The basics… The 3 Year Fixed Saver pays a highly competitive yearly rate of 1.70%, which sees it sit just behind the market-leader for its term. The five-year equivalent, meanwhile, pays the joint market-leading rate of 2.05% per year, taking over the top chart spot in the process. Both deals are also available as monthly interest accounts, paying 1.69% and 2.03% respectively.
The finer details… The bonds require a minimum investment of £50 and have to be opened and operated by mobile app. Further additions are allowed for one week from account opening, but earlier access and withdrawals are not, which is why savers should make sure they will not need to access their savings for the full term of their chosen deal.

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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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