The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.
Ford Money launches into the savings market with an easy access account which pays 0.85% yearly or monthly. Savers can invest from as little as £1 up to a maximum of £2 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 16 and over and must be operated online. Ford Money is covered by the UK financial compensation scheme.
Ford Money is brand new to the savings market and has launched some great deals to consider. Its easy access account paying 0.85% is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With no restrictions on the number of withdrawals that can be made, this is a great choice for savers looking for a straightforward account.
National Savings & Investments has launched a three-year fixed rate bond which pays 2.20% upon its anniversary. Savers can invest from £100 up to a maximum of £3,000. Additions are not permitted, however, early access to funds is allowed subject to a 90 days' loss of interest penalty. This deal is for savers aged 16 and over and must be operated online.
The highly anticipated three-year Guaranteed Investment Bond from National Savings & Investments launches straight into the Moneyfacts.co.uk Best Buys, paying the top rate of 2.20% for its term. With the extra flexibility of early access to funds, subject to a penalty, it is likely to be a popular option among savers.
Post Office Money has revamped its mortgage range and launched a new two-year fixed rate mortgage, which is priced at 1.77% to 30.6.19. This deal is for all applicants who wish to borrow from £50,000 at 80% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and £500 cashback is available. This deal comes with the flexibility to make overpayments of up to 10% of the outstanding balance.
Borrowers looking for a familiar brand will be delighted by this latest launch from Post Office Money. Priced at 1.77%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. Sitting alongside this great rate is an excellent incentive package including £500 cashback, an attractive proposition for those looking to keep costs down.
Sainsbury's Bank has launched a new mortgage range, including a two-year fixed rate mortgage priced at 1.34% to 31.7.19. This deal is for all applicants who wish to borrow from £40,000 at 75% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package for those remortgaging of free valuation and free legal fees is available. This deal allows overpayments of up to 10% of the outstanding balance, underpayments and payment holidays. Successful mortgage applicants will also be eligible to receive 5% of grocery bills back in vouchers for two years.
The two-year fixed rate mortgage from Sainsbury's Bank sits comfortably in the market. Remortgage customers will be delighted by the incentive package, and all borrowers may appreciate 5% of their grocery bills back. The option to overpay by as much as 10% and take payment holidays will also appeal to borrowers looking for a bit of flexibility.
Hitachi Personal Finance has reduced the rate on its unsecured personal loan tier of £3,000 to £4,999. Customers can now apply for this loan over a term of two to five years at a rate of 4.9% APR. Customers must be 18 or over. Applications can be made in branch, by telephone and online.
This substantial rate cut by Hitachi Personal Finance to its £3,000 to £4,999 loan tier makes it considerably more competitive for borrowers looking for a small loan. The loan also remains competitive for customers looking to borrow larger sums where rates start as low as 3.2%, and the deal earns an 'Outstanding' Moneyfacts rating in the process.
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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