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Last updated: 26th May 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. These can range from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

Last updated: 25th May 2022

Cumberland BS increases its rates, but still holds its market-leading positions.

Our latest data found buy-to-let mortgage rates are on the rise, and a similar story can be told in the residential sector.

Over the past seven days, average two, three, five and ten year mortgages in this sector have increased. Of these categories, two and five year rates saw the biggest percentage point rise of 0.04%, according to our data.

In fact, the best two and five year rates on our remortgage and homeowner charts, which are all held by Cumberland BS, have all hiked. Below, we have discussed these changes, among other market-leading low rates, you can consider when looking for your best mortgage option.

With the Consumer Price Index edging towards double digits, these are the latest things to increase in price.

Last week, the Consumer Price Index (CPI) increased to 9%, the highest inflation has been in 40 years.

Much of this can be owed to increased energy prices, with the Ofgem energy price cap coming into effect last month, according to the Office for National Statistics (ONS).

However, these are not the only items in the ONS’s “basket of goods” to increase in price. Here are three other things to have risen in price. 

The latest increase means premium bond holders have the chance to win a further 1.4 million tax-free prizes each month.

National Savings & Investments (NS&I) will increase the rate on its premium bonds from 1.00% to 1.40% from next month. This means premium bond holders will benefit from a further 1.4 million tax-free prizes worth a collective £40 million each month.  

“I’m delighted to see NS&I raise the prize fund rate on Premium Bonds, which will see an additional 1.4 million prizes worth £40 million being returned to savers each month – helping to put money in the pockets of the nation’s savers,” said John Glen, Economic Secretary to the Treasury.

For each £1 Premium Bond number, the odds of winning a Premium Bond prize will change from 32,500 to one to 24,500 to one.

While the Government-owned savings bank will not increase the two £1 million jackpot prizes each month, it will increase the number of £100,000 prizes from six to 10. 

The number of all other cash prizes will also increase, with the number of minimum £25 cash prizes increasing from just over 3.4 million to over 4.7 million.