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The best savings rates this week 15.01.21
Derin Clark

Derin Clark

Online Reporter
Published: 15/01/2021

Savers looking for a fixed rate bond will be pleased to see that new higher rates entered the five, three and two year fixed rate bond charts this week. The top rates in last week’s easy access and notice charts remained available this week. Overall, the savings market remains challenging. Savers should regularly check the charts for new top rates and act quickly to avoid missing out.

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The best residential mortgage rates 15.01.21

There was some good news for first-time buyers this week as we reported that the number of first-time buyer deals has almost doubled month on month. First-time buyers looking for a deal will note the lower rates entering the first-time buyer charts this week. As well as this, homeowners looking to move home or remortgage will find that rates in both these charts still remain highly competitive.

We have highlighted the lowest rates in the remortgage, moving home and first-time buyer charts, but borrowers should note that the lowest rate may not be the best option for their individual circumstances. Instead, when looking at mortgage deals, borrowers should consider a range of factors including product fees, incentives and flexible features, along with the rate, to determine the best one. Borrowers unsure of which deal is the best option for them, should consider speaking to a mortgage broker who will be able to provide help and advice in choosing the best option.

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Santander set to cut current account interest rates – should customers switch accounts?

Santander has announced today that it plans to cut the interest rate on its 123, Select and Private Current Accounts from their current rates of 0.60% to 0.30%, which would mean customers depositing the maximum £20,000 would lose £60 per year in interest.

The interest rates on both these accounts are set to be cut on 12 April 2021. Santander has also revealed that it will be lowering the monthly fee on these accounts from their current amount of £5 per month to £4, which will save customers £12 over a 12-month period.

Explaining why Santander has decided to make these rate cuts, Susan Allen, CEO, Retail and Business Banking at Santander, said: “With the Bank of England base rate remaining at its lowest level on record, and significant recent reductions in interest rates on current and savings accounts across the industry, we have taken the difficult decision to reduce the interest rate on our 1I2I3, Select and Private Current Accounts. However, by lowering the monthly fee, we’ve ensured the accounts continue to provide customers with long term, everyday value, and Santander remains the only bank to offer both in-credit interest and cashback on household bills.”

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The best mortgage deals without a fee

Although locking into a new mortgage deal can reduce monthly repayments, especially if the borrower is currently on the lender’s standard variable rate (SVR), it can result in having to pay additional costs. Mortgage borrowers looking to reduce the cost of locking into a new mortgage deal may want to consider a mortgage that does not charge a product fee, which on some deals, can add over £1,000 to the mortgage.

To help borrowers find the best mortgage deal that does not charge a product fee, below we’ve highlighted the lowest rates available on two and five year fixed deals that do not have any product fees in our remortgage, moving home and first-time buyer charts.

Although the interest rate is important when considering a mortgage deal, borrowers should be aware that the lowest rate available may not be the right option for their needs and, as such, should consider speaking to a mortgage broker to find the best deal of their individual circumstances.

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The best ISA rates this week 14.01.21

There was little change at the top of the ISA charts this week, with many of last week’s top rates still available in the charts. With the continued economic uncertainty, it is unlikely that ISA rates will see significant improvement over the next few weeks, but ISA savers should regularly check the charts in case a new top rate is launched.

Savers should be aware that the rates below are the best rates available at 1pm on Thursday 14 January 2021 and, although correct at the time of publishing, they may not be available after this time.

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Moneyfacts Weekly Product News – 14.01.21

14th January 2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market for the week commencing 11 January 2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

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Consumers warned against investing in cryptoassets

13th January 2021

Consumers have been warned of the dangers on investing in cryptoassets, including Bitcoin, by the Financial Conduct Authority (FCA), and have been told that those considering these types of investments should be prepared to lose all their money

Consumers have been warned of the dangers on investing in cryptoassets, including Bitcoin, by the Financial Conduct Authority (FCA

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2021 SIPP and SSAS Annual Moneyfacts Star Ratings revealed

13th January 2021

The 2021 SIPP (Self-Invested Personal Pension) and SSAS (Small Self-Administered Scheme) Annual Moneyfacts Star Ratings have been revealed today, making it easier for consumers wanting to take control of their pension using SIPPs and SSASs to find the best products currently available on the market

The 2021 SIPP (Self-Invested Personal Pension) and SSAS (Small Self-Administered Scheme) Annual Moneyfacts Star Ratings have been revealed today

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How to get on to the property ladder in 2021

13th January 2021

A combination of rising house prices, mortgage lenders withdrawing deals for those with a 10% or less deposit, and savings rates at a historic low, resulted in potential first-time buyers facing a highly challenging market last year

A combination of rising house prices, mortgage lenders withdrawing deals for those with a 10% or less deposit, and savings rates at a historic low, resulted in potential first-time buyers facing a highly challenging market last year

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State pension set to rise in April 2021

23rd December 2020

The state pension is rising by 2.5% in April 2021, resulting in retirees getting up to an extra £228.80 a year

The state pension is rising by 2.5% in April 2021, resulting in retirees getting up to an extra £228.80 a year

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Government announces launch of new Help to Buy scheme

17th November 2020

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

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First-time buyer deals almost double month-on-month

11th January 2021

First-time buyers with a 10% deposit now have more choice as the number of 90% loan-to-value (LTV) deals has increased month-on-month, research carried out by Moneyfacts reveals

First-time buyers with a 10% deposit now have more choice as the number of 90% loan-to-value (LTV) deals has increased month-on-month, research carried out by Moneyfacts reveals

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The best residential mortgage rates 08.01.21

8th January 2021

The Halifax House Price Index, which was released today, shows that although the average house price increased during December 2020, house price growth has slowed to increase by 0.2% month-on-month

The Halifax House Price Index, which was released today, shows that although the average house price increased during December 2020, house price growth has slowed to increase by 0.2% month-on-month

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Our Team of Specialists

Michelle Monck
Consumer Finance Expert
Derin Clark
Online Reporter
Rachel Thrussell
Savings Analytics Manager
Darren Cook
Mortgage Analytics Manager
Rachel Springall
Finance Expert & Press Officer
Sarah Brooks
Sub-Editor

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