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Money in a Minute

Money in a Minute

Category: Money

Updated: 26/08/2011
First Published: 26/08/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

This week's 'Money in a Minute' gives you the lowdown on the best new launches in the savings, mortgage and personal loan markets.

The products featured have been handpicked by the impartial research team here at, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.



  • Santander has increased its eSaver Issue 4 rate and bonus by 0.35%.
  • This variable account pays a new rate of 3.10% on its anniversary including a bonus of 2.60% for twelve months.
  • A monthly interest option is also available at 3.06% with a bonus of 2.56% for twelve months.
  • Savers can invest between £1 and £2 million.
  • No advance notice is needed to access funds, although there is a maximum daily cash machine withdrawal limit of £300.
  • The account is available to savers aged 16 and over and can be operated online only.

This review by Santander sees its popular internet-operated account improve its position within the market. The higher rate of 3.10% has been achieved by way of an increase to the bonus, leaving the underlying rate unchanged. It is now far more competitive, raising its position within its sector to sit just below the market leaders. A review will be required after 12 months when the bonus expires.


  • SAGA has launched new issues of its Telephone and Internet Saver accounts, paying a new rate of 2.75% including a bonus of 2.25% for twelve months.
  • Savers choosing monthly interest will receive a rate of 2.72% with a bonus of 2.25% for twelve months.
  • Investments range between £1 and £1 million and no advance notice is required to access funds.
  • All withdrawals must be made via a nominated account.
  • Savers must be aged 50 and over to operate these accounts.

A review of its variable rates sees SAGA leaving the headline rates unchanged at 2.75%, however the underlying rate has reduced by 1.25% to 0.50%. At 2.75%, these accounts remain highly competitive within the over 50's market. Customers looking for flexibility will be pleased that funds can be accessed without advance notice or penalty.



  • The latest mortgage product review from Halifax has seen a rate reduction of 0.10% to its two-year fixed rate deal.
  • Offering a new rate of 3.09% to 30 September 2013 to purchase borrowers only, this deal has a maximum loan-to-value of 75% and maximum advance of £1 million.
  • A fee of £1,240 is payable.

The new two-year fixed deal at 3.09% to 30 September 2013 should attract customers with a deposit of at least 25% of the property value. As well as a good rate, the product also offers a host of flexible features including overpayments, underpayments and payment holidays.

Personal Loans

Marks & Spencer Money

  • Marks & Spencer Money has reduced the APR rate on its unsecured personal loan by 0.3% to 6.4%.
  • The new rate applies to customers who wish to borrow between £7,500 and £15,000.
  • Customers must be aged 18 and over to apply for this product.

Another reduction to its loan for borrowing tiers of between £7,500 and £15,000 strengthens Marks & Spencer Money's position in the personal loan market. The option to borrow from one to seven years adds an extra feature to the loan, although applicants must be aged 30 or over or a homeowner to be eligible and rates are still dependent on individual credit ratings.

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.