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Money Masterclass

Money Masterclass

Category: Money

Updated: 16/12/2010
First Published: 16/12/2010

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 It is now over 6 months old so the content may be out of date.

Welcome to your weekly one-stop-shop of the best new personal finance products – the Money Masterclass!

Under the microscope this week are the latest savings deals from Skipton Building Society and Cheshire Building Society.

For mortgage borrowers, we have dissected new deals from Norwich & Peterborough Building Society and Hanley Economic Building Society.

As usual, the products are broken down into fine detail and analysed by's renowned, unbiased and impartial research team.


Skipton Building Society

This latest regular savings account, fixed for twelve months, pays a rate of 3.25% on its anniversary. Upon maturity the rate will transfer to that of the Loyalty Saver account. Savers can invest up to a maximum of £500 and contributions can be amended. Early access is not permitted. The account is available to savers of all ages and can be operated in branch or by post.

  • Skipton Building Society has replaced its highly competitive variable rate product with a more flexible fixed rate product at 3.25%. Although this is a regular savings account with early access prohibited, the deal offers savers the flexibility to miss payments and change their monthly contributions.

Cheshire Building Society

This new fixed rate ISA pays savers a rate of 3.00% on maturity. Savers must invest a minimum of £1,000. Further additions are not allowed. Early access to funds can be made on account closure after 60 days, subject to 60 days loss of interest. Transfers in are accepted. The account is available to savers aged 16 and over and can be operated in branch and by post.

  • This latest review from Cheshire BS sees increases on its one year fixed rate portfolio by 0.25%. The one year ISA, paying 3.00%, improves its position within the short term fixed rate ISA market, now sitting just below the market leaders. However, with earlier access on closure only and with a penalty, investors must take into consideration that they will lose their ISA allowance for the year unless they transfer the funds to another ISA on closure.

Find the best savings rates for you - Compare savings accounts


Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has revamped its fixed rate mortgage range, with a new two year fixed product priced at 3.89%. The maximum loan-to-value is 85% and there is a fee payable of £995. Although there are no incentives offered borrowers have the options to make overpayments of up to 10%, underpayments and payment holidays.

  • This latest update from Norwich & Peterborough Building Society has seen a variety of selected fixed rates amended. Most notable is the new two year fixed deal at 3.89%, which storms to the top of the short term fixed rate market. Customers looking to borrow up to 85% of their desired property value will no doubt be pleased with this deal, which boasts a reasonably low fee and a host of flexible options.

Hanley Economic Building Society

The latest two year fixed rate from Hanley Economic offers 2.85% to 31.1.13. The deal has a maximum loan-to-value of 75% and an arrangement fee of £449. First and second time buyers are offered the incentive of a £250 rebate, while remortgage customers can enjoy free legal fees. A free valuation for properties valued up to £250,000 is offered to all customers.

  • Hanley Economic BS has added a new two year fixed rate to its mortgage range. This new deal offers borrowers residing in England and Wales a good rate of 2.85% with a very reasonable fee of £449. This product's appeal is boosted by a range of incentives available to first, second time and remortgage borrowers, along with the option to make overpayments of up to 10% of the outstanding balance each year.

Find the best mortgage rate - Compare best selling mortgages

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.