A comprehensive list of the new UK tax allowances and thresholds for 2020 / 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.
Masthaven Bank – 30 Month Flexible Term Saver
Masthaven Bank has made amendments to a selection of its savings products this week. These changes include a small rate reduction to its 30 Month Flexible Term Saver. Despite the cut, this remains a competitive choice, allowing savers to invest from as little as £500 and now paying 1.23% gross on anniversary. A monthly option is also available, paying 1.22% gross, which those looking to supplement their income in these uncertain times may be pleased to note. The account does not allow earlier access, however, further additions are available for 7-days from account opening via a nominated account, therefore careful planning would be advised. Overall, the deal earns an Excellent Moneyfacts product rating.
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Cambridge Building Society – 2 Year Fixed Rate ISA (Issue 25)
Amongst various updates to its range of savings products, Cambridge Building Society has increased the rate payable on its 2 Year Fixed Rate ISA this week by 0.30%. Now paying 1.00% yearly, this account assumes a position in the top rate tables when compared against other ISAs with similar terms currently available. Investors who wish to use their tax-free ISA allowance and who are able to meet the minimum investment amount of £500 may be pleased to note that, unusually for the fixed ISA market, earlier access is permitted subject to a loss of interest penalty, which may be of interest. The account earns an Excellent Moneyfacts product rating.
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Yorkshire Building Society – Fixed Rate e-ISA to 31.10.21
After an increase of 0.10% this week, the Yorkshire Building Society one-year fixed rate e-ISA now pays 0.85% on maturity and secures a position in the top tables when compared to other ISAs with similar terms currently on offer. Those savers are looking to take advantage of their tax-free ISA allowance may be pleased to note that with this account they can do so from a minimum investment amount of £100. Further additions are permitted while the issue remains open, and subject to a loss of interest penalty, early access is available on closure of the account which may be appealing to some investors, particularly in these uncertain times. Overall the account earns an Excellent Moneyfacts product rating.
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In its latest review, Lloyds Bank has reduced the credit interest paid on its Club Lloyds account by up to 0.49% - however, despite this cut, the account still remains in the top half of the market for interest paying current accounts. This account also provides a competitive overdraft rate of 27.5% applicable after the £50 interest-free amount is exceeded, which also places this account in the top half of the market for current account borrowing and furthers its appeal. There is a £3.00 per month account fee in the event that the account is not funded with a minimum of £1,500 per month. There are various associated benefits available with the account, including Everyday Offers. On balance this earns an Outstanding Moneyfacts product rating.
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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.
