Moneyfacts Weekly Product News – 03.09.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 03/09/2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

Savings

Close Brothers Savings – One-year Fixed Rate Bond

This week Close Brothers Savings has launched a new one-year fixed rate bond which pays 1.10% on maturity. The deal enters the top rate tables and may well entice savers looking for a competitive return over the shorter-term. As is commonplace with many fixed rate bonds, savers will need to be content with locking their cash away for a year, as early access is not permitted. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.10% gross / 1.10% AER, payable on maturity
• Notice / term: One year
• Minimum opening amount: £10,000
• Maximum investment amount: £2,000,000
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18.

Ford Money – Flexible Cash ISA

Ford Money has re-launched its Flexible Cash ISA this week which takes a place in the top rate tables. Paying 0.65%, Savers looking to utilise their tax-free ISA allowance but wish to open a flexible account may then find this an attractive choice. As the name suggests, savers can make multiple deposits and withdrawals, plus ISA transfers in and out without penalty from multiple types. The option of monthly interest may also entice savers looking to supplement their income. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 0.65% gross / 0.65% AER, payable on anniversary, monthly interest option available at the same rate
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, withdrawals via a nominated account
• Further additions: Permitted
• Transfers in: Accepts cash, stocks and shares, Help to Buy, Innovative Finance and Lifetime ISAs
• Transfers out: Permitted
• Opening account: Online and by phone
• Managing account: Online
• Other information: Minimum applicant age 16.

 

Mortgages

West Brom Building Society – Two-year fixed rate mortgage, 60% loan-to-value

This week West Brom Building Society launched some new fixed rate mortgages, including a two-year fixed deal at 60% loan-to-value. Priced at 1.34% to 30.11.22, the deal carries an enticing incentive package of free valuation and £500 cashback for all, as well as free legal fees for those remortgaging. The deal carries a product fee of £999, which can be added to the mortgage advance and overall the deal could appeal to borrowers looking to save on the upfront cost of their mortgage. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.34% fixed rate to 30.11.22
• Product fee: £999
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation, £500 cashback and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: England & Wales.



Nottingham Building Society – Five-year fixed rate mortgage, 80% loan-to-value

Nottingham Building Society has increased the rate on its five-year fixed mortgage this week by 0.02%. Now priced at 2.02%, this fee-free deal retains its enticing incentive package of free valuation for all and free legal fees for those remortgaging. Borrowers searching for a competitive incentive package and have a 20% deposit or equity may then find this deal appealing if they are looking to save on the upfront cost of their mortgage.

Key product details:
• Rate: 2.02% fixed rate to 1.11.25
• Product fee: None
• Maximum loan-to-value: 80%
• Available to: All borrower types
• Incentives: Free valuation and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: England & Wales.

 

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.

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