The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Cynergy Bank – Online Easy Access Account (Issue 35)
Among various amendments across its range of savings products, this week Cynergy Bank has lifted the existing customer restriction on its Online Easy Access Account. Now paying a rate of 0.50%, within this limited sector of the market it takes the lead position in our top rate tables when compared against other easy access accounts that offer a bonus. Savers looking to keep flexible access to their savings pot could be tempted by the return, but may wish to schedule a review after 12 months when the bonus will expire and the rate reduces by 0.20%. The account secures an Excellent Moneyfacts product rating.
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OakNorth Bank – 18-Month Fixed Term Deposit
OakNorth Bank has increased the rates on a selection of its Fixed Term Deposit accounts by 0.01% this week. The 18-month option, now paying 0.63% on maturity, therefore cements its position in our top rate tables when compared against other bonds with similar terms currently available. Savers who are comfortable securing their funds away for the term may be attracted by the competitive return, as earlier access is not permitted and therefore careful planning is advised. However, further additions are possible within the first 14 days of opening the account, which may be a plus for some investors. The account secures an Excellent Moneyfacts product rating.
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Yorkshire Building Society – Two-year fixed rate mortgage, 90% loan-to-value
In addition to making rate reductions across a selection of its products, Yorkshire Building Society has also launched various new deals this week. One of these is a new two-year fixed rate option for first-time buyers at 90% loan-to-value, which is priced at 3.54% to 31.5.23. While this is slightly higher than the lowest rates currently on offer within this sector of the market, there is no fee to pay and borrowers can also benefit from a generous incentive package of both free valuation and £1,000 cashback. Therefore, those who are looking to keep any mortgage set-up costs as low as possible may find this an attractive option, particularly if they have exhausted their savings pot paying for their deposit. On assessment, this product achieves a place in our top rate tables and earns an Excellent Moneyfacts product rating.
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Santander – Five-year fixed rate mortgage, 60% loan-to-value
Santander has made various changes in its latest residential mortgage update, including selected rate reductions. One deal to benefit from a rate cut this week is the five-year fixed rate for those purchasing a home. Following a drop in rate of 0.04%, this deal is now priced at 1.30% until 2.6.26 and therefore sits only fractionally above the lowest rates currently offered in this sector of the market. For those with the requisite 40% deposit and who are looking for the stability and protection of a longer-term fixed rate, the appeal of this product is increased by the reasonable fee of £999 (for which there is the option to add to the loan amount or to pay upfront), and borrowers can also benefit from an incentive package of free valuation and £250 cashback. On balance, the deal receives an Outstanding Moneyfacts product rating.
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Leeds Building Society – Two-year fixed rate mortgage, 60% loan-to-value
As well as reducing a selection of its buy-to-let products, Leeds Building Society has launched four new fixed-rate deals this week. At 2.04% to 30.6.23, the new product at 60% loan-to-value is priced slightly above the lowest rates currently offered in this sector of the market. However, this option benefits from being fee-free, and also providing a comprehensive incentive package of free valuation for all borrowers, while those remortgaging their buy-to-let property can also benefit from free legal fees. On assessment, this product earns a place in our top rate tables and earns an Excellent Moneyfacts product rating.
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Santander – All-in-One Credit Card
This week, Santander has increased the standard purchase rate by 2% APR and also reduced the 0% introductory purchase term on its All-in-One credit card to 20 months. While these changes will make purchases on these cards a little more costly, this card remains one of the best currently on offer for its introductory purchase term, as does the 26-month 0% introductory balance transfer term, and so is likely to be an attractive option for those wishing to make purchases and transfer debt on an interest-free basis. There is a £3 monthly fee for the card that consumers should be aware of, but also a cashback offer of 0.5% on purchases, which could be a plus for some. Overall the card earns an Outstanding Moneyfacts product rating.
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