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Eleanor Williams

Finance Expert & Press Officer
Published: 06/05/2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Savings

Cynergy Bank – Online Easy Access Account (Issue 37)

Among various updates across its range of savings products, this week Cynergy Bank has lifted the existing customer restriction on its Online Easy Access Account. Paying a rate of 0.40% and open to investments of as little as £1, this account takes the lead position in our top rate tables when compared against other similar easy access accounts that offer a bonus. Savers looking to maintain flexible access to their savings pot could well be tempted by the return, but may wish to consider scheduling a review after 12 months when the bonus will expire and the rate reduces by 0.10%. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.40% gross / 0.40% AER, (0.10% of which is a bonus that expires after 12 months), payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1,000,000
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Coventry Building Society – Fixed Rate ISA (133) 30.09.2022

This week, Coventry Building Society has made several amendments to its range of savings products, including launching a new one-year fixed rate ISA. Paying 0.41% yearly, this deal secures a place in our top rate tables when compared to other fixed ISAs with similar terms and could well be attractive to those looking to take advantage of their tax-free ISA allowance. Early access is only available on closure and is subject to a 120-day loss of interest penalty so careful planning would be advised, however, further additions can be made within 14-days of account opening or while the issue remains open, whichever period is longer, which may be a benefit for some investors. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.41% gross / 0.41% AER payable yearly
  • Notice / term: To 30.9.22
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted only on closure and subject to 120-day loss of interest penalty
  • Further additions: Permitted within 14-days of account opening, or whilst issue remains open, whichever period is longer
  • Transfers in: Permitted within 14-days of account opening, or whilst issue remains open, whichever period is longer. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, Innovative Finance ISAs and Lifetime ISAs (cash or stocks and shares)
  • Transfers out: Permitted, subject to a 120-day loss of interest penalty
  • Opening account: Online, by phone, by post and in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: Minimum applicant age 16.

 

Mortgages

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

HSBC amended its mortgage range this week, applying rate reductions to a selection of products including their Mortgage Guarantee scheme deals which received the largest cuts of up to 0.30%. However, it is the five-year fixed rate at 75% loan-to-value with the reasonable £999 fee which now becomes the most competitive for eligible borrowers. Those with the required 25% deposit or equity may be pleased to see that following a rate reduction of 0.05%, now priced at 1.54% to 31.8.26, this deal sits only marginally above the lowest rates currently available in this sector of the market. Additionally, this deal also offers an incentive package of a free valuation, while those remortgaging may also be eligible for free legal fees, which may further interest those borrowers hoping to keep their costs associated with a new mortgage to a minimum. Following the update, this product earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.54% fixed rate to 31.8.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

Skipton Building Society has made a couple of rate cuts in its buy-to-let range this week, included a drop of 0.08% on the two-year fixed at 60% loan-to-value. Now priced at 1.61% to 31.7.23, this may not be the lowest initial rate on offer within this sector of the market, however, this deal benefits by carrying a reasonable fee of just £995 when compared to those of its lower-rated rivals. Additionally, landlords with the relevant 40% equity or deposit will also find that an incentive package is available of a free valuation for all borrowers, while those remortgaging can also receive free legal fees, which could be appealing to those hoping to keep any outlay associated with taking on a new mortgage to a minimum. Following the reduction, the combination of rate and features ensure that this deal improves on its position in the market and earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.61% fixed rate to 31.7.23
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation, and for remortgage customers free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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