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 It is now over 6 months old so the content may be out of date.

Eleanor Williams

Finance Expert & Press Officer
Published: 07/01/2021

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

United Trust Bank – UTB 3 Year Bond

This week, sees United Trust Bank make rate increases to a selection of its fixed savings products, including a 0.20% rise applied to its 3 Year Bond. Now paying 1.00% on anniversary, this bond secures a position in our top rate tables when compared to other bonds of similar terms. Those savers who are happy to secure their savings pot away for the three-year term may well be enticed by the attractive return available. Neither early access nor further additions are permitted, as is common with fixed bonds, so careful planning would be wise. This account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.00% gross / 1.00% AER, payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1,000,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, phone and by post
  • Other information: Minimum applicant age 18, joint account option available.

 

Newcastle Building Society – Five Year Fixed Rate ISA (Issue 45)

Newcastle Building Society has made amendments across its range of fixed rate savings products, which has included a rate reduction of 0.10% on its five-year fixed rate ISA. Now paying 0.80% yearly, this ISA maintains a place within the top 10 when it is compared to other fixed ISAs with similar terms currently available in the market, despite the drop in rate. Earlier access is permitted but is subject to a loss of interest penalty, which savers would do well to bear in mind, and further additions can be made while the issue remains open. Those who are looking to utilise their tax-free ISA allowance and are comfortable securing their cash away for the term of the ISA may be tempted by this option. There is also a monthly interest option that those wishing to supplement their income in these uncertain times may be pleased to note. On balance, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.80% gross / 0.80% AER, payable yearly, monthly interest option of 0.80% gross / 0.80% AER available
  • Notice / term: To 24.2.26
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to a 365-day loss of interest penalty
  • Further additions: Permitted while the issue remains open
  • Transfers in: Accepts cash or stocks and shares ISAs, Help to Buy ISAs, Innovative Finance ISAs, APS ISAs (cash and stocks and shares) and Lifetime ISAs (cash or stocks and shares)
  • Transfers out: Permitted, subject to a 365-day loss of interest penalty
  • Opening account: Online (existing customers only) or in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: Minimum applicant age 16, first interest payment 24.2.21, investors can choose to split their cash ISA savings across multiple ISAs within Newcastle Building Society’s range.

Mortgages

Coventry Building Society – Three-year fixed rate mortgage, 65% loan-to-value

As well as launching a selection of products at 90% loan-to-value, this week has also seen Coventry Building Society make reductions across a number of its fixed rate offerings of up to 0.16%. This has included a drop of 0.06% to the three-year 65% loan-to-value option, improving on an already attractively priced deal, now available at 1.69% to 31.3.24. As well as being able to benefit from the incentive of a free valuation, borrowers hoping to keep any outlay to a minimum in order to secure a new mortgage deal may be pleased to note that the reasonable fee of £999 can either be paid upfront or added to the advance amount. Overall, this deal earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.69% fixed rate to 31.3.24
  • Product fee: £999
  • Maximum loan-to-value: 65%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Nottingham Building Society – Five-year fixed rate mortgage, 85% loan-to-value

Nottingham Building Society has re-entered the 85% loan-to-value market this week with the launch of a couple of new five-year fixed rate products. The deal for remortgage customers may well be received positively by those who only have 15% equity and are looking to refinance their existing mortgage deal. Priced at 2.95% to 1.4.26, while this may not be the lowest rate on offer within this sector of the market, there is no fee to pay for this deal and it has a comprehensive incentive package of a free valuation and free legal fees, which may entice those hoping to keep any up-front costs to a minimum.

Key product details:

  • Rate: 2.95% fixed rate to 1.4.26
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: Remortgage customers
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Cards

TSB – Platinum Balance Transfer Card

This week has seen TSB reduce the introductory 0% balance transfer term to 28 months on its Platinum Balance Transfer Card. Despite the one-month reduction, this card remains one of the most attractive options for those who are looking to transfer their debt on an interest-free basis over a long period and therefore may appeal to those hoping to pay down any existing credit card debt. There is also an initial introductory 0% purchase term of three months, which further enhances this card’s overall appeal. On balance, this card earns an Outstanding Moneyfacts product rating.

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 28 months
  • Standard interest rate for purchases: 19.9% APR
  • Balance transfer fee: 2.95% during first three months of account opening, 3.00% after first three months of account opening
  • Card fee: N/A
  • Opening method: Online
  • Card management: Online, by phone, in branch, by post and via its app
  • Other information: Minimum age 18, no minimum income.
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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