Eleanor Williams

Finance Expert & Press Officer
Published: 07/05/2020

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

Coventry Building Society – Regular Saver (2)

Coventry Building Society has reduced the rate on its Regular Saver (2) account from 2.50% down to 1.85% this week. Whilst this is a notable reduction of 0.65%, this deal still maintains a position within the top 10 when compared to other regular savings products currently available in the market. Savers should be aware that this account allows earlier access, subject to 30 days loss of interest, and so careful planning is advised. On balance, the account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.85% gross/1.85% AER, payable on its anniversary
• Notice / term: 12 months
• Minimum opening amount: £1
• Maximum investment amount: £6,000
• Access: Permitted, subject to 30 days loss of interest
• Further additions: Permitted
• Opening account: Online, by phone, by post and in branch
• Managing account: Online and by phone
• Other information: Minimum applicant age 16, new money to the institution only, no minimum monthly deposit, £500 maximum, reverts to Easy Access Saver after 12 months.

PCF Bank – Two Year Term Deposit (Issue 23)

PCF Bank have launched new two- and three-year term deposit accounts. The two-year deal pays 1.61% on anniversary and sees the account take a position within the top 10 options when compared against other bonds with similar terms currently available. Savers may be pleased to note that further additions are permitted for 14 days from account opening, although as with many fixed products, earlier access is not, so careful planning is advised. The account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.61% gross/1.61% AER, payable on its anniversary
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Permitted for 14 days from account opening
• Opening account: Online or by post
• Managing account: Online, by post and by phone
• Other information: Minimum applicant age 18.

Mortgages

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

As well as launching new remortgage deals, Accord Mortgages has made reductions across a wide selection of its fixed rate products this week. One deal which sees a rate cut of 0.03% is the five-year fixed rate for house purchase customers at 75% loan-to-value, now priced at 1.86% to 31.7.25. This option carries a low fee of £495 and borrowers will also benefit from a generous incentive package of free valuation and £500 cashback. This amendment improves on an already attractive proposition and ensure this deal earns an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 1.86% fixed to 31.7.25
• Product fee: £495, all of which can be added to the advance or paid upfront
• Maximum loan-to-value: 75%
• Available to: House purchase customers
• Incentives: Free valuation for all applicants and £500 cashback
• Flexible features: Allows overpayments. Underpayments and payment holidays permitted up to the level of previous overpayments
• Lending area: Great Britain.

Nottingham Building Society – Ten-year fixed rate mortgage, 70% loan-to-value

This week, Nottingham Building Society has launched a new ten-year fixed rate mortgage priced at 2.30% and providing borrowers with up to 70% loan-to-value. This deal carries a comprehensive incentive package of free valuation and for those remortgaging, free legal fees are also available. Additionally, there is no product fee payable, making this an attractive option for those wanting to keep initial set-up costs low. Therefore, this option earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 2.30% fixed to 1.9.30
• Product fee: None
• Maximum loan-to-value: 70%
• Available to: All borrower types
• Incentives: Free valuation and for remortgage customers free legal fees
• Flexible features: Allows overpayments
• Lending area: England & Wales.

Loans

Hitachi Personal Finance – Personal Loan

This week Hitachi Personal Finance has increased the rate payable for those borrowing between £7,500 and £25,000 by 0.1%. Now charging 3.3% APR for this tier, whilst this increase does make borrowing slightly more expensive within this range, this loan is still one of the most attractive options when compared to similar products currently available. It is of note that applicants must be aged 21 or over. On balance, the product earns an Excellent Moneyfacts product rating.

Key product details:
• Representative APR: 3.3%
• Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
• Application available: Online or by phone
• Other information: Minimum age 21, electronic signature accepted so that money can be in account within 48 hours, you may be offered an alternative APR dependent on credit rating.

Cards

Bank of Scotland – Platinum Low Fee 0% Balance Transfer Card

This week, Bank of Scotland has increased its introductory 0% balance transfer term from 24 months up to 26 months on its Platinum Low Fee 0% Balance Transfer card and reduced the associated introductory fee to 1.40% for the first three months from account opening. It is worth noting that the introductory purchase term, whilst reduced slightly in this change from 12 months down to nine months, may still add to its overall appeal. On balance, these changes ensure this card earns an Excellent Moneyfacts product rating.

Key product details:
• Introductory rate for purchases: 0% for nine months
• Introductory rate for balance transfers: 0% for 26 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 1.40% for introductory period, reverting to standard 5.00%
• Card fee: N/A
• Opening method: Online or in branch
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, no minimum income, rates dependent on credit rating.

Sainsbury’s Bank – Dual Offer Credit Card

Sainsbury’s Bank has reduced its introductory 0% purchase and balance transfer terms from 26 months down to 20 months on its Dual Offer credit card. Available only to applicants who have held Nectar membership for six months, this card does offer one of the best terms available for purchases and also for dual offers, although it is of note that a fee of 3% (minimum £3.00) is charged on balances transferred at application. Overall, this card earns an Outstanding Moneyfacts product rating.

Key product details:
• Introductory rate for purchases: 0% for 20 months
• Introductory rate for balance transfers: 0% for 20 months
• Standard interest rate for purchases: 20.9% APR
• Balance transfer fee: 3.00% (minimum £3.00)
• Card fee: N/A
• Opening method: Online and by phone
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income £10,000, available to Nectar members of at least 6 months.

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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