Moneyfacts Weekly Product News – 09.07.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 09/07/2020

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 – Two-year Fixed Rate Bond

This week, Close Brothers Savings has launched a new two-year fixed rate bond onto the market, which takes a position in the top rate tables. Paying 1.15%, this deal may attract savers who are searching for a competitive return on their cash over the shorter-term and who have a least £10,000 to invest. As is common with fixed rate bonds, savers will be unable to make further additions or gain earlier access to their funds, so they must be comfortable with their initial deposit. The deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.15% gross / 1.15% AER, payable yearly
• Notice / term: Two years
• Minimum opening amount: £10,000
• Maximum investment amount: £2 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online and by post
• Managing account: Online and by post
• Other information: Minimum applicant age 18.

Furness Building Society – Five-year Fixed Rate eSavings Cash ISA (Issue 17)

Furness Building Society has cut the rate on its five-year fixed rate ISA this week by 0.20%, but it retains a place within the top rate tables. Now paying 1.10% gross on its anniversary, this deal may entice savers who are looking to take full advantage of their ISA allowance and wish to invest over the longer-term. Unlike other options in this sector, savers can gain access to their funds early, subject to account closure and an interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.10% gross / 1.10% AER, payable on anniversary
• Notice / term: Five years
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Permitted subject to account closure and a 180-day loss of interest penalty
• Further additions: Not permitted
• Transfers in: Accepts cash ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16.

 

Mortgages

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

Skipton Building Society has increased the rate on its two-year fixed deal by 0.06%, but it remains a competitive deal. Now priced 1.21% to 31.10.22, the deal includes an attractive incentive package of free valuation for all borrowers, free legal fees for those remortgaging and charges a reasonable product fee of £995. Borrowers looking to lock into a low rate for the next two years with a decent cost-saving incentive package may then find this an attractive choice.

Key product details:
• Rate: 1.21% fixed rate to 31.10.22
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: All borrowers
• Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain.

 

Cards

MBNA Limited – 0% Transfer and Purchase Credit Card Mastercard

MBNA has reduced the interest-free introductory terms on purchases and balance transfers this week on its 0% Transfer and Purchase credit card down to 18 months. Despite this, the card remains a good choice for consumers looking to make purchases, balance transfers or money transfers. Borrowers would be wise to take advantage of the lower introductory balance transfer and money transfer fee during the first two months of opening as a higher charge of 5.00% will apply thereafter. Overall, this card earns an Excellent Moneyfacts product rating.”

Key product details:
• Introductory rate for purchases: 0% for 18 months
• Introductory rate for balance transfers: 0% for 18 months
• Introductory rate for money transfers: 0% for 12 months
• Standard interest rate for purchases: 20.9% APR
• Balance transfer fee: 2.99% during the first two months from account opening, 5.00% thereafter
• Money transfer fee: 4.00% during the first two months from account opening, 5.00% thereafter
• Card fee: N/A
• Opening method: Online
• Card management: Online, by phone and via its app
• Other information: Minimum age 18, minimum income £14,000.

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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