Moneyfacts Weekly Product News – 10.09.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 10/09/2020

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. All the deals highlighted are available now but are subject to change. 

Savings

Hodge Bank – 2 Year Fixed Rate Account

This week, Hodge Bank has increased the rate payable on its two-year fixed rate bond, with a significant rise of 0.29%. Now paying 1.25% on anniversary, the deal enters the top rate tables and could be attractive to those savers looking for a competitive return and who are happy to lock their money away for the two-year term, as early access is not permitted. However, some investors may be pleased to note that further additions are available within 10 working days for accounts that are opened online. A monthly interest option is also available at 1.24% gross for those wanting to supplement their monthly income. On balance, the deal earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.25% gross / 1.25% AER, payable on anniversary, monthly interest option of 1.24% gross / 1.25% AER available
  • Notice / term: Two years
  • Minimum opening amount: £1,000 
  • Maximum investment amount: £1,000,000 
  • Access: Not permitted 
  • Further additions: Permitted within initial 10 working days for accounts opened online
  • Opening account: Online or by post
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Principality Building Society – Online Limited Access

Principality Building Society has launched a new Online Limited Access account this week, which pays 0.90% yearly and assumes a position in the top rate tables when compared against other similar easy access accounts. Investors may wish to note that, while this is a flexible account whereby further additions and withdrawals are permitted, which may be desirable to some savers in these uncertain times, withdrawals are restricted to a maximum of three per calendar year (which includes account closure). The account earns an Excellent Moneyfacts product rating on balance.

Key product details:

  • Rate: 0.90% gross / 0.90% AER, payable yearly
  • Notice / term: None 
  • Minimum opening amount: £1 
  • Maximum investment amount: £1,000,000 
  • Access: Permitted, maximum of three withdrawals per year, including closure.
  • Further additions: Permitted
  • Opening account: Online 
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Newcastle Building Society – 18 Month Fixed Rate ISA (Issue 2)

Newcastle Building Society has launched an 18-month fixed rate ISA this week, which takes a place in the top rate tables. Paying 0.75%, those savers who wish to utilise their tax-free ISA allowance and who would also like the option of monthly interest to supplement their income may find this an attractive option. This account also allows earlier access, subject to an interest penalty, which may appeal to some. The deal earns an Excellent Moneyfacts product rating overall.

Key product details:

  • Rate: 0.75% gross / 0.75% AER, payable yearly, monthly interest option available at the same rate
  • Notice / term: To 20.4.22
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance 
  • Access: Permitted, withdrawals via a nominated account
  • Further additions: Permitted while the issue remains open
  • Transfers in: Accepts cash, stocks and shares, Help to Buy, Innovative Finance and Lifetime ISAs
  • Transfers out: Permitted subject to 120-day loss of interest penalty 
  • Opening account: Online or in branch 
  • Managing account: Online, by phone, by post and in branch.
  • Other information: Minimum applicant age 16.

 

Secure Trust Bank – 1 Year Fixed Rate Cash ISA

Secure Trust Bank has launched a new 1 Year Fixed Rate Cash ISA this week, which secures the top position in the top 10 when compared to other accounts currently offered on similar terms. Paying 0.86% yearly, those savers wanting to take advantage of their tax-free ISA allowance will find this account provides a very competitive return. This account also allows earlier access, subject to an interest penalty and account closure, which may appeal to some. The deal earns an Excellent Moneyfacts product rating overall.

Key product details:

  • Rate: 0.86% gross / 0.86% AER, payable yearly
  • Notice / term: To 20.10.21 
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance 
  • Access: Permitted, subject to 90-day loss of interest and closure of the account
  • Further additions: Permitted within 30 days of account opening
  • Transfers in: Accepts cash ISAs
  • Transfers out: Permitted subject to 90-day loss of interest penalty 
  • Opening account: Online 
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Cards

TSB – Platinum Balance Transfer Card Mastercard

TSB has this week increased the introductory 0% balance transfer term on its Platinum Balance Transfer card to 29 months (previously 28 months), which ensures this product’s position in the top tables as one of the best options currently offered to those looking to transfer their debt on an interest-free basis for as long a term as possible. In addition to this, the card also offers an introductory 0% purchase term of three months, which may further enhance its appeal. One point of note is that the balance transfer fee of 2.95% is applicable during the first three months after card opening, which increases slightly to 3.00% thereafter. Overall, 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 29 months
  • Standard interest rate for purchases: 19.9% APR
  • Balance transfer fee: 2.95% during the first three months from account opening, 3.00% thereafter
  • Card fee: N/A
  • Opening method: Online 
  • Card management: Online, by phone, in branch and via its app
  • Other information: Minimum age 18, no minimum income required.

 

Sainsbury’s Bank – Balance Transfer Credit Card Mastercard

Among a number of updates to its credit card range, Sainsbury’s Bank has increased the introductory 0% balance transfer term on its Balance Transfer Credit Card to 27 months and has also increased the standard purchase and balance transfer rates to 21.9%. Available only to applicants who have held Nectar membership for six months, despite the increase in APR, this card does offer one of the best terms available for those looking for a longer period to transfer balances over, although it is of note that a fee of 3% (minimum £3.00) is charged. Borrowers can also benefit from earning Nectar points on purchases made. Overall, 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 27 months
  • Standard interest rate for purchases: 21.9% APR
  • Balance transfer fee: 3.00% (minimum £3.00)
  • Card fee: N/A
  • Opening method: Online or 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 six months, Nectar card points scheme.
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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