Combined title will show here

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.


Eleanor Williams

Finance Expert & Press Officer
Published: 01/04/2021

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

DF Capital – 2 Year Fixed Rate Deposit (Issue 3)

Investors who are happy to lock their savings pot away for a two-year term may be interested to note the launch of DF Capital’s new two-year fixed term deposit this week. Paying a rate of 0.76% on maturity, this account takes a high position in the top 10 when compared to other bonds currently available with similar terms. As is common in the fixed bond market, earlier access is not permitted, however, further additions can be made within 14-days of opening this account, which may be viewed as a plus by some savers. The account is operated via secure email, rather than an online banking portal, which some may wish to note. On assessment, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.76% gross / 0.76% AER, payable on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted within 14-days of account opening
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Internet operating is through secure email, not via an online banking portal.

 

West Brom Building Society – 2 Year Fixed Rate ISA

West Brom Building Society has launched a number of savings products this week, including a new two-year fixed rate ISA. Paying 0.55% yearly, this account secures a position in our top rate tables when compared to other ISAs currently on offer with similar terms. Both early access and transfers out are permitted, subject to either providing 90-days’ notice or a 90-day loss of interest penalty, which - with careful planning - may be a benefit for some investors. This could be an attractive option for those able to meet the minimum investment amount of £1,000 and who are happy to secure their funds away for the term. Overall, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.55% gross / 0.55% AER, payable yearly
  • Notice / term: To 5.4.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day notice or 90-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 and Lifetime ISAs (cash or stocks and shares)
  • Transfers out: Permitted, subject to 90-day notice or 90-day loss of interest penalty
  • Opening account: In branch
  • Managing account: In branch
  • Other information: Minimum applicant age 16.

 

Tipton & Coseley Building Society – Fixed Rate ISA to 31.7.22 (App)

This week Tipton & Coseley Building Society has made various amendments to its range of savings products, including the launch of a new one-year fixed rate ISA. Paying 0.45% yearly the account secures a position in our top rate tables when compared against other ISAs with similar terms currently on offer in the market, and therefore may be an attractive option for those who are looking to use their tax-free ISA allowance before the tax year ends next week. Savers may also be pleased to note that earlier access is permitted, subject to a loss of interest penalty, so careful planning may be advised. On balance, the account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.45% gross / 0.45% AER variable rate, payable yearly
  • Notice / term: To 31.7.22
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to a 90-day loss of interest penalty, via nominated account
  • Further additions: Not permitted
  • Transfers in: Not permitted
  • Transfers out: Permitted, full transfer only, subject to a 90-day loss of interest penalty
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Branch version also available.

Mortgages

Coventry Building Society – Five-year fixed rate mortgage, 95% loan-to-value

Those who have a 5% deposit and are looking to purchase a home may be pleased to see that Coventry Building Society has returned 95% loan-to-value products to its range this week. The five-year fixed rate option which carries a £999 fee is priced at 3.89%. The fee can be added to the mortgage advance, and borrowers who are hoping to keep their costs down may also wish to note that they can benefit from a free valuation incentive with this deal. This remains an area of the market where choice is limited, however, on assessment, the combination of competitive rate, reasonable fee and incentive package offered ensure that this deal is currently one of the most attractive in its sector and therefore earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 3.89% fixed rate to 30.6.26
  • Product fee: £999
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Barclays Mortgage –Two-year fixed rate mortgage, 75% loan-to-value

Barclays Mortgage has applied various rate reductions to a selection of its residential mortgage products this week, including the two-year fixed rate at 75% LTV for those both purchasing or remortgaging. Reduced by 0.12% to 1.38% to 31.5.23 this deal sits only slightly above the lowest rates available in this sector of the market, and, at £999, the fee associated with this product is less than that charged on many of its lower-rate rivals. Furthermore, applicants may also be pleased to see that an incentive package is offered, which comprises of a free valuation while those remortgaging can benefit from either free legal fees or £250 cashback. The combination of rate and features ensure that this deal receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.38% fixed rate to 31.5.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees or £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Buy-to-Let Mortgages

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

This week Principality Building Society has increased the rate on its two-year fixed rate buy-to-let deal by 0.12%. Now priced at 1.64% to 31.8.23, landlords who have the required 40% deposit or equity may still be attracted to this competitive product. While not the lowest rate offered in this sector, this product carries a reasonable fee of £895, which can be paid upfront or added to the mortgage advance, which may be of interest to those who wish to keep any outlay on associated mortgage costs to a minimum. There is also an incentive available of a free valuation, which may be of further interest to those looking to reduce their outgoings. The deal receives an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.64% fixed rate to 31.8.23
  • Product fee: £895
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Banking

Virgin Money – Club M Account

Virgin Money launched its new Club M account this week. Carrying a £14.50 monthly fee, this packaged account offers customers mobile phone and gadget insurance, as well as worldwide travel insurance and vehicle breakdown cover. Customers may also wish to note that they are able to earn up to 2.00% credit interest on balances of up to £1,000 with this account and an arranged overdraft facility is available at a reasonable 19.9% EAR. On assessment, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: £14.50
  • Credit interest: 2.00% on amounts up to £1,000
  • Arranged overdraft: 19.9% EAR
  • Opening account: Online, by phone or in branch
  • Managing account: Online, in branch, by phone, via mobile app, by post, post office and text alerts
  • Other information: Minimum applicant age 18. Must open a Club M Saver Account at the same time as opening this current account.
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.

coffee

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy