Moneyfacts Weekly Product News – 11.06.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 11/06/2020

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

Gatehouse Bank – One-year Fixed Term Cash ISA

Gatehouse Bank has made a number of amendments to its range this week, including reducing rates on its Fixed Term Cash ISAs. Despite the fact that the one-year fixed term ISA received a cut of 0.10%, seeing its expected profit rate reduce from 1.00% to 0.90% on anniversary, this account still maintains a position in the top 10 when compared to other ISAs with similar terms. For those able to meet the £1,000 minimum investment, this option offers a competitive return. Savers should note that as is generally expected in the fixed rate savings market, further additions are not permitted. However, subject to a 90-day loss of interest penalty, earlier access may be an option and this flexibility may appeal to some savers. On balance, this account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.90% gross / 0.90% AER, payable on its anniversary
• Notice / term: One year
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Earlier access permitted, subject to 90-day loss of interest
• Further additions: Not permitted
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate, paid into a linked or nominated account on maturity.

State Bank of India – Flexi Cash ISA

This week sees State Bank of India make a number of changes to its range of savings products, including removing the top tiers on its Flexi Cash ISA. Now paying 0.75% on anniversary, this deal maintains a position within the top 10 products when compared to other ISAs currently available with similar terms. This account may attract savers who are looking to take full advantage of their ISA allowance, and could also appeal to those who require access to their funds. There is also a monthly interest option, which could suit those looking to supplement their income. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.75% gross / 0.75% AER, payable on anniversary, monthly option of 0.75% gross / 0.75% AER available
• Notice / term: Instant
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted
• Further additions: Permitted
• Transfers in: Accepts cash ISAs
• Opening account: By post and in branch
• Managing account: Online and in branch
• Other information: Minimum applicant age 18.

 

PCF Bank – Two-year Fixed Term Deposit (Issue 25)

PCF Bank has launched a new two-year fixed rate account, which pays 1.26% on anniversary. This deal takes a position within the top 10 products when compared to other bonds currently available over similar terms. As is generally expected with fixed rate accounts, earlier access is not permitted, therefore careful planning is advised. However, savers can make further additions within 14 days of opening the account, which may be a positive for some. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.26% gross / 1.26% AER, payable on anniversary
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Permitted within 30 days of account opening
• Opening account: Online and by post
• Managing account: Online, by phone or by post
• Other information: Minimum applicant age 18, paid into a variable rate account on maturity, pending instructions/withdrawal.

 

Mortgages

Lloyds Bank – Five-year fixed rate mortgage, 75% loan-to-value

This week, Lloyds Bank has made reductions of up to 0.40% to a selection of its fixed rate products that are available to remortgage customers. One notable deal to see a cut of 0.10% is the 75% loan-to-value five-year fixed rate product, which is now priced at 1.45%. Consumers will be pleased to know that this is equal to the lowest rate currently offered in this sector of the market. A reasonable product fee of £999 is chargeable, all of which can be added to the mortgage advance. In addition, borrowers can benefit from an incentive package of free valuation and free legal fees. Overall, this deal earns an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 1.45% fixed rate to 31.8.25
• Product fee: £999, all of which can be added to the advance
• Maximum loan-to-value: 75%
• Available to: Remortgage customers only
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments, payment holidays considered after one year
• Lending area: Great Britain and Northern Ireland.

HSBC – Three-year fixed rate mortgage, 90% loan-to-value

HSBC has increased the rates on its 85% and 90% loan-to-value residential mortgage products this week by up to 0.15%. One option to receive this raise is the three-year fixed rate deal at 90% loan-to-value, which is now priced at 2.29% to 30.9.23. This option may appeal to those looking to keep their set-up costs low, as there is no arrangement fee payable and all borrowers can also benefit from an incentive of a free valuation, while those remortgaging can take advantage of the offer of free legal fees as well. This combination of features ensures that this product remains a very attractive overall proposition, which earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 2.29% fixed rate to 30.9.23
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain & Northern Ireland.

 

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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