Moneyfacts Weekly Product News – 12.11.20 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 12/11/2020

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

Wesleyan Bank – 2 Year Fixed Rate Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week sees Wesleyan Bank launch products in the fixed bond market. One of these offerings is a two-year Fixed Rate Deposit account priced at 1.12% payable on anniversary, which secures a position in the top rate tables when compared against other bonds with similar terms currently available. The account can be opened and managed online, and while earlier access and further additions are not permitted, meaning that careful planning is advised, those who are comfortable securing their savings pot away for the term of the deal may be attracted by the competitive return. This deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.12% gross / 1.12% AER, payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18, joint account option.

 

Principality Building Society – Christmas 2021 Regular Saver Bond

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Principality Building Society has launched a Christmas 2021 Regular Saver Bond, paying a fixed rate of 1.50% on maturity. This account takes a position within the top 10 when compared against other regular savings accounts currently on offer. Those who are hoping to start a savings habit may find this an attractive option with its competitive return, and should note that while there is no minimum investment amount per month, there is a maximum of £125 per month that can be invested. Earlier access is only permitted on account closure however, so prior planning is advised. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.50% gross / 1.50% AER, payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £1,500
  • Access: Permitted on account closure only
  • Further additions: Permitted, up to a maximum of £125 per month
  • Opening account: Online, by post or in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age 16, joint account option, option to open as signatory or trustee.

OakNorth Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week, OakNorth Bank has increased the rate on its 12-month Fixed Term Deposit account by 0.05%, now paying a competitive 1.05% on maturity. Consumers may be pleased to note that this can be both opened and operated online and via a mobile app and is available from investment amounts of as little as £1. While earlier access is not permitted, savers are able to make further additions within 14 days of opening the account, which could be a positive for some. This account takes a position within the top rate tables when compared to other bonds with similar terms and earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.05% gross / 1.05% AER, payable on maturity
• Notice / term: 12 months
• Minimum opening amount: £1
• Maximum investment amount: £500,000
• Access: Not permitted
• Further additions: Permitted within 14 days of account opening
• Opening account: Online and via mobile app
• Managing account: Online and via mobile app
• Other information: Minimum applicant age 18, joint account option.

Compare the best savings accounts on our savings charts.

Mortgages

Barclays Mortgage – Five-year fixed rate mortgage, 85% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“As well as reducing a number of rates, this week also saw Barclays Mortgage launch a number of new deals. One such product is a five-year fixed rate at 85% loan-to-value, which is priced at a competitive 2.95% to 31.1.26. This option carries a reasonable fee of £999, which can be added to the advance, and borrowers can also benefit from an incentive package of a free valuation for all, while those remortgaging also have the option of either free legal fees or £250 cashback. This combination of features ensures this is a very attractive deal, which may be particularly appealing to those with the required 15% deposit or equity who are looking to keep the set-up costs associated with a new mortgage deal to a minimum. Overall, the product earns an Outstanding Moneyfacts product rating.”

  • Key product details:
    Rate: 2.95% fixed rate to 31.1.26
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • 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.

 

Marsden Building Society – Two-year fixed rate mortgage, 85% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Marsden Building Society has expanded its range of product offerings this week, which includes the introduction of a two-year fixed rate of 2.89%. Available at 85% loan-to-value, this shorter-term fixed rate is competitively priced, while also carrying no product fee. Borrowers can also benefit from the incentive of a free valuation, while remortgage customers are also eligible for free legal fees. This could be an appealing choice for those with a 15% deposit or equity available and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.89% fixed rate to 31.3.23
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Compare the best mortgages on our mortgage charts.

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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