Moneyfacts Weekly Product News – 13.08.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 13/08/2020

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

Chorley Building Society – Easy Access Saver Issue 4

Chorley Building Society has made a number of updates to its range this week, including launching a new easy access account. Paying 0.70%, this new account assumes a position within the top 10 when compared against other no notice accounts currently available. One feature savers may wish to be aware of is that if more than 12 withdrawals are made, the rate will reduce to 0.10% for the remainder of the year. Those who require the flexibility and ability to access their savings pot within those parameters will be pleased to note that this option secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.70% gross / 0.70% AER, payable yearly 
  • Notice / term: Instant
  • Minimum opening amount: £500
  • Maximum investment amount: £500,000
  • Access: Up to 12 withdrawals permitted without penalty (rate drops to 0.10% thereafter)
  • Further additions: Permitted while the issue remains open
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age 18.

 

OakNorth Bank – 18-month Fixed Term Deposit

This week sees OakNorth Bank update its range of savings deals, which has included making rate increases across a selection of its fixed rate bonds. The 18-month version of the Fixed Term Deposit now pays 1.14% on maturity following a significant rate rise of 0.32%, which sees this account assume a place in the top 10 when compared to other bonds with similar terms. Savers should note that, as is common in the fixed rate arena, earlier access is not permitted, therefore careful planning is advised, however, further additions are permitted within 14 days of the account opening, which some may view as a plus. Overall, this account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.14% gross / 1.14% AER, payable on maturity
  • Notice / term: 18 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.

 

Bath Building Society – Junior Saver

Bath Building Society has updated its Junior Saver and increased the yearly rate by 0.05% on investments of up to £5,000 to 1.80%. This amendment improves this account’s position within the top of the market compared to similar children’s accounts. However, savers should note that the rate drops to 0.00% on the portion of balances over £5,000. On balance, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.80% gross / 1.80% AER, payable yearly (rate reduces to 0.00% gross / 0.00% AER on balances of over £5,000)
  • Notice / term: Instant
  • Minimum opening amount: £1
  • Maximum investment amount: £100,000
  • Access: Permitted
  • Further additions: Permitted 
  • Opening account: In branch
  • Managing account: By post and in branch
  • Other information: Maximum applicant age 17, account operated by an adult for under 7s, all withdrawals must be for the benefit of the child.

 

Mortgages

HSBC – Two-year fixed rate mortgage, 60% loan-to-value

As well as extending the end dates on its fixed rate products, HSBC has also made rate reductions of up to 0.20% to its 60% loan-to-value range this week. Receiving this full decrease is the two-year fixed rate product, now priced at 1.44%. While slightly lower initial rates are currently on offer elsewhere in this sector of the market, there is no product fee and borrowers can benefit from incentives of a free valuation for all, with those remortgaging also eligible for free legal fees. The rate reduction and combination of features ensure that this product remains an attractive option and it earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.44% fixed rate to 31.12.22
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: All borrower types
  • Incentives: Free valuation for all borrowers, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Leek Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

Leek Building Society has applied rate increases to a selection of its products this week, including the 80% loan-to-value two-year discounted variable rate mortgage, which is now priced at 1.80%. Despite this week’s rate increase of 0.20% meaning that this is no longer the lowest initial rate currently offered within this sector of the market, there remains no product fee payable and borrowers will also receive a generous incentive package of free valuation and £400 cashback. On balance, this deal earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.80% discounted variable rate for two-years
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £400 cashback for all borrowers
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

West Brom Building Society – Two-year fixed rate mortgage, 75% loan-to-value

West Brom Building Society has made a number of updates this week, which have included a 0.09% rate increase on its 75% loan-to-value two-year fixed rate for house purchases. Now priced at 1.44%, this deal carries a reasonable product fee of £999 and there is also a comprehensive incentive package of free valuation and £500 cashback included. Therefore, despite the rise, this deal remains an attractive overall proposition and earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.44% fixed rate to 30.11.22
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.
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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