A comprehensive list of the new UK tax allowances and thresholds for 2020 / 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.
West Brom Building Society – WeBSave Bonus Saver (Issue 4)
This week has seen West Brom Building Society launch a new WeBSave Bonus Saver account which pays 0.90% gross yearly (0.30% of which is a bonus which expires 30.11.21). This account assumes a position in the top rate tables when compared against other easy access products which are currently available. This account can be opened and managed online and may appeal to those looking to ensure they maintain flexible access to their savings pot during these uncertain times, although savers are advised that when the bonus expires and the rate reduces, a review may be wise. Overall, the account earns an Excellent Moneyfacts product rating.
Key product details:
Yorkshire Building Society – Six Access e-Saver ISA
Launched this week is the new Six Access e-Saver ISA from Yorkshire Building Society, which takes a position in the top 10 when compared to other variable rate ISAs currently on offer. Paying a rate of 0.91% gross at £10K yearly, those savers who are looking to take advantage of their tax-free ISA allowance may be pleased to note that this account operates under Flexible ISA rules and can be opened and operated online. Further additions are permitted, as are unlimited withdrawals, however, only 6 withdrawal days are permitted per anniversary year, therefore careful planning is advised. On balance, the account earns an Excellent Moneyfacts product rating.
Key product details:
Skipton Building Society – Five-year fixed rate mortgage, 75% loan-to-value
This week Skipton Building Society has made rate reductions to various products across its residential mortgage range. The largest cut of 0.34% was received by the 2.89% five-year fixed rate at 75% loan-to-value, which is now priced at 2.55%. While there are lower rates available elsewhere within this sector of the market, those who are hoping to keep any set-up costs associated with taking on a new mortgage deal to a minimum will be pleased to note that this deal carries no fee and also offers a generous incentive package of a free valuation to all borrowers, while those remortgaging can also benefit from free legal fees.
Key product details:
This week Virgin Money has increased the rates charged on two tiers of it’s Personal Loan. Those looking to borrow between £7,500 and £15,000 will see a rise of 0.1%, to 3.0% APR, while those borrowing between £15,001 and £25,000 see the same increase with borrowing now priced at 3.1% APR. Despite this update making borrowing more expensive for those looking to borrow between these amounts, the loan remains a competitive option when compared to similar loans available in the market and maintains a position in our top rate tables. In addition, some borrowers may be pleased to note that joint applications are permitted. The product earns an Excellent Moneyfacts product rating.
Key product details:
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.
