Moneyfacts Weekly Product News – 16.07.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 16/07/2020

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

Yorkshire Building Society – Fixed Rate Cash e-ISA to 31.8.21

This week, Yorkshire Building Society has made a number of amendments to its range. This includes a reduction of 0.05% on its one-year Fixed Rate Cash e-ISA, now paying 0.65% on maturity. Despite the reduction, this account maintains a position in the top 10 when compared against other ISAs with similar terms currently available and may attract savers who are searching for a competitive return on their cash over the shorter-term. Unusually for many fixed ISAs, this account permits both further additions while the issue remains open, and earlier access on closure (subject to an interest penalty), which some investors may view as a plus. The deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.65% gross / 0.65% AER, payable on maturity
• Notice / term: To 31.8.21
• Minimum opening amount: £100
• Maximum investment amount: ISA limit
• Access: Permitted on closure, subject to 60-day loss of interest penalty
• Further additions: Permitted while the issue remains open
• Transfers in: Accepts cash, stocks and shares, innovative finance and Lifetime ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16.

Teachers BS – Cash ISA Notice 90 (Issue 10)

Teachers BS has cut the rate on its Cash ISA Notice 90 this week by 0.20%, but it retains a place within the top rate tables when compared to other variable ISAs currently on offer in the market. Now paying 0.70% gross yearly, this deal may entice savers who are looking to take full advantage of their ISA allowance and while earlier access is not permitted, savers who wish to have the flexibility to be able to withdraw their funds will have that option, subject to a 90-day notice period. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.70% gross / 0.70% AER, payable yearly
• Notice / term: 90 days
• Minimum opening amount: £100
• Maximum investment amount: ISA allowance
• Access: Not permitted
• Further additions: Permitted via bank transfer, standing order and cheques by post
• Transfers in: Not permitted
• Opening account: Online and by post
• Managing account: Online and by post
• Other information: Minimum applicant age 16.

ICICI Bank UK – Notice Savings Account

This week sees ICICI Bank UK reduce the rate on its 45-day Notice Savings Account by 0.24% seeing it now pay 1.00% monthly. Despite the reduction, this account maintains a position in the top 10 when compared against other notice products currently available and may attract savers who are looking to supplement their monthly income. Earlier access is not permitted, and while further additions can be made, all transactions must be made via a linked Home Vantage Current Account, therefore careful planning is advised. On balance, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.00% gross / 1.00% AER, payable monthly
• Notice / term: 45 days
• Minimum opening amount: £1
• Maximum investment amount: No maximum
• Access: Not permitted
• Further additions: Permitted via linked Home Vantage Current Account
• Opening account: Online, by phone and in branch
• Managing account: Online, by phone and in branch
• Other information: Minimum applicant age 18.

Mortgages

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

Among a number of updates to its range, HSBC has made rate increases to selected products including its two-year fixed deal at 90% loan-to-value. Following the increase of 0.15%, and now priced at 2.54% to 30.9.22, this deal remains one of the lowest rates offered in this sector of the market. There is no fee payable and borrowers will also benefit from an incentive package of free valuation and for those remortgaging, free legal fees are available. Those looking to secure a mortgage product with only a 10% deposit or equity required may find this option has the added benefit of keeping any set-up costs low, and as such earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 2.54% fixed rate to 30.9.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrowers
• Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Cards

Halifax – 0% Purchase and Balance Transfer Credit Card Mastercard

In its latest review, Halifax has reduced the interest-free introductory terms on purchases and balance transfers this week on its 0% Purchase and Balance Transfer credit card down to 17 months. Despite this giving less time to transfer balances or make purchases on an interest-free basis, the card remains a good choice for consumers looking for a dual offer card and retains a position in the top tables. Borrowers would be wise to take advantage of the lower introductory balance transfer fee during the first three months of opening, as a higher charge of 5.00% will apply thereafter. Overall, this card earns an Excellent Moneyfacts product rating.

Key product details:
• Introductory rate for purchases: 0% for 17 months
• Introductory rate for balance transfers: 0% for 17 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 2.99% during the first three months from account opening, 5.00% thereafter
• Card fee: N/A
• Opening method: Online and by phone
• Card management: Online, by phone, by post, in branch and via its app
• Other information: Minimum age 18, no minimum income required.

 

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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