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The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. All the deals highlighted are available now but are subject to change.
OakNorth Bank – 18 Month Fixed Term Deposit
This week, OakNorth Bank has increased the rates payable across a selection of its Fixed Term Deposit products. The 18-month option has received two increases and now pays 1.27% on maturity on minimum investments of as little as £1. The account secures a position within the top 10 when compared to other accounts with similar terms, and could be attractive to those savers looking for a competitive return and who are happy to secure their funds away for the 18-month term, as early access is not permitted. Some investors may be pleased to note though that further additions are available within 14 days of account opening. On balance, the deal earns an Excellent Moneyfacts product rating.
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Skipton Building Society – Online Bonus Saver Issue 7
Skipton Building Society has increased the rate on its Online Bonus Saver account by a significant 0.25% this week. Now paying 1.20% on anniversary, this account assumes pole position in the top rate tables when compared against other similar accounts currently offered. Investors should note that a review would be advised after 12 months when the bonus of 0.50% will expire and the rate will reduce. Savers who require flexibility and the ability to access their savings pot may be further pleased to note that this account is one which can be opened and managed online and carries a low minimum investment. The account earns an Excellent Moneyfacts product rating on balance.
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West Brom Building Society – WeBSave Single Access ISA
West Brom Building Society has launched a new single access ISA this week, which secures a position in the top rate tables when compared against similar ISAs. Paying 0.90% yearly, those savers who wish to utilise their tax-free ISA allowance and able to meet the minimum investment amount of £1,000 may find this offers an attractive return. This account allows one withdrawal per account year, which means that careful planning would be advised as the rate will drop to 0.05% for the remainder of the account year should more than the one withdrawal be made. The deal earns an Excellent Moneyfacts product rating overall.
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Leek United Building Society – Two-year discounted-variable rate mortgage, 80% loan-to-value
Leek United Building Society made a couple of updates to its residential mortgage range this week. This has included a rate increase of 0.10% being applied to the two-year discounted variable deal at 80% loan-to-value. Now priced at 1.90% for two-years the deal carries a generous incentive package of free valuation and £400 cashback for all borrowers. Furthermore, there is no product fee for this deal, meaning that this product could appeal to those looking keep their set-up costs to a minimum. This combination of features ensures that this deal maintains a position in the top tables and earns an Outstanding Moneyfacts product rating.
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Barclaycard – Platinum 18 Month 0% Purchase and Balance Transfer Visa
In this latest update, Barclaycard has made a small 1% increase to the standard purchase rate on its dual offer credit card, now sitting at 21.9% APR. Despite this increase meaning that purchase borrowing will now be more slightly more expensive, this card continues to provide attractive terms for those who may wish to both make purchases and transfer their debt on an interest free basis for as long as possible. Borrowers will also be able to benefit from savings on live events via Barclaycard entertainment. Overall, this card earns an Outstanding Moneyfacts product rating.
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This week Virgin Money has reduced the rates charged across two tiers of it’s Personal Loan. Those looking to borrow between £7,500 and £15,000 will see a reduction of by 0.2%, to 2.9% APR, while those borrowing between £15,001 and £25,000 see the same reduction with borrowing now priced at 3.0% APR. This product has increased its appeal to consumers who may be looking to borrow advances in this bracket as the loan now secures a position within the 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.
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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.
