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Eleanor Williams

Finance Expert & Press Officer
Published: 19/11/2020

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

Savings

Tipton & Coseley Building Society – Fixed Rate Regular Saver until 31.12.21 (App)

Tipton & Coseley Building Society has launched a new fixed regular saver, which pays a rate of 1.35% yearly, seeing this account secure a position within the top rate tables when compared against other regular savings products currently in the market. With a minimum monthly deposit amount of £10 and maximum of £500, this could suit those who are hoping to kickstart a savings habit with a proportion of their monthly income. Investors should note that earlier access is not permitted on this account, therefore careful planning is advised. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.35% gross / 1.35% AER, payable yearly
  • Notice / term: To 31.12.21
  • Minimum opening amount: £10
  • Maximum investment amount: £7,000
  • Access: Not permitted
  • Further additions: Permitted, up to a maximum of £500 per month
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18.

 

West Brom Building Society – WeBSave Bonus Saver (Issue 5)

Savers looking to maintain flexible access to their savings pot may be pleased to note that West Brom Building Society has launched a new easy access account this week. WeBSave Bonus Saver (Issue 5) allows instant access and also further additions, and it can be both opened and managed online. Paying 0.75% (0.15% of which is a bonus which expires 28.2.22), the account earns a place in the top rate tables when compared to other easy access accounts currently on offer, although savers are advised to schedule a review for when the bonus expires and the rate reduces. Overall, this deal earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.75% gross / 0.75% AER, payable yearly (includes 0.15% bonus until 28.2.22)
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Vernon Building Society – Fixed Rate Cash ISA to 31st March 2022

This week, Vernon Building Society has launched Fixed Rate Cash ISA to 31st March 2022. Paying 0.75% yearly, this ISA takes a place within the top 10 when it is compared to other fixed ISAs with similar terms currently available in the market. Earlier access is permitted is but subject to a loss of interest penalty, while further additions can be made until 30th April 2021. Those who are looking to utilise their tax-free ISA allowance and able to meet the minimum investment amount of £10,000 may be tempted by the return. On balance, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.75% gross / 0.75% AER, payable yearly
  • Notice / term: To 31.3.22
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to a 90-day loss of interest penalty
  • Further additions: Permitted until 30.4.21
  • Transfers in: Accepts cash ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: By post or in branch
  • Managing account: Online, by post and in branch
  • Other information: Minimum applicant age 16.

 

Mortgages

Accord Mortgages– Two-year fixed rate mortgage, 85% loan-to-value

Accord Mortgages made a number of updates to its range this week, including reducing the rate and fee on its two-year fixed rate deal for house purchases. Receiving a cut of 0.06% to sit at 3.19% to 30.4.23, this product is available to borrowers up to 85% loan-to-value. Borrowers may be enticed by the generous incentives of free valuation and £500 cashback, which remain available, and should also note that the fee charged has been reduced to a very reasonable £495. These changes improve on an already attractive proposition in the intermediary sector, and the product earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 3.19% fixed rate to 30.4.23
  • Product fee: £495
  • Maximum loan-to-value: 85%
  • Available to: First-time buyers and house purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered with notice, subject to level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries only.

 

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

Among other updates to its range, this week saw Santander reduce the rate on its two-year fixed rate deal at 60% loan-to-value. Receiving a cut of 0.31%, this deal for house purchase customers is now priced at 1.28% to 2.3.23. This option carries a reasonable fee of £999, which can be added to the advance, and borrowers can benefit from the incentive of free valuation. Therefore, this combination of features ensures it is a very attractive deal, which may be particularly appealing to those with the required 40% deposit and 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: 1.28% fixed rate to 2.3.23
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: First-time buyers and house purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.
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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