Moneyfacts Weekly Product News – 20.08.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 20/08/2020

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

Allica Bank – 95-Day Notice Personal Savings Account (Issue 1)

As well as increasing rates on a selection of its fixed term accounts, Allica Bank has also relaunched its 95-Day Notice Personal Savings Account this week. Paying 1.10% on anniversary, this account gains a position in the top 10 when compared to other similar accounts currently available. The account also offers a monthly interest option for those looking to supplement their income. Access is available subject to providing 95 days’ notice, therefore careful planning is advised. On balance, this option secures an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.10% gross / 1.10% AER, payable on anniversary, monthly interest option of 1.09% gross / 1.10% AER available
• Notice / term: 95 days
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Permitted subject to 95 days’ notice being given
• Further additions: Permitted
• Opening account: Online
• Managing account: By phone
• Other information: Minimum applicant age 18.

Mortgages

Coventry Building Society – Two-year fixed rate mortgage, 85% loan-to-value

This week sees Coventry Building Society launch a range of offset mortgage products. At 85% loan-to-value, the new two-year fixed rate product is offered at a rate of 2.60%. This deal carries a reasonable fee of £999 and borrowers can also benefit from an incentive package of free valuation for all, with those remortgaging also eligible for free legal fees. Borrowers will be pleased to note that this is the lowest rate currently offered within this sector of the market, and it may be a tempting proposition for those who are looking at different options and considering combining their mortgage and savings pot. It earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 2.60% fixed rate to 30.9.22
• Product fee: £999
• Maximum loan-to-value: 85%
• Available to: All borrower types
• Incentives: Free valuation for all borrowers, and for those remortgaging free legal fees
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain.



Nationwide Building Society – Five-year fixed rate mortgage, 90% loan-to-value

Nationwide Building Society has applied rate increases to a selection of its products this week of up to 0.50%. One product to see a rise is the five-year fixed rate deal at 90% loan-to-value, which is now priced at 3.24% following a 0.45% increase. As this sector currently has limited product availability, despite the quite significant uplift to the initial rate, this deal remains one of the most competitive options available in the market. With a fee of £999 and a generous incentive package of free valuation and £500 cashback, this deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 3.24% fixed rate for five years
• Product fee: £999
• Maximum loan-to-value: 90%
• Available to: First-time buyers only
• Incentives: Free valuation and £500 cashback for all borrowers
• Flexible features: Allows overpayments and underpayments
• Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

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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