Moneyfacts Weekly Product News – 21.01.21 | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Eleanor Williams

Finance Expert & Press Officer
Published: 21/01/2021

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

Savings

Hampshire Trust Bank – 18 Month Bond (Issue 4)

Amongst other updates to its savings range, Hampshire Trust Bank has launched a new 18-month fixed rate bond this week. Paying 0.75% on anniversary, this bond secures a position in our top rate tables when compared to other bonds of similar terms and may well be attractive to savers who are happy to secure their savings pot away for the 18-month term and are comfortable with the minimum investment amount of £1,000. As is common with fixed rate bonds, early access is not permitted, however, further additions can be made for 14-days from opening the account, which may be a plus for some. On balance, this account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.75% gross / 0.75% AER, payable on anniversary
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14-days from account opening
  • Opening account: Online and by phone
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18, joint account option available.

 

Zenith Bank (UK) Ltd – Raisin UK 3 Year Fixed Term Deposit

Zenith Bank (UK) Ltd has made rate reductions to a selection of its Raisin UK – Fixed Term Deposits, including a cut of 0.12% applied to the 3 Year Fixed option, which now pays 0.88% on maturity. Despite the drop in rate, this account retains a position in the top rate tables when compared to other bonds with similar terms. As savers might expect, early access or further additions are not permitted, therefore careful planning is advised, but those happy to lock their savings in for the three-year term may be tempted by the return. This account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.88% gross / 0.88% AER, payable on maturity
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Account available through Raisin UK.

 

Mortgages

Yorkshire Building Society – Two-year fixed rate mortgage, 90% loan-to-value

This week Yorkshire Building Society has amended its offerings at 90% loan-to-value. Receiving a rate reduction of 0.25%, the two-year fixed rate for remortgage customers has dropped to 3.44% to 31.5.23. This deal has a relatively low fee of £495 which can either be paid upfront or added to the mortgage borrowing. Additionally, there is a generous incentive package including a free valuation, free legal fees and £750 cashback, which could further enhance the appeal of this product, especially for those looking to keep any mortgage set-up costs as low as possible. This combination of rate and features earns this deal an Outstanding Moneyfacts product rating. 

Key product details:

  • Rate: 3.44% fixed rate to 31.5.23
  • Product fee: £495
  • Maximum loan-to-value: 90%
  • Available to: Remortgage customers
  • Incentives: Free valuation, free legal fees and £750 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, subject to approval and previous overpayments having been made
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

Furness Building Society has launched a handful of new products this week, including a two-year discounted variable rate at 80% loan-to-value. Available to all borrower types, at 1.59% this is the lowest rate currently offered in this sector of the market. The deal carries a comprehensive incentive package of a free valuation and for those remortgaging either up to £150 towards their legal costs, or, for those in England and Wales, the option of free legal fees is available. The reasonable fee of £999 can either be paid upfront or added to the advance, which may appeal to those hoping to keep any outlay for setting up a new mortgage to a minimum. On balance, this product secures Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.59% discounted variable rate for two years, collared at 1.59%
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation and for those remortgaging in England and Wales free legal fees, or £150 towards legal fees for those in England, Wales and Scotland.
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Coventry Building Society – Five-year fixed rate mortgage, 65% loan-to-value

Coventry Building Society has increased selected rates across its remortgage product range this week. Borrowers interested in refinancing their mortgage at up to 65% loan-to-value may be interested to see that the three-year fixed rate deal, now priced at 1.49%, retains its position in our top rate tables. This, despite the rate increase of 0.14%, is still the lowest rate offered within this sector of the market and has a fee of £999 while still offering borrowers an incentive package of free valuation and free legal fees. Overall, this deal earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.49% fixed rate to 31.3.24
  • Product fee: £999
  • Maximum loan-to-value: 65%
  • Available to: Remortgage customers
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Cards

Sainsbury’s Bank – Dual Offer Credit Card Mastercard

This week Sainsbury’s Bank has increased the introductory 0% purchase and balance transfer terms to 20 months on its Dual Offer credit card. This update ensures that this card is one of the best for dual offers and therefore likely to be an attractive option for those who wish to both make purchases and transfer debt on an interest-free basis. Furthermore, it is also one of the longest interest-free terms for those purely looking to make purchases, which should further enhance its appeal. Overall, this card earns an Outstanding Moneyfacts product rating.

Key product details:

  • Introductory rate for purchases: 0% for 20 months
  • Introductory rate for balance transfers: 0% for 20 months
  • Standard interest rate for purchases: 21.9% APR
  • Balance transfer fee: 3.00%, minimum £3.00
  • Card fee: N/A
  • Opening method: Online and by phone
  • Card management: Online, by phone, by post and via its app
  • Other information: Minimum age 18, minimum income £10,000.
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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy