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Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 29/10/2020

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

Yorkshire Building Society – Six Access e-Saver ISA (Issue 2)

This week Yorkshire Building Society has cut the rate on selected tiers of its latest issue of the Six Access e-Saver ISA and retains a place within the top 10 in its sector overall. Savers who have £10,000 to invest will receive a gross rate of 0.70%, 0.21% less than the prior issue but it is a competitive return in the present market, and they can earn up to 0.74% gross on higher deposits. Further additions are permitted but the account only allows six withdrawal days per anniversary year, so careful planning is a must. The account earns an Excellent Moneyfacts product rating in the process.

Key product details:

  • Rate: 0.70% gross / 0.70% AER at £10K, payable yearly (variable rate – four rate tiers, from 0.20% gross / 0.20% AER to 0.74% gross / 0.74% AER dependent on account balance)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, six withdrawal days per anniversary year
  • Further additions: Permitted
  • Transfers in: Accepts cash or stocks and shares ISAs, Innovative Finance ISAs, Lifetime ISAs (cash or stocks and shares) and APS ISAs (cash or stocks and shares)
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Bank of London and The Middle East – 90 Day Notice Account (Issue 4)

Bank of London and The Middle East (BLME) has reduced the rate on its 90-day notice account by 0.20% this week. Now paying 0.90% as an expected profit rate, the deal sits highly in the top rate tables and may well appeal to savers looking for a competitive return, but do not wish to lock their money away over the longer-term. Savers must be satisfied to give notice to access their funds, so careful planning is wise. Overall, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.90% gross / 0.90% AER, payable quarterly
  • Notice / term: 90 days
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • Access: On 90 days’ notice only
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18, Sharia-compliant account – rates shown are expected profit rate.

 

Al Rayan Bank – 18-month Fixed Term Deposit

This week, Al Rayan Bank has reduced the expected profit rate on the 18-month version of its Fixed Term Deposit account by 0.10%. The deal sits at the top of the short-term fixed bond market despite the rate cut and now pays an expected profit rate of 1.10%. Savers looking for a fixed return and desire quarterly interest payments to supplement their income may find this deal an attractive choice. As is common with fixed accounts, earlier access and further additions are not permitted. This deal earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.10% gross / 1.10% AER, payable quarterly
  • Notice / term: 18 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: No maximum
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By phone, in branch, online and via mobile app
  • Managing account: By phone, in branch, online and via mobile app
  • Other information: Minimum applicant age 16, Sharia-compliant account – rates shown are expected profit rate, interest can be paid away or compounded. Quarterly profit reduced if taken as an income.

 

Mortgages

Barclays Mortgage – Three-year fixed rate mortgage, 60% loan-to-value

Barclays Mortgage has launched a new three-year fixed rate mortgage onto the market today priced at 1.49%. The deal carries an attractive incentive package of free valuation for all and free legal fees for those remortgaging. The product fee of £999 can be added to the mortgage advance, ideal for borrowers who want to save on the upfront cost of their mortgage. Overall borrowers searching for a competitive package with a well-known brand may find this appealing. The product earns an Outstanding Moneyfacts product rating in the process.

Key product details:

  • Rate: 1.49% fixed rate to 31.1.24
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: All borrower types
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain, Northern Ireland.

 

Skipton Building Society – Five-year fixed rate mortgage, 85% loan-to-value

Skipton Building Society has made a significant cut on its five-year fixed rate mortgage this week by 0.95%, improving its overall appeal. Now priced at 2.99%, the deal carries an attractive package of free valuation for all and free legal fees for those remortgaging and charges a £999 fee which can be added to the mortgage advance. Overall this deal may spike the interest of borrowers searching for a competitive package and have a 15% deposit or equity. The product earns an Outstanding Moneyfacts product rating in the process.

Key product details:

  • Rate: 2.99% fixed rate to 31.1.26
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain.

 

Coventry Building Society – Three-year fixed rate mortgage, 75% loan-to-value

This week Coventry Building Society has made several changes to its range. One of the deals to stand out is its three-year fixed rate mortgage which is now priced at 1.89%, after a rate rise of 0.10%, and is now available to house purchase customers only. The deal carries a fee of £999 which can be added to the mortgage advance, and the incentive package of free valuation compliments its overall appeal. The product earns an Excellent Moneyfacts product rating in the process.

Key product details:

  • Rate: 1.89% fixed rate to 31.12.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers only
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.
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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