Other Money News

Consumers taking money out of ATMs or receiving change at tills may be the first to get their hands on the new £20 note, which entered circulation today.

According to the Bank of England, the new polymer £20 note is the most secure banknote yet and includes two see-through windows and a two-colour foil, which make it very difficult to counterfeit. It features a self-portrait of the artist JMW Turner , which was painted in 1799. It is expected that half of all ATMs across the UK will be dispensing the new note within two weeks.

Speaking at Tate Britain, which houses the original self-portrait of JMW Turner used for the £20 note design, Mark Carney, Governor at the Bank of England, said: “Our banknotes celebrate the UK’s extraordinarily rich and diverse heritage and highlight the contributions of its greatest citizens. Turner’s art was transformative. I am delighted that the work of arguably the single most influential British artist of all time will now appear on another two billion works of art – the new £20 notes that people can start using today.”

The new £20 note is also the first to feature the signature of Sarah John, Chief Cashier at the Bank of England. She said: “Moving the £20 note to polymer marks a major step forward in our fight against counterfeiting. I am very grateful to everyone across the cash industry who has made this transition possible and I hope the public enjoy using their new Turner £20s.”

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.

Consumers who value an expert, impartial opinion will be delighted to hear that Moneyfacts has revealed its 2020 Five and Four Star Ratings for the equity release sector. These highlight the very best products currently available on the UK market.

Based on a simple five-star system, our independent annual ratings are the result of a detailed and thorough analysis of each product by our experienced and knowledgeable team.

According to a consumer survey carried out by Moneyfacts group in July 2019 around nine in 10 (91%) consumers agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a financial services product.

The Moneyfacts Annual Star Ratings look at thousands of products across 16 categories, from business and personal finance products to insurance and investment products. It is down to the extensive analysis of more than 2,000 data fields that enables Moneyfacts to award its Star Ratings each year, helping to support consumers with their decision-making process.

In the case of our Equity Release Star Ratings, over 35 fields of information were carefully considered for each product. These include:

Flexibility
• Minimum and maximum ages
• Minimum and maximum loan-to-values
• Minimum and maximum advances
• Lump sum options
• Drawdown options
• Regular income facility
• Interest roll-up options
• Portability
• Ability to service debt
• Partial payments.

Features
• Rate type
• Interest-charging frequency
• Equity Release Council membership
• Negative equity guarantees
• Early repayment charges
• Valuation/survey fees
• Cashback
• Legal fees
• Third-party legal liability cover
• Downsizing protection.

Richard Eagling, editor of Investment Life & Pensions Moneyfacts, said: “The choice of equity release products on offer has widened significantly in recent years and there has been a near-constant stream of innovations and new options for consumers to be aware of. As providers look to cater for an increasingly varied audience, equity release products have evolved to become more flexible than ever before.

“The annual Moneyfacts Equity Release Star Ratings provide consumers with a valuable insight into the quality of the equity release features on offer.”

To see the full list of awarded products, please click here. There are many more 2020 Moneyfacts Annual Star Ratings to come.

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.