nigel woollsey

Nigel Woollsey

Online Writer
Published: 04/07/2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Savings

Newcastle Building Society – Five Year Fixed Rate ISA (Issue 30)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Newcastle Building Society has increased the rate on its five-year fixed rate ISA this week, which sits just shy of the top rate over its term and now pays 2.12% yearly. Savers looking to invest over the long-term may well find this straightforward ISA attractive. Unlike traditional fixed ISAs, this allows savers to access funds, however they will incur a 365-day loss of interest penalty if they do so. as a result, the deal earns an Excellent Moneyfacts product rating. A monthly option paying 2.10% is also available.”

Key product details:

  • Rate: 2.12% gross/2.12% AER, payable on maturity, 2.10% monthly
  • Notice / term: Fixed for five years
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Subject to 365 days’ loss of interest
  • Further additions: Permitted while issue remains open
  • Transfers In: Accepts cash ISAs and stocks & shares ISAs
  • Opening account: Online or in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: Minimum applicant age 16


QIB (UK), via Raisin UK – 18 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“QIB (UK) has adjusted the expected profit rate on its 18-month fixed rate bond this week, with a cut of 0.20%. Despite this, its new expected profit rate of 1.95% remains a competitive choice within its sector. Savers who have at least £1,000 to invest and are searching for a fixed profit, but want to avoid locking in their cash beyond 18 months, may find this deal appealing. This deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.95% gross/1.95% AER, expected profit rate, payable on maturity
  • Notice / term: Fixed for 18 months  
  • 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, operates under Islamic finance principles, the rates displayed represent the expected profit rate

Mortgages

Lloyds Bank – Five-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Lloyds Bank has improved its five-year fixed remortgage deal this week, thanks to a rate cut of 0.21%. Now charging 2.31%, the deal continues to carry incentives of a free valuation and free legal fees, which may prove popular with borrowers looking to save on the upfront cost of their deal. Borrowers who have the required 10% equity and are searching for a high street brand may well find this deal a competitive option.”

Key product details:

  • Rate: 2.31% fixed to 31.8.24
  • Product fee: £999, can be added to mortgage advance
  • Maximum loan-to-value: 90%
  • Available to: Remortgage customers
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain, Northern Ireland   

 

Nationwide Building Society – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Nationwide Building Society has improved its five-year fixed rate deal after a rate cut of 0.05%. This has not only improved its market position on rate, but it continues to include incentives. Overall this competitive deal may well entice borrowers thanks to its free valuation incentive and reasonable fee, but it also includes £500 cashback for first-time buyers and remortgage customers too.”

Key product details:

  • Rate: 1.84% fixed for five years
  • Product fee: £999, can be added to mortgage advance
  • Maximum loan-to-value: 60%
  • Available to: All borrower types
  • Incentives: Free valuation for all, £500 cashback for first-time buyers or those remortgaging
  • Flexible features: Allows overpayments and underpayments
  • Lending area: Great Britain, Northern Ireland (Excludes Scilly Isles)

Credit cards

Sainsbury’s Bank – Dual Offer Credit Card

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Sainsbury’s Bank has shaved two months off its Dual Offer 0% purchase and balance transfer terms to 24 months, however, it remains one of the most competitive interest-free deals in its sector. This card will be highly attractive to shoppers and those looking to make a balance transfer, plus it rewards spenders with Nectar points. This deal earns an Outstanding Moneyfacts product rating as a result.”

Key product details:

  • Introductory rate for purchases: 0% for 24 months
  • Introductory rate for balance transfers: 0% for 24 months
  • Standard interest rate for purchase: 20.9% APR
  • Balance transfer fee: 3% or minimum £3
  • Card fee: N/A
  • Opening method: Online and by phone
  • Card management: Online, by phone and by post
  • Other information: Minimum age 18, Nectar card points scheme
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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