Moneyfacts Weekly Product News – 05.03.2020 | moneyfacts.co.uk
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 It is now over 6 months old so the content may be out of date.

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 05/03/2020

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

AA – Easy Saver – Issue 13

AA has this week increased the rate on its Easy Saver, by 0.10%. Now paying 1.20%, this deal allows unlimited withdrawals and access which may entice savers looking for an account with flexibility and which offers a decent return on their cash. The deal does carry a 1.00% bonus for the first 12 months, so savers would be wise to review the deal before this expires. The account earns an Excellent Moneyfacts product rating as a result.

Key product details:
• Rate: 1.20% gross/1.20% AER, payable on its anniversary
• Notice / term: No notice
• Minimum opening amount: £100
• Maximum investment amount: £2 million
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online and by phone
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, rate includes an introductory bonus of 1.00% for 12 months, withdrawals allowed via nominated account.


United Trust Bank – UTB 15 Month Bond

United Trust Bank has launched a new fixed bond this week, the UTB 15 Month Bond which pays 1.65%. Propelling itself into the top rate tables in its sector, this deal may entice savers searching for a competitive return on their cash over the short term. Savers must be satisfied with the length of the term and their initial deposit as earlier access and further additions are not permitted. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.65% gross/1.65% AER, payable on its anniversary
• Notice / term: 15 months
• Minimum opening amount: £5,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Postal or by phone.
• Other information: Minimum applicant age 18.


Investec Bank plc – 2 Year Fixed Term Deposit

This week Investec Bank Plc has improved the rate on its 2 Year Fixed Term Deposit deal by a substantial 0.20%, securing a place in the top rate tables in its sector as a result. Savers who have the required £25,000 deposit may find this an enticing option, particularly if they are searching for monthly interest to boost their income. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.70% gross/1.70% AER, payable on its anniversary, a monthly rate of 1.69% gross/1.70% AER is also available
• Notice / term: Two years
• Minimum opening amount: £25,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online, by phone or by mobile app.
• Other information: Minimum applicant age 16, savers must open an E-asy Access Account for transactional purposes.

Mortgages

Saffron Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Saffron Building Society has cut its three-year fixed mortgage by a notable 0.20% this week, improving its overall appeal. Now priced at 2.77%, this deal may not offer the lowest rate in its sector but it does include an attractive incentive package of free valuation and carries a low product fee of £180. First-time buyers with a 5% deposit may well find this an enticing option, particularly if they are looking to save on the upfront cost of their mortgage. As a result, the deal earns a Moneyfacts product rating of Outstanding.

Key product details:
• Rate: 2.77% fixed to 31.7.23
• Product fee: £180 payable upfront
• Maximum loan-to-value: 95%
• Available to: First-time buyers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England and Wales.


Skipton Building Society – Five-year fixed rate mortgage, 75% loan-to-value (via intermediaries)

This week, Skipton Building Society has launched a new five-year fixed rate mortgage priced at 1.59% which is available via intermediaries. The deal carries an incentive package of free valuation for all borrowers and a free legal fees incentive for customers who remortgage plus carries a reasonable product fee of £795, all of which can be added to the mortgage advance. This deal may be appealing to borrowers looking for a competitive rate over the longer-term and earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.59% fixed to 30.4.25
• Product fee: £795, all of which can be added to the mortgage advance
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation for all applicants and free legal fees to remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain, deal is available via intermediaries.

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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