Moneyfacts Weekly Product News – 06.02.2020

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.

Post Office Money® – Online Saver – Issue 44

Post Office Money® has increased the rate on its easy access saver by 0.02% this week to pay 1.32% yearly. Due to the rate improvement, this deal may well attract savers who require quick access to their funds and wish to open the account with a small deposit. This deal does carry a bonus for 12 months of 0.82%, so it’s important that savers make a note to check their rate before this expires. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.32% gross / 1.32% AER, payable on anniversary, monthly option of 1.31% gross / 1.31% AER available
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: £2 million
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, rate includes an introductory bonus of 0.82% for 12 months.

Cambridge Building Society – Five-year fixed rate cash ISA

Cambridge Building Society has launched a five-year fixed rate ISA this week, which takes a position within the top rates in its sector. Paying 1.70% yearly, the deal may attract savers looking to take full advantage of their ISA allowance over the longer-term, but also those who may require access to their funds subject to an interest penalty during the five-year term. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.70% gross / 1.70% AER, payable yearly
• Notice / term: Fixed for five years
• Minimum opening amount: £500
• Maximum investment amount: ISA Allowance
• Access: Permitted subject to a 240-day loss of interest penalty
• Further additions: Permitted for 2019/2020 and 2020/2021 tax years
• Opening account: Branch, post or by phone
• Managing account: Online, mobile app, branch, post or by phone
• Other information: Minimum applicant age 16, paid into a variable rate account pending instructions/withdrawal.

Furness Building Society – Five-year fixed rate mortgage, 95% loan-to-value

Furness Building Society has reduced the rate payable on its 95% loan-to-value five-year fixed rate product by 0.10%. Now priced at 3.48%, the deal does not charge a product fee and carries a generous incentive package of a free valuation, £1,000 cashback and for those remortgaging either free legal fees or a £150 contribution towards legal costs. The deal may tempt those who want to keep any initial costs as low as possible, particularly considering this option is available to those with just a 5% deposit or equity in their home.

Key product details:
• Rate: 3.48% fixed for five years
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: All borrower types
• Incentives: Free valuation and £1,000 cashback for all, and for remortgage customers either free legal fees or £150 contribution towards legal costs
• Flexible features: Allows overpayments
• Lending area: Great Britain

TSB – Personal Loan

TSB has launched an unsecured personal loan that is available to new customers. The rates for those borrowing between £7,500 to £25,000 over one to five years are among the most competitive currently available in this market. However, borrowers should be careful if they are looking to take out loans of lower amounts and may be advised to check if better rates may be available elsewhere. Another useful feature is that repayment holidays may be applied for once the loan is established. Overall, the loan earns an Excellent Moneyfacts product rating.

Key product details:
• Representative APR: 2.9%
• Loan period: Rate shown is based on a term of 60 months
• Application available: Online, branch or by phone
• Other information: Available to new customers, must have an annual income of £10,200 plus, minimum age 18 or 21 to apply online, overpayments allowed without an early repayment charge.