nigel woollsey

Nigel Woollsey

Online Writer
Published: 06/09/2019

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

Marcus by Goldman Sachs® – Online Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“Joining the trend of rate cuts within the easy access market this week is Marcus by Goldman Sachs®, cutting its lucrative rate by 0.05%. Savers searching for an instant access account will still find this deal to be highly competitive in the present market, despite the reduction in rate. The rate includes a small bonus of 0.10% for 12 months, and savers will need to have a UK mobile phone number to apply. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:

• Rate: 1.44% gross/1.45% AER, payable monthly
• Minimum opening amount: No minimum
• Maximum investment amount: £100,000
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted (via a nominated account)
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, must have a UK mobile number to apply, introductory bonus of 0.10% for 12 months, however, investors can renew the bonus and opt-in to the new bonus rate at this point


Moneybox – 95 Day Notice Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:"A brand new notice account launching into the savings market this week comes from Moneybox, with its new 95 Day Notice Savings Account. Paying 1.65%, the deal sits highly within its sector and may entice savers who are not only searching for a decent return, but who don’t want to lock in their cash over the longer-term. Savers will need to be satisfied with the notice term, as they are not permitted to withdraw funds earlier. This account earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.65% gross/1.65% AER, payable monthly
• Notice / term: Notice period of 95 days
• Minimum opening amount: £1
• Maximum investment amount: £85,000
• Access: No earlier access permitted
• Further additions: Permitted
• Opening account: Mobile app
• Managing account: Mobile app
• Other information: Minimum applicant age 18, managed by Investec Bank plc

Bank of London & The Middle East (BLME) – 5 Year Premier Deposit Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“BLME has made further reductions to selected rates in its range of deposit accounts since a week ago, with the expected profit rate on its five-year offering cut by 0.25%. Now paying 2.30%, this deal retains its position within the top rate tables, but loses its market-leading status in the process. Savers who are happy to lock their cash away over the longer-term for a competitive return may find this deal appealing, but they should take note that further additions and earlier access are not permitted. It earns an Excellent Moneyfacts product rating in the process.”

Key product details:

• Rate: 2.30% gross/2.30% AER, expected profit rate, payable on its anniversary
• Notice / term: Five years
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: No earlier access permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Postal
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate, savers require a BLME transfer account to hold funds pending investment

Mortgages

HSBC – Three-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “HSBC has made several rate cuts to its mortgage range this week, seeing its three-year fixed deal reduced by 0.15%. As well as a competitive interest rate, the deal also includes an attractive incentive package of free valuation for all applicants and free legal fees for those remortgaging. Borrowers searching for competitive rate and a competitive incentive package may find this an enticing option. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.49% fixed to 31.1.23
• Product fee: £999 payable upfront
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation, and free legal fees for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland


TSB – Two-year fixed rate mortgage, 85% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Launching new fixed rate mortgages via selected intermediaries this week is TSB. Its two-year fixed rate mortgage has a rate of 1.84%, and is available to remortgage customers at 85% loan-to-value. As well as the competitive rate, the deal includes a generous package. Borrowers looking for a mortgage with a well-known high street brand may find this option appealing. It earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.84% fixed to 30.11.24
• Product fee: £1,495 payable upfront
• Maximum loan-to-value: 85%
• Available to: Remortgage customers only
• Incentives: Free valuation, plus either free legal fees or £300 cashback
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain, deal is available via selected intermediaries


Santander – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Santander has launched a new three-year fixed rate mortgage this week, available to first-time buyers with a 5% deposit. The deal offers a generous £1,000 cashback as part of its incentive package and has no arrangement fee. Borrowers hoping to save on the upfront cost of their mortgage and are looking for a cashback incentive may find this deal an enticing choice. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 3.19% fixed to 2.12.22
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: First-time buyers
• Incentives: Free valuation and £1,000 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland

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.

newspapers

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy