nigel woollsey

Nigel Woollsey

Online Writer
Published: 08/08/2019

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

Post Office Money® – Online Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “This week, Post Office Money® retains a competitive position in the easy access market, despite a rate cut of 0.23% on its Online Saver. Savers searching for an instant access account with as little as £1 to invest will find this deal enticing. As this rate includes a 0.90% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.25%. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.15% gross/1.15% AER, payable yearly
• 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, introductory bonus of 0.90% for 12 months

 

Gatehouse Bank – 120 Day Notice Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Gatehouse Bank has adjusted the expected profit rate on its 120-day notice account this week, reducing by 0.05%. Now paying 1.82%, this deal sits just shy of the market-leading notice account, retaining a competitive position in the market. This offer may entice savers who are prepared to wait 120 days to access their funds for a competitive return. It earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.82% gross/1.82% AER, expected profit rate, payable on its anniversary, 1.80% monthly
• Notice / term: 120 days’ notice
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: No earlier access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate

 

Atom Bank – 1 Year Fixed Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Atom Bank has increased the rate on its one-year fixed saver this week by 0.25%, greatly improving its position in the market. Savers with just £50 to invest and who are searching for a short-term fixed home for their cash may find this deal appealing. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 2.00% gross/2.00% AER, payable yearly, 1.98% monthly
• Notice / term: Fixed for one year
• Minimum opening amount: £50
• Maximum investment amount: £100,000
• Access: Not permitted
• Further additions: Permitted one week from account opening
• Opening account: Mobile app
• Managing account: Mobile app
• Other information: Minimum applicant age 18

Mortgages

Lloyds Bank – Five-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“This week, Lloyds Bank has improved its five-year fixed rate mortgage available to remortgage customers, after a rate cut of 0.07%. At 2.01%, the deal is competitively priced and includes a cost-saving incentive package of free valuation and free legal fees. This deal may well entice borrowers looking for a competitive rate over the longer-term from a high-street brand.”

Key product details:
• Rate: 2.01% fixed to 30.11.24
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 80%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments and payment holidays
• 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.

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