Moneyfacts Weekly Product News – 09.04.2020 | 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 It is now over 6 months old so the content may be out of date.

Eleanor Williams

Finance Expert & Press Officer
Published: 09/04/2020

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

Gatehouse Bank – 5 Year Fixed Term Cash ISA

This week sees Gatehouse Bank enter the cash ISA market with the launch of a five-year fixed term cash ISA. Paying 1.40% on its anniversary, this deal secures a position in the top rate tables in its sector and may entice savers searching for a competitive return on their cash over the longer-term. Savers should note that earlier access is available, however, this is subject to a 365-day loss of interest, so careful planning is advised. The deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.40% gross/1.40% AER, payable on anniversary
• Notice/term: Five years
• Minimum opening amount: £1,000
• Maximum investment amount: N/A
• Access: Permitted subject to 365 days’ loss of interest
• Further additions: Not permitted
• Transfers in: Accepts cash ISAs and stocks & shares ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, this bank operates under Islamic finance principles, the rates displayed represent the expected profit rate. Paid into a linked or nominated account on maturity

Shawbrook Bank – 2 Year Fixed Rate Cash ISA Bond (Issue 36)

Shawbrook Bank has launched a handful of new fixed rate ISAs including a 2-year option which pays 1.45% on its anniversary. There is also a monthly interest option paying 1.44% gross which may be attractive to those looking to boost their regular income. This account takes a position within the top 10 when compared against other products with similar terms currently available. Earlier access is permitted, although this is subject to 180 days’ loss of interest. However, further additions are permitted while the issue remains open, which investors may view as a plus. Overall, this account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.45% gross/1.45% AER, payable on anniversary, monthly option of 1.44% gross/1.45% AER
• Notice/term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: N/A
• Access: Permitted subject to 180 days’ loss of interest
• Further additions: Permitted while the issue remains open
• Transfers in: Accepts cash ISAs and stocks & shares ISAs
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, paid into a variable rate account pending instructions or withdrawal.

Post Office Money ® – Instant Saver (Issue 12)

Post Office Money ® has moved on the issue number for its Instant Saver account, cementing its position in the top rate tables in its sector and remaining within the top 7 accounts which include a bonus. Paying 0.75% yearly, this deal may well attract those who require quick access to their funds but savers are advised that this deal does include a bonus of 0.65% for 12 months, therefore it’s important to make a note to review before this expires. On balance, this deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.75% gross/0.75% AER, payable yearly (includes 0.65% bonus for 12 months)
• Notice/term: No notice
• Minimum opening amount: £100
• Maximum investment amount: £1 million
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: By post or in branch
• Managing account: Online, by post, by phone and in branch
• Other information: Operated by Bank of Ireland. Minimum applicant age 11 (account opened in trust for under 16’s), cash card available.

Cards

Tesco Bank – Clubcard Credit Card Purchases Mastercard

This week, Tesco Bank has cut its introductory 0% purchase term from 22 months down to 20 months on its Clubcard Credit Card Purchases Mastercard. Despite this reduction, this card remains one of the most competitive in its sector. It is worth noting that this card also offers an introductory 0% balance and money transfer terms of 3 months which may add to its overall appeal. In addition, this credit card also rewards spenders with Clubcard points and earns a Moneyfacts product rating of Outstanding.

Key product details:
• Introductory rate for purchases: 0% for 20 months
• Introductory rate for balance transfers: 0% for 3 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 2.90% for introductory period, reverting to standard 3.99% or minimum £3.00
• Card fee: N/A
• Opening method: Online or by phone
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income of £5,000 per annum, Clubcard 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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