nigel woollsey

Nigel Woollsey

Online Writer
Published: 11/07/2019

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

Secure Trust Bank – 2 Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said "This week Secure Trust Bank has launched a competitively priced two-year fixed rate ISA, which pays 1.75% and sits within the top dozen best deals in its sector. Savers hoping to make use of their annual ISA allowance and wish to invest over the shorter-term will find this deal highly attractive. Unlike traditional fixed ISAs, this account allows savers to access funds, however they will incur a 180-day loss of interest penalty if they do so. As a result, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.75% gross/1.75% AER, payable yearly
  • Notice / term: Fixed to 10.8.21
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: On closure only, subject to 180 days’ loss of interest
  • Further additions: Permitted within 30 days of opening the account
  • Transfers In: Accepts cash ISAs 
  • Opening account: Online only
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18

 

Principality Building Society – Learner Earner

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Principality Building Society has launched both an adult and child version of its Learner Earner regular savings account this week, which pays a variable rate of 4.00%. The deal storms towards the top of the market, however, savers must be aware that only three withdrawals are allowed each year. Despite this, consumers looking to save towards a specific goal will find this highly appealing – especially if they need quick access to their cash in an emergency. As a result, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.00% gross/4.00% AER, payable yearly
  • Notice / term: No notice
  • Minimum opening amount: £1
  • Maximum investment amount: £20,000
  • Access: Three withdrawals permitted per annum
  • Further additions: £250 maximum per month
  • Opening account: Branch only
  • Managing account: Branch and by post
  • Other information: Minimum applicant age 18, only adults with a close link to a child (parent, grandparent, aunt, uncle, guardian, for example) can open an account and a child Learner Earner must be opened at the same time.

 

Shawbrook Bank – Easy Access (Issue 15)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Climbing the rate table within the easy access market this week is Shawbrook Bank, after a rate rise of 0.05%. Now paying 1.48%, the deal may entice savers looking for flexibility with their cash, as it doesn’t limit the number of withdrawals, but it is worth mentioning that the minimum withdrawal amount is £500 and a minimum deposit of £1,000 is required. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:

  • Rate: 1.48% gross/1.48% AER, payable on its anniversary, monthly option pays 1.47%
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Unlimited withdrawals and access permitted, but minimum withdrawal is £500
  • Further additions: Permitted 
  • Opening account: Online only
  • Managing account: Online or by phone
  • Other information: Minimum applicant age 18

Mortgages

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said "A new deal launched for borrowers with a 5% deposit this week comes from Ipswich Building Society, with its five-year fixed rate mortgage. Charging a rate of 2.99%, the deal has one of the best rates in the market and, for remortgage customers, it comes with attractive incentives of a free valuation and free legal fees. Its overall package and low fee may entice borrowing looking to save on the upfront cost of their deal. As a result, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed to 30.9.24
  • Product fee: £499, of which £300 can be added to mortgage advance
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: Remortgage customers get free valuation (for properties valued at a maximum of £1 million) and free legal fees
  • Flexible features: Allows overpayments
  • Lending area: England and Wales 
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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