Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 12/12/2019

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

Bank of London and The Middle East (BLME) – Three-year Premier Deposit Account

This week BLME has adjusted rates on its fixed rate deposit accounts, with its three-year fixed deal experiencing a cut of 0.10%. Now paying 2.10% as an expected profit rate on its anniversary, the deal retains a prominent position in the top rate tables and may well entice savers looking for a lucrative rate over three years. As is typical of a fixed rate bond, early access is not permitted, so savers must be comfortable with their initial investment. It earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 2.10% gross / 2.10% AER, expected profit rate, payable on its anniversary
• Notice / term: Fixed for three 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: By post
• 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.


Masthaven Bank – 30-month Flexible Term Saver

Savers looking for a longer-term home for their cash may find this deal from Masthaven Bank enticing, despite its rate cut this week of 0.02%. Now paying 1.83%, the deal sits comfortably near the top rates in its sector and allows savers to invest from as little as £500. There is also a monthly interest option for those looking to supplement their income at 1.81% gross available. Those looking to take advantage will have seven days to add to their investment, but no earlier access is permitted. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.83% gross / 1.83% AER, payable on its anniversary, monthly option of 1.81% gross / 1.83% AER available
• Notice / term: Fixed for 30 months
• Minimum opening amount: £500
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Additions for seven days from account opening, via a nominated account
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

Mortgages

Santander – 10-year fixed rate mortgage, 60% loan-to-value

Santander has launched a new 10-year fixed mortgage this week, which is available to remortgage customers. Priced at 2.29%, the deal is currently the lowest rate at 60% loan-to-value and does not charge a product fee. A decent incentive package of free valuation, and free legal fees or £250 cashback is included, which might entice borrowers looking to save on the upfront cost of remortgaging. As a result, the deal earns a Moneyfacts product rating of Excellent.

Key product details:
• Rate: 2.29% fixed to 2.4.30
• Product fee: None
• Maximum loan-to-value: 60%
• Available to: Remortgage customers
• Incentives: Free valuation, as well as £250 cashback or free legal fees, subject to lending area
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Platform – Five-year fixed rate mortgage, 90% loan-to-value (via selected intermediaries)

Borrowers who are searching for a cost-saving incentive package and have just a 10% deposit may be intrigued by a 0.03% rate cut from Platform. Those comparing deals through a selected intermediary will discover that this deal includes some generous incentives and does not charge a product fee. The deal, priced at 2.31%, may not have the lowest rate in its sector, but it still offers a decent package. As a result, it earns a Moneyfacts product rating of Outstanding.

Key product details:
• Rate: 2.31% fixed to 28.2.25
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation and £250 cashback for all, free legal fees for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain, deal is available via selected intermediaries.

Credit cards

Sainsbury’s Bank – Low Balance Transfer Fee Credit Card Mastercard

This week, Sainsbury’s Bank has cut its introductory balance transfer fee from 1.99% to 1.00% on its Low Balance Transfer Fee Credit Card Mastercard. The card offers an introductory balance term of 26 months, so a drop in the fee has improved its appeal. Those looking to move their debts will find this low fee enticing, considering many of the longest interest-free balance transfer deals have higher fees charged. This credit card also rewards spenders with Nectar points and earns a Moneyfacts product rating of Excellent.

Key product details:
• Introductory rate for purchases: 0% for 3 months
• Introductory rate for balance transfers: 0% for 26 months
• Standard interest rate for purchases: 20.9% APR
• Balance transfer fee: 1% or minimum £3
• Card fee: N/A
• Opening method: Online and by phone
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income £10,000, Nectar card 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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