Moneyfacts Weekly Product News – 14.05.2020

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.

Shawbrook Bank – 18-Month Fixed Rate Bond (Issue 19)

This week sees Shawbrook Bank make a number of amendments across its savings range. The 18-Month Bond has received a small reduction of 0.05% and now pays 1.45% gross on anniversary. As may be expected for fixed accounts, earlier access is not permitted. However, some savers may be pleased to see that further additions are an option whilst this particular issue remains open. When compared to other bonds with similar terms currently available in the market, this account maintains a position within the top 10 and earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.45% gross/1.45% AER, payable on its anniversary, monthly option of 1.44% gross/1.45% AER
• Notice / term: 18 months
• Minimum opening amount: £1,000
• Maximum investment amount: £2 million
• Access: Not permitted
• Further additions: Permitted whilst issue remains open
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, paid into a variable rate account on maturity pending instructions/withdrawal.

Marcus by Goldman Sachs ® – Online Savings Account

Previously paying 1.19% gross, the Online Savings Account from Marcus by Goldman Sachs ® has experienced a 0.15% rate reduction this week. Now offering savers 1.04% gross monthly, this account retains a position in the top table when compared against other similar accounts currently available. For those seeking the flexibility of an easy access account, this option remains a competitive choice and earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.04% gross/1.05% AER, payable monthly
• Notice / term: None
• Minimum opening amount: £0
• Maximum investment amount: £250,000
• Access: Permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, transactions must be made via a nominated account. Must have a UK mobile phone number to apply

Saga – Easy Access Savings Account

Saga has reduced the rate on its Easy Access Savings account by 0.19%, now paying 1.00% gross (including a 0.20% bonus for 12 months). Despite the rate reduction, this account maintains its top position when compared against other similar accounts in this limited sector of the market that offer a bonus. Savers are advised that a review would be wise after 12 months as the bonus on the account will expire and the rate will reduce at this point in time. Following this update, this account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.00% gross/1.00% AER, payable monthly (includes 0.20% bonus for 12 months)
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: £100,000
• Access: Permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, account access via a nominated current account, operated by Goldman Sachs International Bank.

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

In its latest update, TSB has increased its maximum loan-to-value banding up to 80% and also launched a selection of variable tracker products to its range. One of the new deals to be added at 80% LTV is a 1.74% fixed rate to 31.8.25 for house purchase customers. This option carries a reasonable fee of £995 and borrowers will also benefit from a free valuation. On balance this product receives an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 1.74% fixed to 31.8.25
• Product fee: £995, payable upfront
• Maximum loan-to-value: 80%
• Available to: House purchase customers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: Great Britain.

Leeds Building Society – Five-year fixed rate mortgage, 65% loan-to-value

This week, Leeds Building Society has made a number of rate reductions across a selection of products in its mortgage range. One notable change has been a cut of 0.17% to the five-year 1.70% deal, now priced at 1.53% to 31.7.25 and continuing to provide borrowers with up to 65% loan-to-value. This deal carries a fee of £999 and a comprehensive incentive package of free valuation and for those remortgaging, help towards costs are also available. Whilst slightly lower rates may be available elsewhere within this sector of the market, when one takes the rate and features into account, overall this option earns an Excellent Moneyfacts product rating

Key product details:
• Rate: 1.53% fixed to 31.7.25
• Product fee: £999, all of which can be added to the advance or paid upfront
• Maximum loan-to-value: 65%
• Available to: All borrower types
• Incentives: Free valuation and for remortgage customers help towards costs
• Flexible features: Allows overpayments
• Lending area: England, Wales, Northern Ireland and mainland Scotland.