Moneyfacts Weekly Product News – 16.01.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 16/01/2020

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

Cynergy Bank – Online Easy Access Account – Issue 27

Cynergy Bank has reduced the rate paid on its Online Easy Access Account by 0.05% this week, but still holds a prominent position in the market. Now paying 1.31%, this deal may entice savers looking for some flexibility with their cash and have as little as £1 to start up a savings pot. As this rate includes a 0.56% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.75%. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.31% gross/1.31% AER, payable on its anniversary
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: £1 million
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, rate includes an introductory bonus of 0.56% for 12 months.

Mortgages

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

West Brom Building Society has reduced the rate on its five-year fixed rate mortgage this week, which is available to house purchase customers. Now priced at 2.89%, the deal comes with an incentive of free valuation and does not charge a product fee. As a result, this package may appeal to borrowers who have the required 5% deposit and are aiming to keep their initial costs down.

Key product details:
• Rate: 2.89% fixed to 31.3.25
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: House purchase customers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England and Wales.

Principality Building Society – Three-year fixed rate mortgage, 85% loan-to-value (via selected intermediaries)

This week, Principality Building Society has made various changes to selected fixed rates in its range, with its three-year fixed deal reducing by 0.03%. Now priced at 2.05%, the deal carries an incentive package and does not charge a product fee, which may attract borrowers looking to save on the upfront cost of their deal. All borrowers will receive a free valuation but remortgage customers will be offered a free legal fees incentive. The deal earns an Outstanding Moneyfacts product rating in the process.

Key product details:
• Rate: 2.05% fixed to 30.4.23
• Product fee: None
• Maximum loan-to-value: 85%
• Available to: All borrower types
• Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
• 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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