Moneyfacts Weekly Product News – 16.04.2020 | 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 It is now over 6 months old so the content may be out of date.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: 16/04/2020

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

Close Brothers Savings – 95 Day Notice Account

Close Brothers Savings has relaunched its 95 Day Notice Account. This account pays 1.45% yearly, which secures it a position within the top 10 when compared against similar products currently available in the market. Savers should be aware that all withdrawals are subject to providing 95 days’ notice, therefore planning is advised. The account receives an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.45% gross/1.45% AER, payable yearly
• Notice/term: 95 days
• Minimum opening amount: £10,000
• Maximum investment amount: £2 million
• Access: permitted on 95 days’ notice
• Further additions: Permitted
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18

Vanquis Bank – Vanquis Bank Savings 6 Month Bond

This week sees Vanquis Bank launch a six-month fixed rate bond which takes a position within the top third when compared against others bonds with similar terms. Paying 1.05% on its anniversary, this deal may entice savers searching for a competitive return on their cash over the short-term. Savers should note that, as is common in the fixed rate market, earlier access is not permitted. However, this account does also offer a monthly interest option, which may be of interest to those looking to supplement their income.

Key product details:
• Rate: 1.05% gross/1.05% AER, payable on anniversary, 1.04% gross/1.05% AER monthly
• Notice/term: Six months
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online, by phone or by post
• Other information: Minimum applicant age 18, reinvested into a further fixed rate or fixed term account on equivalent or similar terms.

Virgin Money – Young Saver (Issue 7)

Virgin Money has reduced the rate on its Young Saver account, now paying 1.75% yearly. Despite the rate reducing by 0.50%, this account still maintains a position within the top quarter when compared against similar children's accounts currently available in the market. It should be noted that the account must be held by an adult in trust for the child.


Key product details:
• Rate: 1.75% gross/1.75% AER, payable yearly
• Notice/term: Instant
• Minimum opening amount: £1
• Maximum investment amount: £25,000
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: In branch, by post and by phone
• Managing account: By post or in branch
• Other information: Maximum applicant age 15, account must be held by an adult in trust for the child.

Mortgage

Nottingham Building Society – Five-year fixed rate mortgage, 70% loan-to-value

Nottingham Building Society has launched a selection of fixed rate mortgage products, including a 70% loan-to-value five-year fixed rate product priced at 1.60%. This deal carries an incentive package of a free valuation for all borrowers and for those remortgaging free legal fees. The product fee of £999 is split into an upfront cost of £199 and £800 which be added to the mortgage advance, which may well entice those looking to keep their upfront costs down. This deal may be appealing to borrowers looking for a competitive rate over the longer-term.

Key product details:
• Rate: 1.60% fixed to 1.9.25
• Product fee: £999, £800 of which can be added to the mortgage advance
• Maximum loan-to-value: 70%
• Available to: All borrower types
• Incentives: Free valuation and for remortgage customers free legal fees
• Flexible features: Allows overpayments
• Lending area: England and Wales.

Loans

Yorkshire Bank – Personal Loan

This week Yorkshire Bank has amended rates charged on selected tiers on its unsecured personal loan. Customers looking to borrow between £5,000 to £7,499 over a term of one to five years will find rates increased by 0.4%, so the representative APR at this tier now stands at 3.9%. Those who wish to borrow between £7,500 and £25,000 will see the rate increase by 0.2% to sit at 3.1% APR. Despite these tiers seeing their rates increase, this loan remains an attractive option and offers additional flexibility by allowing joint applicants. On balance, the product earns an Excellent Moneyfacts product rating.

Key product details:
• Representative APR: 3.1%
• Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
• Application available: Online, by phone or in branch
• Other information: Available to new or existing customers, minimum age 18, loan top-up facility available.

Cards

TSB – Platinum 30 Month Balance Transfer

This week, TSB has increased the introductory 0% balance transfer term from 28 months up to 30 months on its Balance Transfer credit card. This increase ensures this card offers the longest available term for those looking to transfer debt interest free. Additionally, this product has an introductory 0% purchase term of 3 months and a low APR of 19.9%, which is likely to appeal to many consumers and therefore earns an Outstanding Moneyfacts product rating.

Key product details:
• Introductory rate for purchases: 0% for 3 months
• Introductory rate for balance transfers: 0% for 30 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 2.95% for 3-month introductory period, reverting to standard 3.00% thereafter
• Card fee: N/A
• Opening method: Online
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, no minimum income.

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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