nigel woollsey

Nigel Woollsey

Online Writer
Published: 18/07/2019

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

Shawbrook Bank – 1 Year Fixed Rate Cash ISA

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

“Shawbrook Bank has increased the rate on its one-year fixed ISA this week by 0.04%, propelling it to the top of its sector for new customers. Savers looking to invest in a straightforward short-term fixed ISA may be attracted to this deal, as it also offers some flexibility. However, savers will incur a 90-day loss of interest penalty if they access their cash early and must close the ISA to do so. The deal earns a Moneyfacts product rating of Excellent in the process.”

Key product details:

  • Rate: 1.62% gross/1.62% AER, payable on maturity, 1.61% monthly
  • Notice / term: Fixed for one year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: On closure only, subject to 90 days’ loss of interest
  • Further additions: Permitted while the issue remains open
  • Transfers In: Accepts cash ISAs and stocks & shares ISAs
  • Opening account: Online only
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18


Leeds Building Society – 10 Year No Access Income Bond

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

“Savers looking for a competitive return on their cash over the longer-term may be intrigued by this new bond from Leeds Building Society. Paying a fixed monthly interest rate of 2.50% gross (2.53% AER) for 10 years, the bond makes its mark in its sector and may attract those looking to supplement their income. As no earlier access is permitted, savers must be comfortable to lock away their cash for the duration of the bond. The deal earns a Moneyfacts product rating of Excellent in the process.”

Key product details:

  • Rate: 2.50% gross/2.53% AER, payable monthly
  • Notice / term: Fixed to 30.9.29
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • Access: No early access permitted
  • Further additions: Permitted until 30.9.19
  • Opening account: In branch or by post
  • Managing account: In branch or by post
  • Other information: Minimum applicant age 18

Mortgages

Post Office Money® – Two-year fixed mortgage, 75% loan-to-value

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

“Borrowers searching for a new mortgage from a well-known brand will be delighted by the latest package launched by Post Office Money®. Priced at 1.77% for two years, it carries a cost-saving incentive package and charges no product fee. All borrowers will get a free valuation and remortgage customers will also get free legal fees. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 1.77% fixed to 30.9.21
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation for all, remortgage customers get free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland

 

Halifax – Five-year fixed mortgage, 75% loan-to-value

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

“This week Halifax has cut the rate on its five-year fixed mortgage by 0.08%, improving its overall appeal. The deal doesn’t carry any incentives, but it does charge a competitive rate and has a reasonable product fee. Borrowers looking to fix into a low rate over the next five years will find this deal highly attractive. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:

  • Rate: 1.81% fixed to 30.11.24
  • Product fee: £995, all of which can be added to the mortgage advance
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: None
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain and Northern Ireland

Loans

Tesco Bank – Personal Loan

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

“This week, Tesco Bank has reduced the rate (by 0.1%) on its unsecured personal loan tier of £7,500 to £25,000 over a one to five-year term. It now joins several other providers as the joint-lowest rate in its sector. Borrowers looking for a loan either to consolidate debts or make home improvements will find this deal highly appealing. As a result, the loan earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Representative APR: 2.9%
  • Loan period: Rate shown is based on a term of 60 months
  • Application available: Online or by phone
  • Other information: Available to new and existing customers, minimum age 18 (for debt consolidation minimum age 22), minimum income £10,000 per annum
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.

newspapers

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy