Moneyfacts Weekly Product News – 20.02.2020 | 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 It is now over 6 months old so the content may be out of date.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: 20/02/2020

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

Post Office Money® – Online Saver – Issue 45

Post Office Money® has reduced the rate on its easy access account by 0.02% this week to pay 1.30% yearly. Despite the reduction, this deal may well attract savers who require quick access to their funds and wish to open the account with a small deposit. This deal does carry a bonus for 12 months of 0.80%, so it’s important that savers make a note to check their rate before this expires. The deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.30% gross / 1.30% AER, payable yearly, monthly option of 1.29% gross / 1.30% AER available
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: £2 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 0.80% for 12 months.

 

Virgin Money – One-year fixed rate cash E-ISA

Virgin Money has increased the rate on its one-year fixed rate E-ISA this week by 0.10%, which means that it now takes a position within the top rates in its sector. Paying 1.36% yearly, the deal may attract savers looking to take full advantage of their ISA allowance over the short-term, but also those who may require access to their funds subject to an interest penalty during the one-year term. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.36% gross / 1.36% AER, payable yearly, monthly option of 1.35% gross / 1.36% AER available
• Notice / term: Fixed until 24.2.21
• Minimum opening amount: £1
• Maximum investment amount: ISA Allowance
• Access: Permitted subject to a 60-day loss of interest penalty
• Further additions: Permitted within 30 days of account opening
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16, on maturity funds are paid into a variable rate account pending instructions/withdrawal.

Mortgages

Coventry Building Society – Variable tracker rate for term mortgage, 75% loan-to-value

Coventry Building Society has reduced the rate payable on its 75% loan-to-value variable rate for term product by 0.10%. Now priced at 2.05%, this product has the lowest rate offered within this sector of the market. It also charges a reasonable product fee of £999 and carries a comprehensive incentive package of a free valuation and for those remortgaging free legal fees. The deal may also tempt those who want a bit of flexibility with their mortgage as there is no early repayment charge applicable. Overall, this product earns an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 2.05% variable for term
• Product fee: £999
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation, and for remortgage customers free legal fees
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain

 

Santander – Five-year fixed rate mortgage, 95% loan-to-value

This week Santander has made various changes, including cutting the rate payable on its 95% loan-to-value five-year fixed rate product by 0.15%. Sitting at 3.34% to 2.6.25, this deal for house purchase customers may not be the lowest rate available in its sector, but for those wanting to keep any initial set up costs to a minimum, there is no arrangement fee to pay and borrowers can also benefit from an incentive package of a free valuation and £250 cashback.

Key product details: 
• Rate: 3.34% fixed to 2.6.25
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: House purchase customers

• Incentives: Free valuation and £250 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland

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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