Moneyfacts Weekly Product News – 21.05.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 21/05/2020

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.

Savings

Zenith Bank (UK) Ltd – 2 Year Fixed Term Deposit

Zenith Bank (UK) Ltd have reduced the rate paid on its two-year term deposit account by 0.10% this week. Now paying 1.47% on is anniversary, the account maintains a position within the top 10 options when compared against other bonds with similar terms currently available. Savers should note that, as with most fixed rate bonds, earlier access is not permitted, so careful planning is advised. On balance, the account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.47% gross/1.47% AER, payable on its anniversary
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £2 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Postal
• Other information: Minimum applicant age 18.

 

Mortgages

HSBC – Three-year fixed rate mortgage, 75% loan-to-value

HSBC reduced a selection of its deals by 0.05% this week. One product to receive this cut is its three-year fixed rate deal at 75% loan-to-value, now priced at 1.39%. There is a £999 product fee which must be paid upfront, but the deal provides an incentive for all borrowers of a free valuation, and for those remortgaging, free legal fees are also available. Overall, this newly improved deal may well appeal to borrowers looking for an attractive rate and incentive package and it earns an Outstanding Moneyfacts product rating in the process.

Key product details:
• Rate: 1.39% fixed to 30.9.23
• Product fee: £999, paid upfront
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain & Northern Ireland.

Yorkshire Building Society – Five-year fixed rate mortgage, 90% loan-to-value

This week sees Yorkshire Building Society relaunch 90% loan-to-value two- and five-year fixed rate products to its range. One notable option is its five-year fixed deal priced at 2.33%. Although slightly lower rates are available elsewhere within this sector of the market, this deal carries a low fee of £495 and borrowers will also benefit from a generous incentive package of a free valuation and £500 cashback. This combination of features results in an attractive proposition which may suit those looking to keep initial set-up costs to a minimum.

Key product details:
• Rate: 2.33% fixed to 31.8.25
• Product fee: £495, all of which can be added to the advance or paid upfront
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation and £500 cashback
• Flexible features: Allows overpayments, underpayments and payment holidays permitted up to the level of previous overpayments
• Lending area: Great Britain & Northern Ireland


Barclays Mortgage – Three-year fixed rate mortgage, 60% loan-to-value

Barclays Mortgage has made various reductions across a selection of its fixed rate mortgage range this week. One product to benefit is a three-year fixed rate deal at 60% loan-to-value, now priced at 1.39% following a 0.10% rate cut. This rate reduction shifts the deal closer to the lowest rates currently offered in its sector, where rates are currently available from 1.34%. This product also offers an incentive for all borrowers of a free valuation and for those remortgaging free legal fees, and carries a reasonable fee of £999, making this a competitive option overall.

Key product details:
• Rate: 1.39% fixed to 31.7.23
• Product fee: £999, all of which can be added to the advance or paid upfront
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain & Northern Ireland.

 

Cards

Sainsbury’s Bank – Balance Transfer Credit Card Mastercard

Amongst a number of updates to its credit card range, Sainsbury’s Bank has reduced its introductory 0% balance transfer term from 28 months down to 26 months on its Balance Transfer Credit Card Mastercard. Available only to applicants who have held Nectar membership for six months, this card does still offer one of the best terms available for those looking for a longer period to transfer balances over, although it is of note that a fee of 3% (minimum £3.00) is charged. Borrowers can also benefit from earning Nectar points on purchases made. Overall, this card earns an Excellent Moneyfacts product rating.

Key product details:
• Introductory rate for purchases: 0% for three months
• Introductory rate for balance transfers: 0% for 26 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 3.00% (minimum £3.00)
• Card fee: N/A
• Opening method: Online and by phone
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income £10,000, available to Nectar members of at least six months, Nectar card points scheme.

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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