nigel woollsey

Nigel Woollsey

Online Writer
Published: 25/07/2019

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

Sainsbury’s Bank – Defined Access Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“This week, Sainsbury’s Bank has made a 0.05% cut to its easy access account. Now paying 1.39% from a £1,000 deposit, the deal may entice savers searching a competitive return with instant access. As the name suggests, this account does apply withdrawal restrictions and a lower rate of 0.50% will be paid if more than three withdrawals are made within a year. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.39% gross/1.39% AER, payable on its anniversary (payable at £1,000)
• Minimum opening amount: £1
• Maximum investment amount: £2 million
• Access: Up to three withdrawals permitted without penalty (rate drops to 0.50% thereafter)
• Further additions: Permitted
• Opening account: Online or by phone
• Managing account: Online or by phone
• Other information: Minimum applicant age 18, different interest rates apply for deposits bellow £1,000 and above £500,000

Newcastle Building Society – Easy Access Saver (Issue 2)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Launching a new easy access account this week is Newcastle Building Society, which pays 1.35% yearly. This deal may entice savers looking for flexibility with their cash, as it doesn’t limit the number of withdrawals. An introductory bonus of 0.60% until 25.9.20 is included, so savers would be wise to make a diary note to review the account before this expires. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.35% gross/1.35% AER, payable yearly, 1.34% gross monthly
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online or in branch
• Managing account: By phone or in branch or by post
• Other information: Minimum applicant age 16, rate includes an introductory bonus of 0.60% to 25.9.20

 

Mortgages

HSBC – Two-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Borrowers searching for a new mortgage from a high street brand will find a cheaper package on offer from HSBC this week, after its rate cut of 0.10%. Now priced at 1.54% for two years, the deal charges a reasonable fee and includes a cost-saving incentive package. All borrowers will get a free valuation and remortgage customers get free legal fees too. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.54% fixed to 31.10.21
• Product fee: £999 payable upfront
• Maximum loan-to-value: 80%
• 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

 

TSB – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“TSB has improved its five-year fixed mortgage this week, by cutting the rate by 0.05%. Now priced at 1.74%, the deal is available to remortgage customers only and offers a highly competitive rate along with a reasonable fee and generous package. Borrowers looking to save on the upfront cost of their deal will be delighted by the incentives of free valuation and free legal fees or £300 cashback. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:
• Rate: 1.74% fixed to 30.11.24
• Product fee: £995 payable upfront
• Maximum loan-to-value: 60%
• Available to: Remortgage customers only
• Incentives: Free valuation, plus either free legal fees or £300 cashback
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain

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