Eleanor Williams

Finance Expert & Press Officer
Published: 26/03/2020

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

Hampshire Trust Bank – 2 Year Bond – Issue 39

Hampshire Trust Bank has increased the rate paid on its 2 Year Bond by 0.03%, now paying 1.63% on anniversary. Strengthening its position within the top rate tables in its sector, this deal may tempt those who are searching for a competitive return on their cash over the mid-term. Savers must be satisfied with the length of the term and their initial deposit as earlier access is not permitted. The deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.63% gross/1.63% AER, payable on its anniversary
• Notice/term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: For 14 days from account opening
• Opening account: Online
• Managing account: Online, by post and by phone.
• Other information: Minimum applicant age 18.

Wesleyan Bank – 3 Year Fixed Deposit

Wesleyan Bank has launched a three-year fixed rate bond this week, which takes a position within the top rate tables. Paying 1.70% on its anniversary, this deal may well attract those who are happy to lock their money away for a period to be able to secure a healthy return. As is common with fixed accounts, earlier access is not permitted, so savers need to be certain they can commit from the outset. This deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.70% gross/1.70% AER, payable on its anniversary
• Notice/term: Three years
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, at maturity paid into a variable rate account pending instructions/withdrawal.

Mortgages

HSBC – Three-year fixed rate mortgage, 85% loan-to-value

Among other updates to its range, HSBC has reduced selected fixed rate deals by up to 0.05%. One deal to see this reduction is the 85% loan-to-value three-year fixed rate mortgage, which is now priced at 1.94%. The deal has no product fee and carries an incentive package of free valuation and remortgage customers will also benefit from free legal fees. This combination of features earns this deal an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 1.94% fixed to 30.6.23
• Product fee: None
• Maximum loan-to-value: 85%
• Available to: All borrower types
• Incentives: Free valuation for all applicants and free legal fees to remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.


Halifax – 10-year fixed rate mortgage, 60% loan-to-value

Halifax has made a reduction of 0.06% to its 10-year fixed rate mortgage of 2.13%, now priced at 2.07% to 31.5.30. This deal provides 60% loan-to-value and carries a reasonable product fee of £995, which can be added to the mortgage advance, meaning it may appeal to those borrowers moving house that are aiming to keep down upfront costs.

Key product details:
• Rate: 2.07% fixed to 31.5.30
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: Homemovers
• Incentives: None
• Flexible features: Allows overpayments and payment holidays
• 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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