nigel woollsey

Nigel Woollsey

Online Writer
Published: 26/09/2019

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.

Savings

Hampshire Trust Bank – 90 Day Notice (Issue 24)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Hampshire Trust Bank has launched its 90 Day Notice Account (Issue 24) which pays 1.75%. The deal enters the market as the top rate within its sector and allows savers to make further additions. However, savers will not be allowed to access funds without notice being given, so they must be satisfied with the 90-day term. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.75% gross/1.75% AER, payable on its anniversary
• Notice / term: Notice period of 90 days
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: No earlier access permitted
• Further additions: Permitted, via a nominated account
• Opening account: Online and by post
• Managing account: By phone, by post and online (accounts opened by post cannot be operated online)
• Other information: Minimum applicant age 18


Zenith Bank UK Ltd – Raisin UK 2-Year Fixed Term Bond

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Zenith Bank UK Ltd has made a slight reduction to its two-year bond offered through Raisin UK this week of 0.10%. Now paying 1.90%, this bond retains a prominent position within its sector and may well appeal to savers searching for a fixed short-term home for their cash. As is typical of a fixed rate bond, savers must be satisfied with their initial investment as earlier access is not permitted. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.90% gross/1.90% AER, payable on its anniversary
• Notice / term: Fixed for two years
• Minimum opening amount: £1,000
• Maximum investment amount: £85,000
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: By phone, by post and online
• Other information: Minimum applicant age 18, account available through Raisin UK

Cynergy Bank – Two-Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “The two-year fixed ISA from Cynergy Bank has seen a rate rise of 0.12% this week, moving its way towards the top of its sector. Now paying 1.75%, the deal may appeal to those savers who have not yet utilised their ISA allowance for 2019/2020 but who would prefer to lock into a shorter-term fixed deal with some flexibility, subject to a 180-day loss of interest penalty. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.75% gross/1.75% AER, payable on its anniversary
• Notice / term: Fixed for two years
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: Subject to 180 days’ loss of interest
• Further additions: Extra funds (of at least £100) can be added to the account with a variable rate paid – refer to provider
• Transfers In: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online, in branch, by phone or by post
• Other information: Minimum applicant age 16

Mortgages

Lloyds Bank – Five-year fixed mortgage, 85% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Lloyds Bank has made a cut on its five-year fixed remortgage deal this week, improving its overall appeal. Now priced at 1.92%, the deal includes an attractive incentive package of free valuation and free legal fees, with a reasonable product fee. Borrowers looking for a competitive rate and cost-saving incentive package from a well-known high street brand may find this deal enticing. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.92% fixed to 30.11.24
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 85%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland


Halifax – Two-year variable tracker rate mortgage, 85% loan-to-value (via intermediaries)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “After a slight rate cut of 0.05%, this two-year variable tracker mortgage from Halifax becomes the lowest rate within its sector and is available via an intermediary. House purchase customers searching for a low rate may find this deal attractive and they can also add the product fee to the mortgage advance. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.53% variable to 31.12.21 (BBR + 0.78%)
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 85%
• Available to: House purchase customers
• Incentives: None
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland, deal is available via intermediaries

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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