Moneyfacts Weekly Product News – 28.05.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 28/05/2020

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

OakNorth Bank – 120 Day Notice Account

OakNorth Bank has launched its new 120 Day Notice Account this week, which takes a place towards the top of the notice account market. Paying 1.22%, the deal may attract those looking for a monthly return to supplement their income and are happy to open and manage the deal online or by a mobile app. This deal allows early access subject to a penalty and minimum withdrawal amount of £1,000, which may attract savers who want the option to access their cash. The account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.22% gross/1.22% AER, payable monthly
• Notice / term: 120 days
• Minimum opening amount: £1
• Maximum investment amount: £500,000
• Access: Permitted on 45 days’ notice, minimum withdrawal £1,000
• Further additions: Permitted
• Opening account: Online and mobile app
• Managing account: Online and mobile app
• Other information: Minimum applicant age 18.

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

Virgin Money has launched a new issue of its one-year fixed rate E-ISA this week, which pays 1.05%. This deal sits towards the top of its sector and may well 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: 1.05% gross / 1.05% AER, payable yearly, monthly option of 1.05% gross / 1.06% AER available
• Notice / term: Fixed until 24.6.21
• 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 18, on maturity funds are paid into a variable rate account pending instructions/withdrawal.

Cynergy Bank – Online ISA (Issue 3)

This week Cynergy Bank has relaunched its Online ISA, which takes a place towards the top of its sector paying 1.05%. Savers looking to utilise their ISA allowance but require full flexibility with their funds may then find this deal attractive as it allows unlimited access, further additions and transfers in from other cash ISAs too. Savers can invest from as little as £1 and will need to open and manage their account online. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.05% gross / 1.05% AER, payable on yearly
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Transfers in: Accepts cash ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

Mortgages

West Brom Building Society – Two-year fixed rate mortgage, 60% loan-to-value

West Brom Building Society has launched a range of new fixed rate mortgages this week. One of the new deals is a two-year fixed rate mortgage priced at 1.24% at 60% loan-to-value. A product fee of £999 is chargeable, all of which can be added to the mortgage advance. The deal does provide an incentive package of free valuation and £500 cashback which may appeal to borrowers looking to save on the upfront cost of the mortgage. The deal earns an Outstanding Moneyfacts product rating in the process.

Key product details:
• Rate: 1.24% fixed to 30.9.22
• 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 £500 cashback
• Flexible features: Allows overpayments
• Lending area: England & Wales.

Cards

Virgin Money – 27 Month Balance Transfer Credit Card Mastercard

This week Virgin Money has cut the money transfer 0% introductory term offer down from 20 months to 12 months on its 27 Month Balance Transfer Credit Card Mastercard. The card has retained its its introductory 0% balance transfer term of 27 months, its three-month 0% introductory purchase offer regardless. The balance transfer offer holds a place towards the top of the market for the longest terms available and its introductory 1.45% balance transfer fee remains lower than those with lengthier terms. Applicants may therefore find this an attractive choice for transferring their card debts for a low cost. 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 27 months
• Introductory rate for money transfers: 0% for 12 months
• Standard interest rate for purchases: 21.9% APR
• Balance transfer fee: 1.45% for the first two months from account opening
• Card fee: N/A
• Opening method: Online
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income £7,000.

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.

smiling woman sitting on sofa holding bank card looking at laptop

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy