Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 28/11/2019

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. Find the best product for you.

Savings

Tesco Bank – Internet Saver

Tesco Bank has increased the rate paid on its easy access Internet Saver by 0.05% this week, improving its position in the market. Now paying 1.21%, the account may attract savers looking for a product that offers flexibility and permits them to invest from as little as £1. As this rate includes a 0.86% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.35%. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.21% gross/1.21% AER, payable yearly
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: No maximum
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online and by a mobile app
• Other information: Minimum applicant age 18, introductory bonus of 0.86% for 12 months.

Al Rayan Bank – 24 Month Fixed Cash ISA

Al Rayan Bank has this week reduced rates across its fixed savings range, with the expected profit rate on its 24-month fixed cash ISA cut by 0.30%. Now paying 1.50%, the deal retains a prominent position within this arena. Savers yet to utilise their annual ISA allowance may then find this appealing, but they must be comfortable with their initial investment. It earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.50% gross/1.50% AER, expected profit rate, payable quarterly
• Notice / term: Fixed for 24 months
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Early access subject a reduced profit rate for up to 90 days
• Further additions: Permitted within 30 days of account opening
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: By phone, by post, in branch, online and via mobile app
• Managing account: By phone, by post, in branch, online and via mobile app
• Other information: Minimum applicant age 16, operates under Islamic finance principles, the rates displayed represent the expected profit rate.

Mortgages

Halifax - Three-year fixed mortgage, 75% loan-to-value (via intermediaries)

This week, Halifax has cut the rate on its three-year fixed mortgage by 0.09% which is available through intermediaries. Now priced at 1.44%, the deal becomes the lowest rate in its sector and is available to house purchase customers at 75% loan-to-value. While there is no incentive package, the deal charges a reasonable fee of £999, which can be added to the mortgage advance. Borrowers looking for a low rate mortgage with a well-known brand through intermediaries may find this option appealing. It earns an Outstanding Moneyfacts product rating in the process.

Key product details: 

  • Rate: 1.44% fixed to 31.3.23
  • Product fee: £999, all of which can be added to the mortgage advance 
  • Maximum loan-to-value: 75%
  • 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.

West Brom Building Society – Two-year fixed rate mortgage, 90% loan-to-value

West Brom Building Society has introduced a new two-year fixed mortgage to its range, which is available to borrowers with 10% equity. Priced at 2.44%, the deal comes with an incentive of free valuation, 0.50% cashback of the mortgage advance and does not charge a product fee. as a result, this package may appeal to borrowers looking to keep their initial costs down. 

Key product details:
• Rate: 2.44% fixed to 31.1.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: Remortgage customers
• Incentives: Free valuation and 0.50% of the advance in cashback
• Flexible features: Allows overpayments
• Lending area: England and Wales.

Accord Mortgages – Two-year fixed rate mortgage, 90% loan-to-value (via intermediaries)

Accord Mortgages has adjusted the rates on selected fixed mortgages this week, seeing its two-year fixed rate reduced by 0.05%. The deal offers a generous incentive of free valuation and £1,000 cashback, while it also does not charge a product fee. Borrowers looking for a competitive rate and cost-saving package may find this an appealing choice.

Key product details:
• Rate: 2.67% fixed to 31.3.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: House purchase customers
• Incentives: Free valuation and £1,000 cashback
• Flexible features: Allows overpayments, underpayments and payment holidays
• Lending area: Great Britain and Northern Ireland, deal is available via intermediaries.

Loans

Admiral – Personal Loan

Admiral has increased the rate (by 0.2%) on its unsecured personal loan tier of £1,000 to £2,999 over a one to five-year term. This loan still has a prominent position within its sector despite the rate rise and may well appeal to borrowers looking for a loan either to make minor home improvements or consolidate debts. As a result, the loan earns a Moneyfacts Outstanding product rating. 

Key product details:
• Representative APR: 13.4%
• Loan period: Rate shown is based on a term of 60 months
• Application available: Online or by phone
• Other information: Available to new and existing customers, minimum age 18, minimum income of £10,000 per annum.

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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