nigel woollsey

Nigel Woollsey

Online Writer
Published: 29/08/2019

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

Metro Bank – 18 Month Fixed Term Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“This week Metro Bank has adjusted the rates on its range of fixed term savings accounts, seeing its one-year fixed deal cut by 0.05%. Despite the reduction, the deal still holds a competitive position and may well appeal to savers searching for a competitive rate over the shorter-term. The deal earns a Moneyfacts product rating of Excellent in the process.”

Key product details:
• Rate: 1.95% gross/1.95% AER, payable on its anniversary, 1.93% monthly
• Notice/term: Fixed for 18 months
• Minimum opening amount: £500
• Maximum investment amount: £2 million
• Access: No earlier access permitted
• Further additions: Not permitted
• Opening account: In branch or online
• Managing account: In branch, by phone and online
• Other information: Minimum applicant age 16 (or 18 online), Metro Bank account required for transactional purposes


OakNorth – 24 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“OakNorth has reduced rates on some of its fixed term deposit accounts this week, with its 24-month deal cut by 0.03%. This cut has not impacted its market position however, as sits comfortably within the top rate tables in its sector. Savers will not be able to access their money early, so they must be comfortable to lock in their cash for the entire term. Customers will have two weeks from opening the account to made further additions, which adds some welcome flexibility. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 2.01% gross/2.01% AER, payable on maturity
• Notice / term: Fixed for 24 months
• Minimum opening amount: £1
• Maximum investment amount: £500,000
• Access: No earlier access permitted
• Further additions: Permitted within the first 14 days of account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18


Bank of London & The Middle East (BLME) – 5 Year Premier Deposit Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“BLME has adjusted the expected profit rate on its five-year offering this week, reducing it by 0.25%. Now paying 2.50%, this deal retains its market-leading position in the five-year sector. This offer may appeal to savers who are content to lock their cash away over the longer-term for a competitive return, but they should take note that further additions and earlier access are not permitted. It earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 2.50% gross/2.50% AER, expected profit rate, payable on its anniversary
• Notice / term: Five years
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: No earlier access permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Postal
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate

Mortgages

Barclays Mortgage – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Thanks to a small rate cut of 0.05% on its five-year fixed deal, Barclays Mortgage has secured a market-leading position in its sector this week. As well as a competitive interest rate, the deal also includes an attractive incentive package of free valuation for all applicants and free legal fees for those remortgaging. Borrowers searching for competitive rate over the longer-term and a competitive incentive package will be delighted by this new offer. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.68% fixed to 31.10.24
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation, and free legal fees for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland


Yorkshire Building Society – 15-year fixed rate mortgage, 65% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Entering the niche 15-year fixed mortgage market this week is a range of deals from Yorkshire Building Society. Its deal priced at 2.79%, available to borrowers with a 35% deposit or equity, has a reasonable fee and incentive package of a free valuation, which may entice borrowers looking for a competitive package with a well-known brand. As the deal is fixed for a 15-year term, applicants must wary of exiting the deal during this period, as an early repayment charge will apply for the duration.”

Key product details:
• Rate: 2.79% fixed to 31.12.34
• Product fee: £495, all of which can be added to the mortgage advance
• Maximum loan-to-value: 65%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments, underpayments and payment holidays
• Lending area: Great Britain and Northern Ireland

Loans

Admiral – Personal Loan

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Admiral has increased the rate (by 0.2%) on its unsecured personal loan tier of £5,000 to £7,499 over a one to five-year term. This loan remains in a competitive position within its sector despite the rise, so borrowers looking for a loan either to make home improvements or consolidate debts may well be attracted by this rate. As a result, the loan earns a Moneyfacts Outstanding product rating.”

Key product details:
• Representative APR: 3.6%
• 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

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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