Moneyfacts Weekly Product News – 30.01.2020

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.

Gatehouse Bank – Easy Access Account

Gatehouse Bank has reduced the rate on its easy access account by 0.10% this week. Despite the cut, it remains a competitive choice for savers. Now paying 1.30% gross on its anniversary, the account continues to offer a very competitive rate and may entice savers looking for some flexibility with their cash and who have £1,000 to start up a savings pot. On balance, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.30% gross / 1.30% AER, expected profit rate, payable on its anniversary
• Notice / term: No notice
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate, initial deposit and withdrawals allowed via nominated account only.

Bank of London and The Middle East (BLME) – 18 Month Premier Deposit Account

This week BLME has reduced rates on selected premier deposit accounts, with its 18-month option now paying 1.80% gross on its anniversary. Despite the rate cut of 0.05%, the deal secures a place at the top of its sector and may suit those looking to lock into a deal over the short-term. Savers must make sure they are aware that a BLME transfer account is required to hold funds pending investment. This account earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.80% gross / 1.80% AER, payable on its anniversary
• Notice / term: Fixed for 18 months
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: By post
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate, BLME transfer account required to hold funds pending investment.

Hanley Economic Building Society – Five-year fixed rate mortgage, 95% loan-to-value

Hanley Economic Building Society has launched a new product into the five-year fixed rate market for borrowers seeking up to 95% loan-to-value. Priced at 2.79%, the deal does not charge a product fee and house purchase customers are offered a free valuation as an incentive. This option is available to all borrower types but may well be particularly appealing to first-time buyers who want to keep their mortgage setup costs low and focus on building their 5% deposit required. The deal therefore earns an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 2.79% fixed to 31.3.25
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: All borrower types
• Incentives: House purchase customers offered a free valuation
• Flexible features: Allows overpayments
• Lending area: England, Mainland Scotland and Wales.


Bank of Ireland UK for Intermediaries – Five-year fixed rate mortgage, 90% loan-to-value

This week Bank of Ireland UK for Intermediaries has made various changes across its range. Those with a deposit or equity of 10% and who are looking for a five-year fixed rate mortgage may find this deal priced at 2.39% appealing. While there are lower initial rates available for this sector elsewhere in the market, this particular deal does not charge a product fee and also includes a generous incentive package for all borrowers of a free valuation and £500 cashback. This combination of features earns this deal an Outstanding Moneyfacts product rating in the intermediary sector.

Key product details:
• Rate: 2.39% fixed to 30.4.25
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation and £500 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain, deal is available via intermediaries.