Moneyfacts Weekly Product News – 30.04.2020 | moneyfacts.co.uk

Eleanor Williams

Finance Expert & Press Officer
Published: 30/04/2020

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

ICICI Bank UK – 45 Day HiSAVE Notice Savings Account

ICICI Bank UK will be reducing the rate on its 45 Day HiSAVE Notice Savings account by 0.15%. The amended account will be available with effect from 1 May and will pay 1.24% gross monthly. Following this update, this option retains a position within the top 10 accounts when compared against other accounts paying monthly interest which are currently on offer in the market. Savers should be aware that earlier access is not permitted, and all transactions must be made via a linked ICICI Bank current account, therefore careful planning is advised. The account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.24% gross/1.25% AER, payable monthly
• Notice / term: 45 days
• Minimum opening amount: £1
• Maximum investment amount: No maximum
• Access: Permitted on 45 days’ notice
• Further additions: Permitted
• Opening account: Online, by phone and in branch
• Managing account: Online, by phone and in branch
• Other information: Minimum applicant age 18, transactions allowed via linked ICICI Bank current account only.

Investec Bank plc – 3 Year Fixed Term Deposit

This week sees Investec Bank plc make a number of changes to its range, including a small rate reduction on their 3 Year Fixed Term Deposit account of 0.05%. Now paying 1.75% gross on anniversary, this account maintains a position in the top rate tables in its sector, and therefore those who have the required £25,000 deposit may find this an enticing option, particularly if they are searching for monthly interest to boost their income. Savers must be satisfied with the length of the term and their initial deposit as earlier access and further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.75% gross/1.75% AER, payable on its anniversary, a monthly rate of 1.74% gross/1.75% AER is also available.
• Notice / term: Three years
• Minimum opening amount: £25,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online, by phone and by app.
• Other information: Minimum applicant age 18, must open an E-asy access account for transactional purposes.

Post Office Money® – Online Saver – Issue 48

Post Office Money® has moved on the issue numbers and reduced the rate on its Online Saver from 0.99% to pay 0.50% yearly. Despite this rate reduction, within this limited sector of the market this account has remained within the top rate table when compared against other easy access accounts which offer a bonus. Savers may wish to review the account after 12 months when the bonus will expire and the rate will reduce by 0.49%. The account receives an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.50% gross/0.50% AER, payable yearly, a monthly rate of 0.49% gross/0.49% AER is also available
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: £2 million
• Access: Permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online.
• Other information: Minimum applicant age 18, operated by Bank of Ireland plc.

 

Mortgages

Skipton Building Society – Ten-year fixed rate mortgage, 60% loan-to-value

Among other updates to its range, Skipton Building Society has cut the rate on its ten-year fixed rate mortgage by a notable 0.24% this week, improving its overall appeal. Now priced at 2.32%, this deal may not offer the lowest rate in its sector but it does include an attractive incentive package of free valuation and for those remortgaging, free legal fees are available. This deal also benefits from no product fee, which may make this even more attractive to those looking to save on the upfront cost of their mortgage.

Key product details:
• Rate: 2.32% fixed to 30.6.30
• Product fee: None
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation for all applicants and free legal fees to remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain.

Darlington Building Society – Five-year fixed rate mortgage, 80% loan-to-value

This week, Darlington Building Society has launched a new five-year fixed rate mortgage priced at 2.69% and providing borrowers with up to 80% loan-to-value. Although there are lower rates on offer within this sector, this deal carries a comprehensive incentive package of free valuation and free legal fees and this option also carries a low product fee of £120. Therefore, this option may be appealing to borrowers looking for a competitive rate over the longer-term with low set-up costs.

Key product details:
• Rate: 2.69% fixed to 31.7.25
• Product fee: £120, all of which can be added to the mortgage advance or paid upfront
• Maximum loan-to-value: 80%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments
• Lending area: England, Wales and mainland Scotland.

Coventry Building Society – Two-year fixed rate mortgage, 75% loan-to-value

Coventry Building Society has launched new two and five-year fixed rate mortgage products for remortgage customers this week. One option of note is a 1.50% fixed rate for two years, providing borrowers with a maximum 75% loan-to-value. Carrying a reasonable product fee of £999 with the option to add the full amount to the advance, this product also enables borrowers to benefit from an incentive package of a free valuation and free legal fees. This may be an attractive overall package for those looking to remortgage for shorter-term stability at a low rate.

Key product details:
• Rate: 1.50% fixed to 30.6.22
• Product fee: £999, all of which can be added to the mortgage advance or paid upfront
• Maximum loan-to-value: 75%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain.

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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