nigel woollsey

Nigel Woollsey

Online Writer
Published: 31/10/2019

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.

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 increased the rate on its 18-month fixed term savings account by a substantial 0.20%. Now paying 1.90%, the deal sits just shy of the market-leader in its sector 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: 1.90% gross/1.90% AER, payable on its anniversary, 1.88% 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.

Hampshire Trust Bank – 1 Year ISA Bond (Issue 1)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Hampshire Trust Bank has launched its new 1 Year ISA Bond this week, which pays a competitive rate of 1.30%. This ISA may appeal to savers who only have £1 to start up their pot, unlike many of the other top rates in this sector, which require a higher deposit. This ISA also permits early access, subject to an interest penalty, and allows savers to make further additions, so this flexibility may entice.”

Key product details:
• Rate: 1.30% gross/1.30% AER, payable on its anniversary
• Notice/term: 1 Year
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Early access subject to a 90 day loss of interest penalty
• Further additions: Permitted within 14 days of account opening via nominated account
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online and by post
• Managing account: By phone, by post and online
• Other information: Minimum applicant age 18.

West Brom Building Society – Direct Limited Access Saver (Issue 3)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, West Brom Building Society has cut the rate on its Direct Limited Access Saver by 0.05%. While the deal now pays less than 1%, at 0.95%, it may still appeal to savers with £1,000 to invest who are looking for instant access to their cash. Unlike alternative accounts near the top of this sector, savers can choose to pocket their interest at the end of each month with this account, so this may entice those looking to supplement their income.”

Key product details:
• Rate: 0.95% gross/0.95% AER, payable yearly
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Up to six withdrawals per annum permitted without penalty
• Further additions: Permitted
• Opening account: By phone and by post
• Managing account: By phone and by post
• Other information: Lower rate of 0.25% paid if seven or more withdrawals made in one year.

Mortgages

Coventry Building Society – Variable tracker rate for term mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Coventry Building Society has increased the rate on its variable for term mortgage by 0.10%. Despite the rise, the deal offers a competitive package of free valuation for all, free legal fees for remortgage customers, and offers the lowest rate in this limited sector. Borrowers looking for a bit of flexibility with their mortgage should find this deal appealing, plus the upfront fee can be added to the mortgage advance. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 2.49% variable for term
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation for all and free legal fees for remortgage customers
• Flexible features: Allows overpayments, underpayments and payment holidays
• 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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