nigel woollsey

Nigel Woollsey

Online Writer
Published: 07/11/2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week commencing 7th November 2019. The deals are available right now, but may be subject to change. Find the best product for you.

Savings

Post Office Money® – Online Saver (Issue 41)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “This week, Post Office Money® has improved its Online Saver after a rate rise of 0.15%. This easy access account enhances its position in the market and may well appeal to savers with as little as £1 to invest. As this rate includes a 0.80% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.25%. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.30% gross/1.30% AER, payable yearly
• Minimum opening amount: £1
• Maximum investment amount: £2 million
• Access: Unlimited withdrawals and access permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, introductory bonus of 0.80% for 12 months.

Principality Building Society – Christmas 2020 Regular Saver Bond

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“Principality Building Society has launched a new one-year regular savings account this week, which pays a fixed rate of 2.70% on maturity. As the name suggests, savers who want to start up a pot for Christmas 2020 will find this deal enticing as it takes a prominent place in the top rate tables and allows savers access subject to closure of the account. As a result, the deal earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 2.70% gross/2.70% AER, payable on maturity
• Notice / term: One year
• Minimum opening amount: £10
• Maximum investment amount: £1,500
• Access: Permitted subject to closure of the account
• Further additions: £125 maximum per month
• Opening account: In branch, by post and online
• Managing account: In branch, by post and online
• Other information: Minimum applicant age 18.

Hampshire Trust Bank – 2 Year ISA Bond (Issue 1)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“This week Hampshire Trust Bank has launched a two-year fixed rate ISA, which enters the market with a competitive rate of 1.60%. As the ISA requires just £1 to open, it may appeal to savers who need a few more days to top up their initial investment, unlike other top rates that require a bigger deposit. Those savers who may need their money back can gain access with this fixed ISA, subject to an interest penalty. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 1.60% gross/1.60% AER, payable on its anniversary
• Notice/term: Two years
• 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.

Mortgages

Reliance Bank – Two-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“First-time buyers searching for a cost-saving incentive package with a 10% deposit may find this new deal from Reliance Bank appealing. The deal now offers a free valuation incentive and does not charge a product fee, a great addition to its competitive rate of 1.85%. While there may be cheaper rates available in its sector, the overall package may suit those looking to keep the initial costs down. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:
• Rate: 1.85% fixed to 31.1.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: First-time buyers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England, Wales and Northern Ireland.

Skipton Building Society – Five-year fixed rate mortgage, 60% loan-to-value (via intermediaries)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:“This week, Skipton Building Society has increased the rate on its five-year fixed deal by 0.07%, which is available through intermediaries. Now priced at 1.72%, the deal includes an incentive package of free valuation for all borrowers and free legal fees for remortgage customers, plus it does not charge a product fee. Overall, the deal may well appeal to borrowers looking to keep initial costs to a minimum.”

Key product details:
• Rate: 1.79% fixed to 31.12.24
• Product fee: None
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation for all and free legal fees for remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain, deal is available via intermediaries.

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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