Moneyfacts Weekly Product News – 9.01.2020

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.

Shawbrook Bank – Easy Access – Issue 18

Shawbrook Bank has reduced the rate on its easy access saver by 0.08% this week, however, despite the cut, it remains a competitive choice for savers. Now paying 1.33%, the account may attract savers who require a bit of flexibility with their cash and require quick access to funds. This deal has a £1,000 minimum deposit and will permit savers access subject to a minimum of £500 withdrawal, so its important savers keep these limits in mind. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.33% gross/1.33% AER, payable yearly, monthly option of 1.32% gross/1.33% AER available
• Notice / term: No notice
• Minimum opening amount: £1,000
• Maximum investment amount: £85,000
• Access: Unlimited withdrawals and access permitted, minimum withdrawal £500 (via a nominated account)
• Further additions: Permitted
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18.

United Trust Bank – Seven-year fixed rate ISA

This week United Trust Bank has reduced rates on selected fixed bonds and ISAs, with its seven-year fixed ISA experiencing a cut of 0.10%. Now paying 1.90% gross on its anniversary, the deal retains a place near the top of its respective chart and may suit those looking to lock into a deal over the longer-term and utilise their ISA allowance. Savers must make sure they are comfortable with their initial investment, as although earlier access is permitted, it is subject to an interest penalty. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.90% gross / 1.90% AER, payable on its anniversary
• Notice / term: Fixed for seven years
• Minimum opening amount: £15,000
• Maximum investment amount: ISA allowance
• Access: Permitted subject to a loss of interest penalty
• Further additions: Not permitted
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: By post
• Managing account: By phone and by post
• Other information: Minimum applicant age 18.

Virgin Money – Two-year fixed rate mortgage, 90% loan-to-value

This week, Virgin Money has made various cuts to selected fixed rates in its range, with its two-year fixed deal reducing by a notable 0.27%. Now priced at 2.13%, the deal carries a decent incentive package and does not charge a product fee and may well attract borrowers looking to save on the upfront cost of their deal. House purchase customers are offered £300 in cashback but remortgage customers will benefit from a free valuation and free legal fees incentive. The deal earns an Outstanding Moneyfacts product rating in the process.

Key product details:
• Rate: 2.13% fixed to 1.5.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: House purchase customers offered £300 cashback, free valuation and free legal fees to remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland.

Sainsbury’s Bank – Balance Transfer Credit Card Mastercard

This week, Sainsbury’s Bank has cut its introductory balance transfer fee from 3.00% to 2.74% on its Balance Transfer Credit Card Mastercard. The card continues to offer an introductory balance term of 29 months, so the deal charges a lower balance transfer fee than its peers over this period. Those looking to for the lengthiest interest-free term will find this offer attractive but lower fees with slightly shorter interest-free terms can be found on other cards. This credit card also rewards spenders with Nectar points and earns a Moneyfacts product rating of Excellent.

Key product details:
• Introductory rate for purchases: 0% for three months
• Introductory rate for balance transfers: 0% for 29 months
• Standard interest rate for purchases: 19.9% APR
• Balance transfer fee: 2.74% or minimum £3
• Card fee: N/A
• Opening method: Online or by phone
• Card management: Online, by phone, by post and via its app
• Other information: Minimum age 18, minimum income of £10,000 per annum, Nectar card points scheme

M&S Bank – Personal Loan

M&S Bank has reduced the rate (by 0.1%) on its unsecured personal loan tiers from £7,500 to £15,000 over 37 months to seven-year term to stand at 2.9% APR. This cut has improved the loan’s position within its sector and it sits just shy of the market leader. Those looking for a competitive loan either to consolidate debts or make minor home improvements may then find this deal attractive. As a result, the loan earns a Moneyfacts Excellent product rating.

Key product details:
• Representative APR: 2.9%
• Loan period: Rate shown is based on a term of 60 months
• Application available: Online, by phone or in branch
• Other information: Available to new and existing customers, minimum age 18, minimum income of £10,000 per annum.