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Moneyfacts Weekly Product News - 01/06/2017

Moneyfacts Weekly Product News - 01/06/2017

Category: Articles
Date: 01/06/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Savings

Paragon Bank

Paragon Bank has increased the rate on its two-year fixed rate bond, which now pays 1.80% upon its anniversary or 1.79% monthly. Savers can invest from £1,000 up to a maximum of £100,000. Additions are permitted within five days of the account opening, while early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.

Internet investors will be delighted by this latest increase from Paragon Bank. Paying 1.80%, this deal is highly competitive and improves its position in the moneyfacts.co.uk Best Buys, making it a great choice for anyone looking to maximise their interest over the shorter term. However, with no early access to funds savers must ensure they have enough left over for life's little emergencies.


Al Rayan Bank

Al Rayan Bank has launched a 120-day notice account, which pays 1.20% monthly. Savers can invest from £250. Additions are permitted, and early access to funds is allowed subject to 120 days' notice being given. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online. Al Rayan Bank operates under Islamic finance principles, so the rate shown is the expected profit rate.

The 1.20% 120-day notice deal from Al Rayan Bank is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. This is a great option for those who are unwilling to tie up their money for a whole year. Savers must note that 120 days' notice is required to access funds.


Mortgages

Tipton & Coseley Building Society

Tipton & Coseley BS has launched a new three-year discounted variable rate mortgage, which is priced at 3.08% to 30.6.20 (1.66% discount). This deal is for first and second-time buyers who wish to borrow from £50,000 at 95% loan-to-value. No fee is payable and it comes with a cashback incentive of 0.20% of the mortgage advance. This deal allows overpayments of up to 10% of the mortgage advance.

Borrowers with a small deposit of 5% will be intrigued by this latest update from Tipton and Coseley Building Society. This deal heads straight into the moneyfacts.co.uk Best Buys due to the combination of a great rate and fantastic incentive package including no fee and cashback, making this a great choice for anyone looking to get on the first rung of the property ladder.

Tipton & Coseley Building Society's lending area does not include Scotland.

Santander

Santander has launched a new five-year fixed rate mortgage, priced at 1.89% to 2.9.22. This deal is for all applicants who wish to borrow between £6,000 and £1.5 million at 75% loan-to-value. A £999 fee is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation up to a maximum of £1,190 is available for all borrowers and a choice of £250 or free legal fees is available for those wishing to remortgage. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.89% five-year fixed rate from Santander is highly competitive, being just shy of the lowest rate in its sector. With the added bonus of a fantastic incentive package, this deal is likely to be a popular choice for those looking to borrow with a well-known brand.

Santander's lending area includes Scotland.

Loans

Post Office Money

Post Office Money has reduced the rate on its unsecured personal loan tier of £5,000 to £7,499. Customers can now apply for this loan over a term of one to five years at a rate of 3.9% APR. Customers must be 21 or over and have a minimum income of £12,000 per year. Applications must be made online.

This rate cut by Post Office Money to the £5,000 to £7,499 loan tier strengthens its position, and it now sits comfortably towards the top of the market. With an attractive APR of 3.9%, this is likely to be a popular choice for those looking to borrow smaller amounts.

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.

 

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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