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Moneyfacts Weekly Product News - 03/05/2018

Moneyfacts Weekly Product News - 03/05/2018

Category: Articles
Author: Lieke Braadbaart
Date: 03/05/2018

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

Masthaven Bank Ltd

Masthaven Bank has increased the rate on its 18-month fixed rate bond, which now pays 1.93% upon its anniversary or 1.91% monthly. Savers must invest from £500 up to a maximum of £250,000. Additions are permitted within seven days of the account opening, however early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.

The 1.93% 18-month fixed rate from Masthaven Bank Ltd is highly competitive and improves its position within the moneyfacts.co.uk Best Buys. This is likely to be a great choice for any saver looking for a short-term fixed bond, however with no access to funds prior to maturity, savers must ensure they are happy with their initial deposit.

Paragon Bank

Paragon Bank has removed the opening restrictions on its easy access account, which pays 1.25% upon its anniversary or 1.24% monthly. Savers can invest from as little as £1 up to a maximum of £100,000. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking for easy access to their funds will be delighted by the news that Paragon Bank's easy access account is now available to new customers. Paying 1.25% this deal is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. The great rate and low starting investment will no doubt make this a popular option for many.


Mortgages

Monmouthshire Building Society

Monmouthshire Building Society has launched a new five-year fixed rate to its range, priced at 1.86%. This deal is for remortgage customers only who wish to borrow from £30,000 at 65% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and help towards legal fees is available. This deal allows overpayments of up to 10% of the outstanding balance.

Remortgage customers will be intrigued by this latest launch from Monmouthshire Building Society. Priced at 1.86% it sits within the top 10 lowest-priced deals in the market and therefore heads straight into the moneyfacts.co.uk Best Buys. The added bonus of a great incentive package will only increase its appeal.

Monmouthshire Building Society's lending area does not include Scotland.

Virgin Money

Virgin Money has reviewed the rate of its two-year fixed rate mortgage, which is now priced at 1.50% to 1.9.20. This deal is for all applicants who wish to borrow at 65% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of £300 cashback for first and second-time buyers is available, or alternatively free valuation and free legal fees for those wishing to remortgage. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.50% two-year fixed rate from Virgin Money is reasonably priced and sits comfortably in the market. The fabulous incentive package including £300 cashback for purchases makes this deal an attractive option for anyone looking to borrow with a well-known brand.

Virgin Money's lending area includes Scotland.

Credit Cards

MBNA Limited

MBNA Limited has reviewed the deal on its Platinum Balance Transfer Credit Card, which now offers 31 months of interest-free balance transfers. An introductory balance transfer fee of 1.10% is payable. Purchases are charged at 19.9% APR. Customers must be aged 18 or over, and can apply by phone and online.

This latest update from MBNA Limited still makes its balance transfer credit card highly competitive, sitting comfortably at the top of its sector. Not only does this deal offer a long interest-free deal for balance transfers, but it also offers a low balance transfer fee, making it a good choice for those looking to save on the upfront cost.

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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