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Moneyfacts Weekly Product News - 04/08/2017

Moneyfacts Weekly Product News - 04/08/2017

Category: Articles
Author: Tim Leonard
Date: 04/08/2017

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 It is now over 6 months old so the content may be out of date.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

Yorkshire Bank

Yorkshire Bank has launched a new three-year fixed rate ISA, which pays 2.00% yearly. Savers must invest from £2,000. Early access to funds is permitted subject to closure and a 180 days' loss of interest penalty, with transfers in from cash and stocks & shares ISAs also allowed. This deal is for savers aged 16 and over and can be operated in branch and online.

Savers looking for a home for their tax-free allowance will be intrigued by this latest launch from Yorkshire Bank. Paying 2.00%, this three-year fixed rate cash ISA is highly competitive and blazes into the Moneyfacts.co.uk Best Buys. With the added flexibility of early access to funds subject to closure and an interest penalty, this is likely to be a popular option for many.


Family Building Society

Family Building Society has launched a new one-year fixed rate bond, which pays 1.56% on maturity from £1,000 to £9,999 and 1.76% on maturity from £10,000 and above. Additions and early access to funds are not permitted. This deal can be operated in branch, by post, by telephone and online.

For savers with more than £10,000 to invest, this new one-year fixed rate bond from Family Building Society is highly competitive. Paying 1.76%, this deal is likely to be a great option for savers looking for a short-term deal. However, with no early access to funds, savers must ensure they have enough funds left over for life's little emergencies.


Mortgages

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.48% to 31.10.19. This deal is for all applicants who wish to borrow from £40,000 at 60% loan-to-value. No fee is payable and an incentive package of free valuation fees for all borrowers and free legal fees for those remortgaging is available. This deal allows overpayments of up to 10% of the outstanding balance. Successful mortgage applicants will also be eligible to receive 5% of grocery bills back in vouchers for two years.

The newly priced two-year fixed rate from Sainsbury's Bank sits comfortably within its sector. The added bonus of no fee payable and a decent incentive package is likely to make this an attractive option for those looking to keep initial costs down.

Sainsbury's Bank's lending area includes Scotland.

Skipton Building Society

Skipton Building Society has reviewed its two-year fixed rate mortgage, which is now priced at 1.49% to 30.11.19. This deal is for first and second-time buyers who wish to borrow at 60% loan-to-value. No fee is payable and an incentive package including a free valuation is available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with a sizeable deposit of 40% will be curious about this latest offering from Skipton Building Society. Priced at 1.49% for two years, this deal is reasonably priced for its sector. With this deal boasting no fee and a free valuation, it is likely to be a cost-effective choice for some.

Skipton Building Society's lending area includes Scotland.

Current Accounts

The Co-operative Bank

The Co-operative Bank has launched a switching incentive for its Current Account. Customers will now receive £125 cashback for accounts that are switched using the Current Account Switch Service. Additionally, £25 will be donated to Centrepoint. Customers who choose to do so will be able to fall back on an authorised overdraft rate of 18.9% EAR and benefit from Everyday Rewards of £4 per month, paid when the minimum funding requirement of £800 is met and four different direct debits are held.

The Co-operative Bank's £125 cashback switching incentive is a great perk for anyone fed up with their current deal and considering moving bank accounts. However, customers must look at all aspects of the account to ensure this is the most suitable deal for them.

The Co-operative Bank's £125 cashback switching incentive is a great perk for anyone fed up with their current deal and considering moving bank accounts. However, customers must look at all aspects of the account to ensure this is the most suitable deal for them.

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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