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Moneyfacts Weekly Product News - 05/07/2018

Moneyfacts Weekly Product News - 05/07/2018

Category: Articles
Date: 05/07/2018

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

Zenith Bank (UK) Ltd

Zenith Bank has increased the rate on its two-year fixed rate bond, which now pays 2.15% upon its anniversary. Savers can invest from £1,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and must be operated by post and opened online.

The 2.15% two-year fixed rate from Zenith Bank (UK) Ltd is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. This is a great choice for savers looking to invest over the medium term however, with no early access to funds, they need to have enough cash set aside for life's little emergencies.

Newcastle Building Society

Newcastle Building Society has launched a new five-year fixed rate ISA, paying 2.10% yearly or 2.08% monthly. Savers can invest from £500. Additions are permitted while the issue remains open and early access to funds is allowed subject to a penalty of 365 days' loss of interest. This deal is for savers aged 16 or over and can be operated in branch, by phone, by post and online.

Savers looking for a long-term home for their ISA funds will be delighted by this launch from Newcastle Building Society. Paying 2.10%, this deal heads straight into the top five of the Moneyfacts.co.uk Best Buys. While early access is a plus, savers thinking about accessing their funds will need to consider the large penalty before doing so.


Mortgages

Leeds Building Society

Leeds Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.04% to 31.8.23. This deal is for all applicants who wish to borrow at 80% 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 fees up to a maximum of £999 is available. This deal allows overpayments of up to 10% of the outstanding balance.

The 2.04% five-year fixed rate mortgage from Leeds Building Society is the lowest rate for its terms and heads straight into the Moneyfacts.co.uk Best Buys as a result. The added bonus of a decent incentive package will only further its appeal to borrowers with a 20% deposit.

Leeds Building Society's lending area includes Scotland.

NatWest

NatWest has reduced the rate on its five-year fixed rate mortgage, which is now priced at 4.24% to 31.12.23. This deal is for first and second-time buyers who wish to borrow between £25,000 and £570,000 at 95% loan-to-value. No fee is payable. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with a small deposit will be intrigued by this latest rate reduction by NatWest. Priced at 4.24%, this deal sits comfortably in the market. Accompanied by no-fee, this is likely to be a great option for cash-strapped borrowers looking to borrow with a high-street lender.

NatWest's lending area includes Scotland.


Loans

Tesco Bank

Tesco Bank has reviewed the rates on selected tiers of its unsecured loan, which means customers can now apply for a personal loan of £5,000 to £7,499 over a term of one to five years at a rate of 3.7% APR. Customers must be aged 18 or over and have a minimum income of £10,000. Applications can only be made online.

This review to Tesco Bank's unsecured personal loans sees it earn a place in the Moneyfacts.co.uk Best Buys. With an attractive APR of 3.7%, this is likely to be a popular choice for those looking to consolidate their debts.

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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