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Moneyfacts Weekly Product News - 05/10/2017

Moneyfacts Weekly Product News - 05/10/2017

Category: Articles
Date: 05/10/2017

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

Ford Money

Ford Money has increased the rate on its easy access account, which now pays 1.17% yearly or 1.16% monthly. Savers can invest from as little as £1 up to a maximum of £2 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 16 and over and must be operated online.

Savers looking for easy access to their funds will be delighted by this latest increase from Ford Money. Now paying 1.17%, this deal improves its position in the moneyfacts.co.uk Best Buys. With this great rate, it is likely to be a popular choice for savers who want to kick-start a savings habit.


Yorkshire Bank

Yorkshire Bank has launched a new one-year fixed rate ISA, which pays 1.50% yearly. Savers must invest from £2,000. Early access to funds is permitted subject to closure of the account and a 180 days' loss of interest penalty. Transfers in from cash and stocks & shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch and online.

Paying 1.50%, this deal from Yorkshire Bank is highly competitive and heads straight to the top of the moneyfacts.co.uk Best Buys. With this fantastic rate, it is likely to be a great choice for anyone looking for a short-term home for their tax-free savings.


Mortgages

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.43% to 31.12.19. This deal is for all applicants who wish to borrow from £40,000 at 75% loan-to-value. No fee is payable and an incentive package of free valuation 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 1.43% two-year fixed rate from Sainsbury's Bank enters the market as the lowest deal with no fee in its sector. With borrowers also able to enjoy a decent incentive package, this is likely to be a cost-effective choice for those borrowers looking to minimise upfront costs.

Sainsbury's Bank's lending area includes Scotland.

Loans

cahoot

cahoot has reduced rates on selected tiers of its unsecured personal loan, which means customers can now apply for a loan of £7,500 to £20,000 over a term of one to five years at a rate of 3.0% APR. Customers must be 21 and over, and have a minimum income of £6,000. Applications must be made online.

This rate cut by cahoot strengthens its standing as one of the most competitive loans on the market, earning it a place in the moneyfacts.co.uk Best Buys. With an attractive APR of 3.0%, this is likely to be a popular choice for those looking to consolidate their debts.



Current Accounts

Halifax

Halifax has increased the switching incentive on its Reward and Ultimate Reward current accounts. Customers will now receive £125 for accounts that are switched using the Current Account Switch Service, provided the previous account is closed. Customers who choose to do so will be able to benefit from a £3 reward per month, paid when the minimum funding requirement of £750 is met and two different direct debits are held. There's also 15% cashback on selected retailers available.

Halifax'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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