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Moneyfacts Weekly Product News - 06/07/2017

Moneyfacts Weekly Product News - 06/07/2017

Category: Articles
Author: Tim Leonard
Date: 06/07/2017

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 It is now over 6 months old so the content may be out of date.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

Bank of Cyprus UK

Bank of Cyprus UK has increased the rate on its two-year fixed rate ISA, which now pays 1.26% upon its anniversary. Savers must invest from £500. Early access is permitted on closure of the account and subject to a 180 days' loss of interest penalty. Transfers in from cash and stocks & shares ISAs are also allowed. This deal is for savers aged 16 and over and must be managed online or by phone.

The 1.26% two-year fixed rate ISA from Bank of Cyprus UK is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. The added flexibility of early access to funds, albeit on closure and an interest penalty, will make this an attractive option for those looking for a place to stash their cash ISA savings.


Leeds Building Society

Leeds Building Society has launched a new regular savings account, paying 2.30% (until 2.7.18) on maturity. Savers must invest between £50 and £250 each month, though any missed payments can be made up in subsequent months. One penalty-free withdrawal is permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.

Savers looking to kick-start their savings habit will be intrigued by this latest launch from Leeds Building Society. Paying 2.30%, this deal heads straight into the moneyfacts.co.uk Best Buys. However, savers should note that only one withdrawal can be made and any missed monthly payments must be made up within the term, yet this could be easily avoided by setting up a standing order.


Mortgages

TSB

TSB has reduced the rate on its five-year fixed rate mortgage, which is now priced at 1.79% to 31.10.22. This deal is for remortgage customers only at 75% loan-to-value. A fee of £995 is payable upfront. An incentive package of free valuation and free legal fees is available. Those who hold a TSB current account will also benefit from £150 cashback. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.79% five-year fixed rate from TSB is highly competitive and heads straight into the moneyfacts.co.uk Best Buys for remortgagors. The added combination of a great rate and a decent incentive package makes this a cost-effective choice for those looking to remortgage to a better deal.

TSB's lending area includes Scotland.

Virgin Money

Virgin Money has reduced the rate on its two-year variable tracker rate mortgage, which is now priced at 2.64% to 1.10.19. This deal is for all applicants who wish to borrow at 75% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package for those remortgaging of free valuation and free legal fees is available. This deal allows overpayments.

Borrowers looking to borrow with a recognised brand will be intrigued by this latest cut from Virgin Money. Priced at 2.64%, this two-year variable deal sits comfortably in the market, and with the addition of an incentive package for remortgage customers this is could be an attractive option for some.

Virgin Money's lending area includes Scotland.

Credit Cards

AA

AA has extended the introductory purchase term on its Dual Credit Card MasterCard. This deal now offers a 32-month introductory interest-free term for purchases and 16 months interest-free for balance transfers. An introductory balance transfer fee of 2.89% is payable, and purchases after the initial introductory offer expires will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 and over and have a minimum income of £8,000. Customers can apply by telephone and online.

Anyone looking to make a large purchase and spread the cost will be intrigued by this latest update from AA. Offering 32 months interest-free for purchases, this is now the longest introductory purchase offer in the market and heads straight to the top of the moneyfacts.co.uk Best Buys. However, borrowers must aim to pay off the balance in full before the deal ends to ensure no interest is charged.

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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