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Moneyfacts Weekly Product News - 07/12/2017

Moneyfacts Weekly Product News - 07/12/2017

Category: Articles
Date: 07/12/2017

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

Aldermore

Aldermore has increased the rate of its one-year fixed rate ISA, which now pays 1.34% monthly or 1.35% on maturity. Savers must invest from £1,000. Additions are permitted within 14 days from application, early access to funds is also allowed, subject to 120 days' loss of interest. Transfers in from cash ISAs and stocks and shares ISAs are also permitted. This deal is for savers aged 18 and over and can be operated by post, telephone and online.

Savers looking for a home for their tax-free allowance will be interested in this latest update from Aldermore. Paying 1.35%, this deal heads straight into the moneyfacts.co.uk Best Buys, making this a great choice for any saver looking to maximise their interest over the shorter term.


National Savings & Investments

National Savings & Investments have launched a new three-year Guaranteed Growth Bond, which pays 2.20% upon its anniversary. Savers can invest from £500 up to maximum of £1 million. Additions are not permitted; however, early access to funds are allowed subject to 90 days' loss of interest penalty. This deal is for savers aged 16 and over and can be operated by post, by phone and online.

The 2.20% three-year fixed rate bond from National Savings & Investments is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. Unlike other fixed rates on the market, the Guaranteed Growth Bond allows access to funds, which will no doubt make this an attractive option for savers who are unsure if they can commit for the full term.



Mortgages

Post Office Money

Post Office Money has reduced the rate on its five-year fixed rate mortgage, which is now priced at 4.14% to 28.2.23. This deal is for first and second-time buyers only who wish to borrow from £50,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation and £750 cashback is available. This deal allows overpayments up to 10% of the outstanding balance.

Borrowers with a small deposit of 5% will be delighted by this latest update from Post Office Money. Priced at 4.14%, this deal heads straight into the moneyfacts.co.uk Best Buys. The added bonus of no fee and a fabulous incentive package will no doubt make this a great choice for cash-strapped buyers.

Post Office Money's lending area includes Scotland.

Tesco Bank

Tesco Bank has reduced its two-year fixed rate mortgage, which is now priced at 3.94% to 28.2.20. This deal for house purchase customers only who wish to borrow from £40,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation is available. This deal allows overpayments of up to 20% of the outstanding balance. Borrowers will be able to earn one Tesco Clubcard point for every £4 mortgage repayment.

The 3.94% two-year fixed rate from Tesco Bank sits comfortably in the market. With the added benefits of a free valuation and no fee, this could be an attractive option for borrowers looking to keep initial costs down. The extra Clubcard points will be the icing on the cake for loyal Tesco shoppers.

Tesco Bank's lending area includes Scotland.

Credit Cards

Virgin Money

Virgin Money has reviewed its Balance Transfer Credit Card MasterCard. This deal now offers 37 months interest-free for balance transfers, on which an introductory balance transfer fee of 1.95% is payable. An introductory 20 months interest-free for money transfers is also available, with an introductory money transfer fee of 2.50%. This card also offers three months interest-free for purchases, thereafter an interest rate of 20.9% APR applies. Customers must be 18 or over and can apply by telephone or online.

The 37-month Balance Transfer Credit Card from Virgin Money is likely to be a decent choice for anyone looking to spread the costs of their debts. However, borrowers will need to ensure that they pay off the balance in full before the end of the deal period.

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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