Moneyfacts Weekly Product News - 08/02/2018 | Product News | moneyfacts.co.uk

Product News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Moneyfacts Weekly Product News - 08/02/2018

Moneyfacts Weekly Product News - 08/02/2018

Category: Articles
Author: Tim Leonard
Date: 08/02/2018

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 It is now over 6 months old so the content may be out of date.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

Oak North Bank

OakNorth Bank has increased the rate on its 12-month fixed ISA, which is now pays 1.41% monthly. This deal is for all savers who invest from £1,000. Additions are permitted within 30 days of the account opening and early access is allowed subject to an interest penalty, of 90 days' loss of interest. Transfers in from other cash ISAs are also permitted. This deal is for savers aged 18 and over and can be operated online or by phone.

ISA savers looking for a short-term fixed rate, for their tax-free cash will be delighted by the latest increase from OakNorth Bank. Paying 1.41%, this deal improves its position in the moneyfacts.co.uk Best Buys making it a great choice for anyone looking for a straightforward savings account


Bank of London and The Middle East

Bank of London and The Middle East has reviewed the rate on its 18-month fixed rate bond, which now pays 1.95% on maturity. Savers must invest from £25,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal must be operated by post. Bank of London and The Middle East operates under Islamic Finance principles and the rate shown is the expected profit rate.

The 1.95% 18-month fixed rate from Bank of London and The Middle East is highly competitive and sits towards the top of the moneyfacts.co.uk Best Buys. The great rate, is likely to make this deal a popular option for savers looking to fix over the shorter term. However, with no early access to funds savers must ensure they have enough cash left over for life's little emergencies.


Mortgages

Post Office Money

Post Office Money has launched a new five-year fixed rate mortgage, which is now priced at 3.99% to 30.4.23. This deal is for first and second-time buyers who wish to borrow from £25,001 at 95% loan-to-value. No fee is payable and an incentive package of free valuation is available. This deal allows overpayments up to 10% of the outstanding balance.

Borrowers with a small deposit of just 5% may be interested in this latest launch from Post Office Money. Priced at 3.99%, this deal heads straight into the moneyfacts.co.uk Best Buys, the added bonus of no fee payable and free valuation makes this a cost-effective option for many and an ideal choice for borrowers looking for a recognised brand.

Post Office Money's lending area includes Scotland.

Hinckley & Rugby Building Society

Hinckley & Rugby Building Society has reduced its discounted variable rate for term deal, which is now priced at 1.95% (3.94% discount). This deal is for all applicants who wish to borrow from £75,000 at 80% loan-to-value. A fee of £999 is payable, of which £800 can be added to the advance of the mortgage. An incentive package of free valuation for all borrowers and free legal fees for those remortgaging is available. This deal allows overpayments and has no redemption penalty.

The 1.95% discounted variable rate for term from Hinckley & Rugby Building Society is highly competitive and reaffirms its place in the moneyfacts.co.uk Best Buys. The addition of no redemption penalty makes this deal a great opportunity for borrowers looking to exit their mortgage quicker than planned.

Hinckley & Rugby Building Society's lending area does not include Scotland.

Current Accounts

Halifax

Halifax has launched a switching incentive for its reward and ultimate reward current account. Customers will now receive £125 cashback for accounts that are switched using the current account switching service. Customers who choose to do so will be able to benefit from a £3 monthly reward, paid when the minimum funding requirement of £750 is met and two different direct debits are held. Customers will also be able to earn up to 15% cashback on selected retailers when shopping with their Halifax debit card.

The Halifax's £125 cashback switching incentive is a great perk for anyone fed up with their current deal and is considering moving bank accounts. However, customers must first 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.

Close