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Moneyfacts Weekly Product News - 08/06/2017

Moneyfacts Weekly Product News - 08/06/2017

Category: Articles
Date: 08/06/2017

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 It is now over 6 months old so the content may be out of date.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

Axis Bank

Axis Bank has increased the rate on its two-year fixed rate bond, which now pays 1.76% upon its anniversary or 1.75% monthly. Savers can invest from £1,000 up to a maximum of £200,000. Additions and early access are not permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.

Savers looking for a short-term home for their savings will be delighted by this latest increase from Axis Bank. Paying 1.76%, this deal heads straight into the moneyfacts.co.uk Best Buys, making this an ideal choice for anyone looking to maximise their interest. However, with no early access to funds, savers must ensure they will not need the cash during the entire fixed term.


Skipton Building Society

Skipton Building Society has launched the first cash Lifetime ISA (LISA), which pays 0.50% upon its anniversary. Savers can invest from £1, and additions and early access to funds are allowed. This deal is for savers aged 18 to 39 and must be operated online. Savers who are first-time buyers will benefit from the Government bonus of 25% when buying their first property.

The long-awaited launch of a cash Lifetime ISA is finally here, with this new ISA from Skipton Building Society paying a variable rate of 0.50%. Whilst there are better interest rates to be found elsewhere, none benefit from the added 25% Government bonus that makes this deal an attractive option for many.


Mortgages

Saffron Building Society

Saffron Building Society has launched a new five-year fixed rate mortgage, which is now priced at 3.67% to 31.12.22. This deal is for first-time buyers only who wish to borrow from £30,000 at 95% loan-to-value. No fee is payable. The deal allows overpayments of up to 10% of the outstanding balance.

First-time buyers will be interested in this latest launch from Saffron Building Society. Priced at 3.67%, this deal is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. The combination of a great rate and no fee will make it a cost-effective option for many.

Saffron Building Society's lending area does not include Scotland.

Tesco Bank

Tesco Bank has reduced its five-year fixed rate mortgage, which is now priced at 1.82% to 31.7.22. This deal is for remortgage customers only who wish to borrow from £40,000 at 60% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and free legal fees is payable. 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 1.82% five-year fixed rate from Tesco Bank sits comfortably in the market. With the added benefits of a free valuation and free legal fees this could be an attractive option for those looking to keep initial costs down. The extra Clubcard points only serve to sweeten the deal for Tesco shoppers.

Tesco Bank's lending area includes Scotland.

Credit Cards

Post Office Money

Post Office Money has extended the introductory terms on its Matched MasterCard. This deal now offers a 30-month introductory interest-free term for purchases and balance transfers. An introductory balance transfer fee of 2.75% is payable, and purchases after the initial introductory offers have expired will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and have a minimum income of £8,000. Customers can apply by telephone or online.

Anyone looking to make a large purchase and spread the cost will be intrigued by this latest update from Post Office Money. Now offering 30 months interest-free on both purchases and balance transfers, it 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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