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Moneyfacts Weekly Product News - 09/08/2018

Moneyfacts Weekly Product News - 09/08/2018

Category: Articles
Date: 09/08/2018

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

Zenith Bank

Zenith Bank has increased the rate on its one-year fixed rate bond, which now pays 2.00% on maturity. Savers can invest from £1,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and must be operated by post, but savers will need to open the account online.

Savers looking for a short-term home for their savings will be intrigued by this latest increase from Zenith Bank. Paying 2.00%, this deal sits comfortably towards the top of its sector making it an attractive option.

Virgin Money

Virgin Money has increased the rate on its regular saver, which now pays 3.00% yearly. Savers can start the account with as little as £1 and pay up to £250 each month thereafter. There are no penalties for missed payments or withdrawals. This deal is for savers aged 16 or over and must be opened and operated in branch.

The 3.00% regular saver from Virgin Money, having earnt a place in the Moneyfacts.co.uk Best Buys, is an attractive option for any saver looking for a recognised brand. The lack of penalties for missed payments and withdrawals will only add to this product's appeal for those looking to get into a savings habit.


Mortgages

Leeds Building Society

Leeds Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.36% to 31.10.23. This deal is for all applicants who wish to borrow at 75% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation for all borrowers and help towards costs for remortgage customers is included. This deal allows overpayments of up to 10% of the outstanding balance.

The 2.36% five-year rate from Leeds Building Society sits comfortably in its sector. The added bonus of a comprehensive incentive package increases its appeal to borrowers with the required 25% deposit looking to keep initial costs down.

Leeds Building Society's lending area includes Scotland.

Tesco Bank

Tesco Bank has launched a five-year fixed rate mortgage, priced at 2.30% to 30.11.23. This deal is for remortgage customers only who wish to borrow from £40,000 at 80% loan-to-value. No fee is payable and an incentive package of free valuation and £250 cashback 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.

Tesco Bank's 2.30% five-year fixed rate mortgage is reasonably competitive and sits comfortably in the market. The added benefits of a great incentive package including cashback and no fee could make this deal a cost-effective option for remortgage customers. The extra Clubcard points will be the icing on the cake for regular Tesco shoppers.

Tesco Bank's lending area includes Scotland.

Loans

Admiral

Admiral has reduced the rates on selected tiers of its unsecured personal loan, which means customers can now apply for a personal loan of £7,500 to £15,000 over a term of one to five years at a rate of 3.3% APR. Customers must be aged between 18 and 74. Applications can be made by telephone or online.

This review to Admiral's unsecured personal loan sees it sit comfortably within its sector and earn an Excellent Moneyfacts rating. With a decent APR of 3.3%, this is likely to be a popular choice for those looking to consolidate their debts.

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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