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Moneyfacts Weekly Product News - 10/05/2018

Moneyfacts Weekly Product News - 10/05/2018

Category: Articles
Author: Lieke Braadbaart
Date: 10/05/2018

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 It is now over 6 months old so the content may be out of date.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

Tandem Bank

Tandem Bank has tweaked its three-year fixed rate bond, which now pays 2.25% upon its anniversary. Savers must invest from £1,000 up to a maximum of £2.5 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated by telephone.

The 2.25% three-year fixed rate bond from Tandem Bank is highly competitive, maintaining a position within the moneyfacts.co.uk Best Buys. The great rate is likely to make this deal a popular option for those looking for a fuss-free savings account, however with no access to funds, savers must be happy with both their initial deposit and the three-year term.

Post Office Money

Post Office Money has increased the rate on its Online Saver, an easy access account that now pays 1.22% yearly or 1.21% monthly, with both options including a 12-month bonus of 0.97%. Savers can invest from as little as £1 up to a maximum of £2 million. Additions and unlimited penalty-free withdrawals are allowed. This deal is for savers aged 18 and over and must be operated online.

Savers looking for quick access to their funds will be interested in this latest update from Post Office Money. Paying 1.22%, this deal improves its position in the moneyfacts.co.uk Best Buys, making it an attractive choice. However, savers will need to review the rate before the bonus expires to ensure that competitive returns are maintained.


Mortgages

Leeds Building Society

Leeds Building Society has reduced the rate on its three-year fixed rate mortgage, which is now priced at 1.84% to 31.7.21. This deal is for all applicants who wish to borrow up to £500,000 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 (max £999) for all borrowers and help towards legal costs for remortgage customers is available. This deal allows overpayments of up to 10% of the outstanding balance.

Leeds Building Society's 1.84% mortgage is reasonably priced in its sector, while the added bonus of a great incentive package is likely to make this an attractive option for borrowers with the required 25% deposit.

Leeds Building Society's lending area includes Scotland.

Tesco Bank

Tesco Bank has reviewed the rate on its five-year fixed rate mortgage, which is now priced at 2.15% to 31.7.23. This deal is for remortgage customers only who wish to borrow from £40,000 at 75% loan-to-value. No fee is payable and an incentive package of free valuation and free legal fees 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 2.15% five-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 remortgage customers looking to keep initial costs down. The extra Clubcard points will be the icing on the cake for regular Tesco shoppers.

Tesco Bank's lending area includes Scotland.

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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