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Moneyfacts Weekly Product News - 12/10/2017

Moneyfacts Weekly Product News - 12/10/2017

Category: Articles
Date: 12/10/2017

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

Bank of Cyprus UK

Bank of Cyprus UK has increased the rate on its easy access account, which now pays 1.28% upon its anniversary including a bonus of 0.68% for 12 months. Savers can invest from as little as £1 up to a maximum of £1 million. Unlimited additions and penalty-free withdrawals are permitted. This deal is for savers aged 18 or over and must be operated online.

Anyone looking to kick-start a savings habit will be intrigued by this latest update from Bank of Cyprus UK. Paying 1.28%, the Online Easy Access Account heads straight to the top of the moneyfacts.co.uk Best Buys for easy access accounts with a bonus, making this a popular choice. However, savers will need to reassess the account before the bonus period expires to ensure a competitive rate is maintained.


Virgin Money

Virgin Money has increased the rate on its one-year fixed rate ISA, which now pays 1.35% yearly or 1.34% monthly. Savers can invest from as little as £1. Additions are permitted within 30 days of the account opening and early access to funds is also allowed, subject to a 60 days' loss of interest penalty. Transfers in from cash and stocks & shares ISAs are permitted too. This deal is for savers aged 16 and over, and can be operated in branch and by post. An online-only version is also available.

The 1.35% one-year fixed rate ISA from Virgin Money is highly competitive and improves its position in the moneyfacts.co.uk Best Buys. The great rate is likely to make it an attractive choice for those savers looking to invest with a recognised brand.


Post Office Money

Post Office Money has launched a new two-year fixed rate ISA, which pays 1.45% upon its anniversary. Savers can invest from £500. Additions are not permitted, however early access is allowed subject to closure of the account and 180 days' loss of interest. Transfers in from cash and stocks & shares ISAs are also permitted. This deal is for savers aged 16 and over and must be operated online.

Internet investors looking for a home for their tax-free savings may find this latest launch from Post Office Money attractive. Paying 1.45%, this deal heads straight into the moneyfacts.co.uk Best Buys. However, with a large penalty for access, savers must ensure they have enough funds set aside for life's little emergencies.


Mortgages

Skipton Building Society

Skipton Building Society has launched a new variable tracker rate mortgage priced at 0.99% for two years. This deal is for all applicants wishing to borrow 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 for all borrowers and free legal fees for those remortgaging is available. This deal allows overpayments.

The 0.99% two-year variable rate mortgage from Skipton Building Society sits among the lowest rates in its sector and heads straight into the moneyfacts.co.uk Best Buys for remortgages. The added benefit of a decent incentive package further increases its appeal.

Skipton Building Society's lending area includes Scotland.

Credit Cards

Barclaycard

Barclaycard has tweaked its Platinum Balance Transfer Credit Card. This deal now offers 38 months interest-free for balance transfers, whereby an introductory balance transfer fee of 1.45% is payable. Purchases are charged at 19.9% APR. Customers must be 21 or over and have a minimum income of £20,000. Customers can apply by post, over the phone and online.

This reduction to the balance transfer term follows similar tweaks to other cards in this sector. Despite it, the deal retains a competitive place in the moneyfacts.co.uk Best Buys, and is likely to be a good choice for those looking to consolidate their debts. 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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