Moneyfacts Weekly Product News - 12/10/2018 | Product News | moneyfacts.co.uk

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Moneyfacts Weekly Product News - 12/10/2018

Moneyfacts Weekly Product News - 12/10/2018

Category: Articles
Author: Charlotte Nelson
Date: 12/10/2018

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


Tesco Bank

Tesco Bank has increased the rate on its easy access account, which now pays 1.40% yearly including a bonus of 0.85% for 12 months. Savers can invest from as little as £1. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 or over and must be opened online but can then also be managed over the phone.

This latest rate increase from Tesco Bank improves its position within the Moneyfacts.co.uk Best Buy charts. As a result, this is likely to be a popular choice among those looking for a straightforward savings account, however, savers will have to review the rate before the bonus period expires to ensure competitive returns are maintained.

Bank of Cyprus UK

Bank of Cyprus UK has increased the rate on its two-year fixed rate ISA, which now pays 1.82% upon its anniversary. Savers can invest from £500. Early access to funds is allowed subject to 180 days' loss of interest. Transfers in from cash ISAs and stocks and shares ISAs are also permitted. This deal is for savers aged 16 or over and can be operated in branch, by post, by telephone and online.

Savers looking for a home for their annual tax-free allowance will be delighted by the latest update from Bank of Cyprus UK. Paying 1.82%, this deal heads straight for the top of the Moneyfacts.co.uk Best Buys. With the added bonus of early access to funds, this is likely to be a good option for savers looking for a combination of both a competitive rate and flexibility.


MORTGAGES


Hanley Economic Building Society

Hanley Economic Building Society has launched a new five-year fixed rate mortgage, priced at 2.14% to 30.11.23. This deal is for applicants who wish to borrow between £30,000 and £500,000 at 80% loan-to-value. A fee of £299 is payable and an incentive package of free valuation for all borrowers and free legal fees for remortgage customers is included. This product allows overpayments of up to 10% of the outstanding balance.

Priced at 2.14%, this five-year mortgage from Hanley Economic Building Society is highly competitive and sits towards the top of 80% loan-to-value market as a result. The added bonus of a low fee and a great incentive package will make this product a cost-effective choice for many borrowers.

Hanley Economic Building Society's lending area does not include Scotland.

Post Office Money ®

Post Office Money ® has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.79% to 30.11.23. This deal is for all applicants who wish to borrow from £50,000 at 90% loan-to-value. No fee is payable and an incentive package of free valuation and £1,000 cashback is included. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with a modest deposit of just 10% will be intrigued by this latest reduction to Post Office Money's five-year mortgage. Priced at 2.79%, this product is reasonably priced in its sector and with the extra bonus of no fee as well as a fantastic incentive package including £1,000 cashback, this mortgage will no doubt be an attractive option for those looking to borrow with a recognised brand.

Post Office Money'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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