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Moneyfacts Weekly Product News - 18/10/2018

Moneyfacts Weekly Product News - 18/10/2018

Category: Articles
Author: Charlotte Nelson
Date: 18/10/2018

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

Virgin Money

Virgin Money has increased the rate on its one-year fixed rate ISA, which now pays 1.51% yearly or 1.50% monthly. Savers can invest as little as £1. Additions are permitted within 30 days of the account opening and early access is allowed subject to 60 days' loss of interest. Transfers in from cash ISAs and stocks and shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch and by post, though an online-only version is also available.

Virgin Money's one-year fixed rate ISA paying 1.51% is highly competitive, improving its position within the Moneyfacts.co.uk Best Buys. With a great rate this is likely to be a popular choice for those looking to invest their tax-free allowance over the shorter term.

Shawbrook Bank

Shawbrook Bank has increased rates on its three-year fixed rate bond, which now pays 2.33% upon its anniversary. Savers can invest from £5,000 up to a maximum of £2 million. Additions are permitted while the issue remains open, however earlier access to funds is not allowed. This deal is for savers aged 18 and over and can be operated by phone or online.

Savers looking to lock away their nest egg will be intrigued by this latest increase from Shawbrook Bank. Paying 2.33% this deal enters the Moneyfacts.co.uk Best Buys, making it a good choice for any saver looking to fix over the medium term. However, with no early access to funds, savers need to ensure they have enough cash left over for life's little emergencies.


Mortgages

Vernon Building Society

Vernon Building Society has launched a new five-year fixed rate mortgage, priced at 2.59% to 30.11.23. This deal is for all applicants who wish to borrow between £25,000 and £750,000 at 85% loan-to-value. No fee is payable. The product allows overpayments of up to 10%.

Vernon Building Society's five-year fixed rate mortgage priced at 2.59% is reasonably priced in the market. Benefiting from no fee payable this could be a cost-effective choice for borrowers with the required 15% deposit.

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


West Brom Building Society

West Brom Building Society has reduced its two-year discounted variable mortgage, which is now priced at 1.79% (2.70% discount) to 30.11.20. This deal is for first and second-time buyers who wish to borrow between £40,000 and £1 million at 80% loan-to-value. A fee of £499 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available. This deal allows overpayments of up to £1,000 per month.

The 1.79% two-year discounted variable rate from West Brom Building Society is highly competitive, improving its position within the market. The added bonus of a low fee and a decent incentive package is likely to make this an attractive option for those looking to keep initial costs down.

West Brom Building Society's lending area does not include Scotland.

Credit Cards

Halifax

Halifax has reviewed its Online Balance Transfer Credit Card Mastercard, which now offers a 32-month interest-free term for balance transfers. An introductory balance transfer fee of 3.00% is payable. This deal also offers a three-month 0% introductory period for purchases, which are charged at 19.9% APR thereafter. Customers must be 18 and over and applications must be made online.

This latest update from Halifax sees its Online Balance Transfer Credit Card retain its position within the Moneyfacts.co.uk Best Buys. As a result, this is great choice for borrowers looking to consolidate their debts.

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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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