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Moneyfacts Weekly Product News - 22/02/2018

Moneyfacts Weekly Product News - 22/02/2018

Category: Articles
Author: Tim Leonard
Date: 22/02/2018

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 It is now over 6 months old so the content may be out of date.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

Paragon Bank

Paragon Bank has increased the rate on its 120-day notice account, which now pays 1.55% on its anniversary or 1.54% monthly. Savers must invest from £500 up to a maximum of £100,000. Additions are permitted and early access is allowed, subject to 120 days' notice being given. This deal is for savers aged 18 and over and must be operated online.

Paying 1.55%, this 120-day notice account from Paragon Bank is highly competitive, improving its position in the moneyfacts.co.uk Best Buys. This decent rate will no doubt entice savers looking for a straightforward savings account; however, savers must ensure they are comfortable with giving 120 days' notice to gain access to their funds.


Vanquis Bank

Vanquis Bank has increased the rate on its five-year fixed rate bond, which now pays 2.51% upon its anniversary or 2.48% monthly. Savers must invest from £1,000, up to a maximum of £250,000. Additions and early access are not permitted. This deal is for savers aged 18 and over and can be operated by post, by telephone and online.

Savers looking for a long-term home for their cash savings will be intrigued by this latest increase to Vanquis Bank's five-year fixed rate bond. Paying 2.51% annually, this deal makes its mark on the moneyfacts.co.uk Best Buys. However, with no additions or early access to funds, savers must be happy with their initial investment.


Mortgages

Yorkshire Building Society

Yorkshire Building Society has reduced the rate on its two-year fixed rate mortgage, priced at 1.24% to 30.6.20. This deal is for all applicants who wish to borrow between £25,001 and £5 million at 65% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.24% two-year fixed rate mortgage from Yorkshire Building Society is highly competitive and earns a place in the moneyfacts.co.uk Best Buys. The relatively low fee of £495 makes this deal a cost-effective option for those with the required 35% deposit.

Yorkshire Building Society's lending area includes Scotland.

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.50% to 31.3.23. This deal is for all applicants who wish to borrow from £40,000 at 90% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive of free valuation for all borrowers, £250 cashback for first and second-time buyers and free legal fees for those remortgaging is available. Successful mortgage applicants will also be eligible to receive 5% of grocery bills back in vouchers for two years. This deal allows overpayments up to 10% of the outstanding balance.

Borrowers with just a 10% deposit will be delighted by the latest cut to Sainsbury's Bank five-year fixed rate mortgage. Priced at 2.50%, this deal sits comfortably in the market. The added bonus of an extensive incentive package - which includes £250 cashback - only sweetens this offering more, making it an attractive option for many.

Sainsbury's Bank's lending area includes Scotland.

Credit Cards

Tandem Bank

Tandem Bank has launched a new cashback credit card into the market. Purchases are charged at 18.9% APR. The card's cashback scheme pays 0.50% on all purchases over £1, which credits the account monthly. In addition, the card charges no foreign usage fees worldwide, but cash withdrawal fees will still apply, as will purchase interest. Customers must be 18 and over with a minimum income of £13,000 and must apply online.

Tandem Bank has launched into the credit card market with a bang. Its new cashback credit card is highly competitive and earns a place within the moneyfacts.co.uk Best Buys. The 0.50% cashback on offer makes this an attractive choice for savvy shoppers looking to earn cash as they spend. The added bonus of no foreign usage fees worldwide only increases its appeal.



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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