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Moneyfacts Weekly Product News - 22/06/2017

Moneyfacts Weekly Product News - 22/06/2017

Category: Articles
Date: 22/06/2017

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 It is now over 6 months old so the content may be out of date.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

Vanquis Bank

Vanquis Bank has increased rates across its fixed bond range, including its five-year fixed bond which now pays 2.21% on its anniversary or 2.19% monthly. Savers must invest from £1,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated online, by post and over the phone, but must first be opened online.

Savers looking for a competitive rate over the longer term will find this latest deal from Vanquis Bank highly attractive. At 2.21%, the five-year fixed bond sits comfortably in the moneyfacts.co.uk Best Buys, but investors must be prepared to lock their money away, as earlier access is not permitted.


Bank of Cyprus UK

Bank of Cyprus UK has increased the bonus on its easy access account, which now pays 1.11% on its anniversary including a 12-month 0.51% bonus. Savers can invest from £1. Additions and unlimited penalty-free withdrawals are allowed. This deal is for savers aged 18 and over and must be operated online.

This rate increase from Bank of Cyprus UK improves the account's position, as it now sits at the top of the moneyfacts.co.uk Best Buy table for easy access accounts with a bonus and is just shy of the overall market-leader. This account is likely to appeal to those looking for unlimited access to their cash and who are happy to manage their savings online.


Al Rayan Bank

Al Rayan Bank has launched a new 18-month fixed bond paying 2.04% gross quarterly (2.06% AER). Savers must invest from £1,000. Additions and early access to funds are not permitted. This deal is for savers aged 16 and over and can be managed in branch, by post, over the phone and online. Al Rayan Bank operates under Islamic finance principles, so the rate shown is the expected profit rate.

The brand new 2.04% 18-month bond from Al Rayan Bank heads straight to the top of the moneyfacts.co.uk Best Buys as a market-leader. Those unwilling to tie their money up over the longer term will find this deal appealing, but savers must be comfortable with their initial deposit as early access will not be permitted.


Mortgages

Nationwide Building Society

Nationwide Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.34%. This deal is for all borrowers who wish to borrow from £25,000 at 85% loan-to-value. A fee of £999 is payable, all of which can be added to the mortgage advance. An incentive package of free valuation for all borrowers is included, plus free legal fees or £250 cashback for remortgage customers but first-time buyers will get £500 cashback. This deal allows overpayments of up to 10% of the mortgage advance.

This improved five-year fixed mortgage deal from Nationwide Building Society may entice borrowers with a 15% deposit, thanks to its competitive rate and incentive package. First-time buyers will find the package especially generous with the £500 cashback and free valuation, and the option to add the product fee to the mortgage advance will be popular with those looking to reduce the upfront cost.

Nationwide Building Society's lending area includes Scotland.


Loans

Hitachi Personal Finance

Hitachi Personal Finance has reduced rates on selected tiers of its unsecured personal loan. Customers applying for a £5,000 loan can now do so over a term of two to five years at a rate of 3.4% APR. Customers must be 21 or over and apply online or by phone.

This rate cut by Hitachi Personal Finance improves its position as one of the most competitive loans in the market, earning it a moneyfacts.co.uk 'outstanding' product rating in the process. At 3.4%, those borrowers looking for a £5,000 loan will find that this deal comfortably sits at the top of the moneyfacts.co.uk Best Buys.


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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