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Moneyfacts Weekly Product News - 23/08/2018

Moneyfacts Weekly Product News - 23/08/2018

Category: Articles
Author: Charlotte Nelson
Date: 23/08/2018

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

Bank of Cyprus UK

Bank of Cyprus UK has increased the rate on its easy access savings account to now pay 1.41%, which includes a bonus of 0.56% for the first 12 months. This deal is for those aged 18 or over and can be opened with a balance of as little as £1. Savers can make unlimited withdrawals and further additions up to the maximum limit of £1 million are permitted. This account must be both opened and operated online.

Paying a rate of 1.41% on its easy access account, Bank of Cyprus UK now sits at the top of its respective Best Buy chart. This is an attractive option for those who wish to make unlimited withdrawals from their account, making it an ideal choice for first-time savers.

Al Rayan Bank

Al Rayan Bank has raised the rate on its 18-month fixed rate bond to 2.05% quarterly. Savers can invest from £1,000 with no maximum deposit, however additions and withdrawals are not allowed. The account is for savers aged 16 or over, and can be opened and operated in branch, by telephone, by post, by mobile app or online. This provider operates under Islamic finance principles, therefore the rate shown is the expected profit rate.

Al Rayan Bank's 2.05% 18-month fixed rate bond sits comfortably in the Moneyfacts.co.uk Best Buy charts. Offering a highly competitive rate, this account is a great choice for any saver looking to save some cash for a future date.


Mortgages

Leeds Building Society

Leeds Building Society has reduced the rate on its 10-year fixed mortgage deal to now stand at 2.59% to 30.11.28. The product is available for applicants who wish to borrow up to £1 million at a maximum 75% loan-to-value. There is a £999 fee payable, all of which can be added to the advance of the mortgage. This mortgage includes an incentive package of free valuation and free legal fees for remortgage customers.

Priced at 2.59%, this 10-year fixed-rate mortgage sits comfortably toward the top of its sector. With the added premium of its generous incentive package, this is likely to be an attractive choice for borrowers who are looking for the security of a longer-term deal.

Leeds Building Society's lending area includes Scotland.


Melton Mowbray Building Society

Melton Mowbray Building Society has launched a new five-year fixed rate mortgage, priced at 2.99% to 31.7.23. This deal is for all applicants who wish to borrow from £25,000 at 90% loan-to-value. A fee of £398 is payable, of which £199 must be paid upfront. An incentive of help towards legal fees is available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with a modest deposit of 10% will be interested in this latest launch from Melton Mowbray Building Society. Priced at 2.99%, this deal sits comfortably within its sector, with the addition of the low fee and incentive is likely to make this an attractive option for borrowers looking to keep costs down.

Melton Mowbray Building Society's lending area does not include Scotland.

Credit Cards

Post Office Money

Post Office Money has reviewed the rates on its Online Balance Transfer Credit Card Mastercard, which now offers 32 months of interest-free balance transfers. An introductory balance transfer fee of 2.00% is payable. Purchases are charged at 19.9% APR. This deal is for customers aged 18 or over with a minimum income of £8,000. Applications for this card must be made online.

This latest update from Post Office Money sees it retain its place in the Moneyfacts.co.uk Best Buys. Offering a 32-month interest-free term for balance transfers makes this product a great choice for any borrower looking to consolidate their debts. However, the debt must be paid off in full before the end of the introductory term to avoid any interest being payable.

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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