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Moneyfacts Weekly Product News - 24/05/2018

Moneyfacts Weekly Product News - 24/05/2018

Category: Articles
Date: 24/05/2018

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

Atom Bank

Atom Bank has increased the rate on its one-year fixed rate bond, which now pays 1.95% upon its anniversary or 1.93% monthly. Savers can invest from £50 up to a maximum of £100,000. Additions are permitted within one week of account opening, however no early access to funds is permitted. This deal is for savers aged 18 and over and must be operated online or via mobile app.

The latest increase to Atom Bank's one-year fixed rate bond to 1.95% sees this deal improve its position within the moneyfacts.co.uk Best Buys. The great rate is likely to make this account a fantastic choice for anyone looking to maximise their interest over the shorter term.

Sainsbury's Bank

Sainsbury's Bank has increased the rate on its Defined Saver, an easy access account that pays up to 1.25% variable, with tiered rates of interest depending on the amount invested. Savers can invest from £1, although at least £1,000 will be required to earn the highest interest rate. Additions are permitted, as are three penalty-free withdrawals, with any subsequent withdrawals resulting in a rate of 0.50% being paid for the remainder of the year. This deal is for savers aged 18 and over and can be operated by phone or online.

Savers looking for easy access to their funds will be delighted by the latest launch from Sainsbury's Bank. Paying up to 1.25%, this deal comfortably earns a place in the moneyfacts.co.uk Best Buys. The rate is likely to make this deal a popular option, however with only three penalty-free withdrawals permitted each year, savers should budget carefully.


Mortgages

Post Office Money

Post Office Money has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.05% to 31.7.23. This deal is for all applicants who wish to borrow from £50,000 at 60% loan-to-value. A fee of £1,495 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.

Post Office Money's latest reduction to its five-year fixed rate mortgage, now priced at 2.05%, sees this deal improve its position in the market. This reasonable rate is likely to be an option to consider for anyone looking for a recognised brand, however borrowers will need to weigh up all the costs, including the fee.

Post Office Money's lending area includes Scotland.

Newcastle Building Society

Newcastle Building Society has reduced the rate on its two-year variable tracker rate mortgage, which is now priced at 1.75% to 31.8.20. This deal is for all applicants who wish to borrow between £10,000 and £1 million at 80% loan-to-value. A fee of £498 is payable, of which £299 can be added to the advance of the mortgage. This deal allows overpayments and has no redemption penalty.

The 1.75% two-year variable tracker mortgage from Newcastle Building Society sits comfortably in the market. The addition of no redemption penalty makes this deal a great opportunity for borrowers hoping to exit their mortgage quicker than planned.

Newcastle Building Society's area includes Scotland.


Credit Cards

Halifax

Halifax has increased the balance transfer term on its Balance Transfer Credit Card, which now offers 36 months of interest-free balance transfers. An introductory balance transfer fee of 2.75% (after a partial refund) is payable. Purchases are charged at 19.9% APR. Customers must be aged 18 and over and can apply online.

Halifax is bucking the recent downward trend in the balance transfer market with an improvement to its balance transfer credit card. Now offering a 36-month interest-free term for balance transfers, this card is one of the most competitive in the market, refining its position in the moneyfacts.co.uk Best Buys. As a result, this deal is likely to be a great option for those who are looking for a long window in which to reduce their debts.

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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