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Moneyfacts Weekly Product News - 25/05/2017

Moneyfacts Weekly Product News - 25/05/2017

Category: Articles
Date: 25/05/2017

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 It is now over 6 months old so the content may be out of date.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

Virgin Money

Virgin Money has increased the rate on its easy access ISA, which now pays 1.01% yearly or monthly. Savers can invest from as little as £1. Additions are allowed and three penalty-free withdrawals are permitted, with any subsequent withdrawals resulting in a rate of 0.25% being paid for the remainder of the year. Transfers in from cash and stocks & shares ISAs are welcome. This deal is for savers aged 16 and over and can be operated in branch and by post. An online-only version is also available.

The 1.01% easy access ISA from Virgin Money is highly competitive and sits amongst the top in its sector. Heading straight into the moneyfacts.co.uk Best Buys, this deal is likely to be a popular choice for those looking for easy access to their ISA funds. However, with only three penalty-free withdrawals permitted, savers should budget carefully.


Shawbrook Bank

Shawbrook Bank has increased the rate on its two-year fixed rate bond, which now pays 1.70% upon its anniversary. Savers must invest from £1,000 up to a maximum of £2 million. Additions are permitted while the issue remains open, but early access to funds is not allowed. This deal is for savers aged 18 and over and can be managed by telephone and online.

Savers looking for a short-term home for their savings will be delighted by this latest increase from Shawbrook Bank. Now paying 1.70%, this deal reaffirms its place in the moneyfacts.co.uk Best Buys. With no early access to funds, however, savers must ensure they have enough left over for life's little emergencies.


Mortgages

Tesco Bank

Tesco Bank has reduced the rate on its two-year variable tracker rate mortgage, which is now priced at 0.98% to 31.7.19. This deal is for first and second-time buyers who wish to borrow from £40,000 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 20% of the outstanding balance. Borrowers will be able to earn one Tesco Clubcard point for every £4 mortgage repayment.

The 0.98% two-year variable tracker rate mortgage enters the market as the lowest deal in its sector on moneyfacts.co.uk records. With such an attractive rate, this deal is likely to be a popular choice for those borrowers looking to minimise their monthly repayments.

Tesco Bank's lending area includes Scotland.

NatWest

NatWest has reduced the rate on its five-year fixed rate mortgage, which is now priced at 1.82% to 31.8.22. This deal is for first and second-time buyers who wish to borrow between £25,000 and £2 million at 60% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of £500 cashback is available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers looking for a high street lender will be interested in this latest update from NatWest. Priced at 1.82%, this five-year fixed rate sits comfortably in its sector; the added bonus of £500 cashback only furthers the product's appeal.

NatWest's lending area includes Scotland.

Loans

M&S Bank

M&S Bank has reduced the rate on its unsecured personal loan tier of £7,500 to £15,000. Customers can now apply for this loan over a term of one to seven years at a rate of 2.8% APR. Customers must be 18 or over and have a minimum income of £10,000 per year. Applications can be made in branch, by telephone and online.

This rate cut by M&S Bank to its £7,500 to £15,000 loan tier strengthens its position in the moneyfacts.co.uk Best Buys. With the new APR of 2.8%, this is a great choice for customers looking to borrow larger sums or consolidate 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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