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Moneyfacts Weekly Product News - 26/04/2018

Moneyfacts Weekly Product News - 26/04/2018

Category: Articles
Author: Lieke Braadbaart
Date: 26/04/2018

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 It is now over 6 months old so the content may be out of date.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

Al Rayan Bank

Al Rayan Bank has increased the rate on its easy access cash ISA, which now pays 1.35% monthly. Savers can invest from £50. Additions and unlimited penalty-free withdrawals are permitted. Transfers in from other cash ISAs and stocks and shares ISAs are also allowed. This deal is for savers aged 16 and over and must be operated in branch, by post, by telephone and online. This provider operates under Islamic finance principles, therefore the rate shown is the expected profit rate.

Savers looking to kick-start their ISA pot will be delighted by this latest increase from Al Rayan Bank. Now paying 1.35%, this deal heads straight to the top of the moneyfacts.co.uk Best Buys. This great rate is no doubt going to prove a popular choice among savers.


Manchester Building Society

Manchester Building Society has relaunched its 120-day notice saver, paying 1.50% yearly. Savers can invest from £1,000 up to a maximum of £75,000. Additions are allowed and early access to funds is permitted, subject to 120 days' notice being given. This deal is for savers aged 18 and over and must be operated in branch or by post.

The 1.50% 120-day notice account from Manchester Building Society is highly competitive. Entering the moneyfacts.co.uk Best Buys, this deal is likely to be a great choice for savers looking for a straightforward account. However, they must be comfortable giving 120 days' notice to access funds, which makes careful management a must.


Mortgages

Santander

Santander has reviewed selected rates in its range, including its two-year fixed rate, which is now priced at 1.64% to 2.7.20. This deal is for all applicants who wish to borrow between £6,000 and £1.5 million at 75% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £1,190) for all borrowers and a choice of £250 cashback or free legal fees for remortgage customers is also included. This deal allows overpayments of up to 10% of the outstanding balance.

Those looking to borrow from a high-street name will be interested in this latest offering from Santander. Priced at 1.64%, this two-year fixed rate is reasonably priced in the market, and the added benefit of a great incentive package is only going to boost its appeal.

Santander's lending area includes Scotland.

Furness Building Society

Furness Building Society has launched a new two-year discounted variable rate mortgage, priced at 2.99% (2.55% discount). This deal is for all applicants who wish to borrow from £30,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation and £300 cashback for all borrowers and free legal fees for those remortgaging is available. This deal allows overpayments of up to 10% of the mortgage advance.

The 2.99% discounted variable rate from Furness Building Society is highly competitive and sits within the top five in its sector. The added bonus of a great incentive package will make this a good choice for borrowers with small deposits to help minimise any upfront costs.

Furness Building Society's lending area includes Scotland.


Current Accounts

first direct

first direct has launched a switching incentive for its 1st account. Customers will now be offered a choice of online self-development courses, a £150 Expedia e-voucher or a choice of gadgets for accounts that are switched using the Current Account Switch Service, provided the account is credited with £1,000 in the first three months. Customers transferring to the 1st account will furthermore be able to fall back on an authorised overdraft of 15.9% EAR. Customers also have the option to add a benefits package. A £10 per month fee is charged, however this is waived if the account is funded with at least £1,000 each month.

first direct's new switching incentive is a great perk for anyone who's fed up with their current deal and is considering moving bank accounts. However, customers must first look at all aspects of the account to ensure this is the most suitable deal for them.

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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