Moneyfacts Weekly Product News - 26/10/2017 | Product News |

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Moneyfacts Weekly Product News - 26/10/2017

Moneyfacts Weekly Product News - 26/10/2017

Category: Articles
Author: Tim Leonard
Date: 26/10/2017

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 It is now over 6 months old so the content may be out of date.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


BM Savings

BM Savings has increased the rate on its easy access account, which now pays 1.30% upon its anniversary or 1.29% monthly for 12 months. After the 12-month period, the rate will revert to a Standard Saver Internet Account currently paying 0.05%. Savers can invest from as little as £1 up to a maximum of £10 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking for easy access to funds will be delight by the top-paying easy access account from BM Savings. With a rate of 1.30%, this deal heads straight to the top of the Best Buys, making this a great choice for anyone looking to kick-start a savings habit. Savers should however review the rate when the 12 months are over to ensure competitive returns are maintained.



TSB has reviewed its five-year fixed rate mortgage, which is now priced at 2.54% to 31.1.23. This deal is for remortgage customers only who wish to borrow between £5,000 and £1 million at 80% loan-to-value. No fee is payable and an incentive package of free valuation and free legal fees is available. For those who have a TSB current account, £150 cashback is also available. This deal allows overpayments of up to 10% of the outstanding balance.

The 2.54% five-year fixed rate mortgage from TSB is reasonably priced in the market. With no fee and a decent incentive package, this deal offers borrowers an opportunity to remortgage with little upfront cost and is likely to be a good choice for anyone looking to borrow from a high street lender.

TSB's lending area includes Scotland.

Current Accounts

Yorkshire Bank

Yorkshire Bank has added a new switching incentive to all its current accounts. Customers will now receive £250 cashback for accounts switched using the Current Account Switching Service if a minimum of two direct debits are transferred. Customers transferring to the B Current Account will furthermore be able to fall back on an authorised overdraft of 12.50% EAR with a £6 per month usage fee and receive credit interest of 0.25% on balances up to £2,000. No ongoing funding requirements are needed to obtain this account.

Yorkshire Bank's £250 cashback switching incentive is the largest amount customers can currently receive for switching their current account. The extra cash will no doubt sweeten the pot for anyone fed up with their current deal and considering moving. However, customers must look at all aspects of the account to ensure this is the most suitable deal for them.



TSB has reduced the rate on selected tiers of its unsecured personal loan, which means customers can now apply for a loan of £7,500 to £25,000 over a term of one to five years at a rate of 2.8% APR. Customers must be 18 or over. Applications can be made in branch, by phone or online.

This rate cut by TSB sees it join the select group of providers currently offering the lowest loan rate on the market, earning it a high place in the Best Buys. With an attractive APR of 2.8%, this is likely to be a popular choice for those looking to 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.