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Moneyfacts Weekly Product News - 27/07/2017

Moneyfacts Weekly Product News - 27/07/2017

Category: Articles
Date: 27/07/2017

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 It is now over 6 months old so the content may be out of date.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

PCF Bank Limited

PCF Bank Limited has increased the rate on its 18-month fixed rate bond, which now pays 1.86% on maturity. Savers must invest from £1,000 up to a maximum of £250,000. Additions are allowed while the issue remains open, but early access to funds is not permitted. This deal is for savers aged 18 and over and can be operated by post, by telephone and online.

PCF Bank Limited, a new challenger bank in the savings market, has already made a great impression with its savings range. At 1.86%, its 18-month fixed rate bond is highly competitive, therefore grabbing a spot in the moneyfacts.co.uk Best Buys and an 'excellent' Moneyfacts product rating. Those savers looking for a competitive return over the short-term will be delighted with this deal, but they must ensure they are happy with their initial deposit.


OakNorth Bank

OakNorth Bank has amended the rate on its 24-month fixed rate bond, which now pays 1.91% on maturity. Savers can invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated online.

Savers looking to invest over two years will find this latest update from OakNorth Bank highly competitive. Paying 1.91%, this deal sits comfortably in the moneyfacts.co.uk Best Buys. However, savers must ensure they are content with their original deposit as the account will not allow early access to funds.


Mortgages

Yorkshire Building Society

Yorkshire Building Society has improved the rate on its two-year fixed rate mortgage, now priced at 3.15% to 30.11.19. This deal is for house purchase customers only who want to borrow between £50,000 and £500,000 at 95% loan-to-value. A fee of £995 is payable, all of which can be added to the mortgage advance, and it comes with an incentive of £250 cashback. This deal allows overpayments of up to 10% of the outstanding balance, as well as payment holidays and underpayments.

This newly improved deal from Yorkshire Building Society is likely to turn heads as it holds a place in the moneyfacts.co.uk Best Buys. Priced at 3.15%, the deal becomes the lowest rate on the market for borrowers with a 5% deposit. As borrowers can add the product fee to the mortgage advance and receive £250 cashback, this deal will likely appeal to those looking for a competitive rate and who are hoping to keep upfront costs down.

Yorkshire Building Society's lending area includes Scotland.

West Brom Building Society

West Brom Building Society has launched a new two-year fixed rate mortgage, priced at 1.29% to 31.10.19. This deal is for house purchase customers only who want to borrow from £40,000 at 65% loan-to-value. A £500 fee is payable, all of which can be added to the advance of the mortgage, and an incentive package of a free valuation (up to £445) is included. This deal allows overpayments by lump sum or regular payments (up to £999 per month).

This brand new two-year fixed mortgage from West Brom Building Society leaps into the moneyfacts.co.uk Best Buys thanks to its competitive package. The low rate, coupled with a decent incentive package and reasonable product fee of £500, will likely appeal to buyers looking to keep initial costs down.

West Brom Building Society's lending area does not include Scotland.

Credit Cards

MBNA

MBNA has launched a brand new All Round 30/30 Credit Card Visa onto the market. This deal offers 30 interest-free months for both introductory purchases and balance transfers. An introductory balance transfer fee of 2.74% is payable. Purchases after the introductory offers have expired are charged at 19.9% APR. To be eligible for this deal, customers must be 18 or over. Customers can apply by telephone and online.

MBNA's new deal launches straight into the moneyfacts.co.uk Best Buys, offering an attractive dual interest-free credit card package. It boasts 30 months interest-free on both purchases and balance transfers, which sees it become a joint market-leader and will surely appeal to consumers looking to spread costs over the longer-term.

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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