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Moneyfacts Weekly Product News - 27/09/2018

Moneyfacts Weekly Product News - 27/09/2018

Category: Articles
Author: Charlotte Nelson
Date: 27/09/2018

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

Marcus by Goldman Sachs

Marcus by Goldman Sachs launches into the savings market with an easy access account paying 1.49% monthly (1.50% AER), including a bonus of 0.15% for 12 months. Investors will be able to renew their bonus and opt-in to a new rate available at the time. Savers can invest from as little as £1 up to a maximum of £250,000. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 or over and must be operated online. Marcus by Goldman Sachs is covered by the UK financial compensation scheme.

Marcus by Goldman Sachs launches into the savings market with a fantastic easy access account. Paying 1.49% monthly (1.50% AER), this deal is currently the highest paying easy access account in the market and heads straight into the Moneyfacts.co.uk Best Buy charts as a result. With no restrictions on the number of withdrawals that can be made, this is a great choice for any saver looking for a fuss-free account. Although a review of the account will be required in a years time customers will be allowed to renew the bonus rate at the time the original expires.

Al Rayan Bank

Al Rayan Bank has increased the rate on its 18-month fixed rate bond, which now pays 2.20% quarterly. Savers can invest from £1,000. Additions and early access to funds are not permitted. This deal is for savers aged 16 or over and can be operated in branch, by post, by telephone, online and by mobile app. Al Rayan Bank operates under Islamic finance principles and the rate shown is the expected profit rate.

The 18-month fixed rate bond from Al Rayan Bank is highly competitive, paying 2.20% and improves its position within the Moneyfacts.co.uk Best Buys as a result. This great rate is likely to make it a popular option with savers, however, with no early access to funds, they will need to be happy with their initial investment.



Mortgages

Post Office Money

Post Office Money has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.81% to 30.11.20. This deal is for all applicants who wish to borrow from £25,001 at 75% loan-to-value. No fee is payable and an incentive package of free valuation is included for all borrowers, while free legal fees for those remortgaging is also available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with the required 25% deposit will be interested in this latest deal from Post Office Money. Priced at 1.81%, this product heads straight into the Moneyfacts.co.uk Best Buy charts. The addition of no fee payable and a generous incentive package will only further its appeal to borrowers.

Post Office Money's lending area includes Scotland.

Leek United Building Society

Leek United Building Society has launched a new two-year discounted mortgage to its range, priced at 2.74% (2.95% discount). This deal is for first and second-time buyers who wish to borrow from £25,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation and £500 cashback is included. This deal allows overpayments.

Priced at 2.74%, this two-year discounted mortgage from Leek United Building Society becomes the lowest rate in its sector and as a result heads straight into the Moneyfacts.co.uk Best Buys for first-time buyers. Alongside this great rate, borrowers can enjoy a generous incentive package including £500 cashback, making this a great choice for those with limited funds.

Leek United Building Society's lending area does not include Scotland.

Credit Cards

Barclaycard

Barclaycard card has tweaked its Platinum Balance Transfer Visa Credit Card, which now offers 33 months interest-free balance transfers. An introductory balance transfer fee of 1.95% is payable. This deal also offers a six months interest-free period for purchases, with purchases charged at 19.9% APR thereafter. Customers must be 21 or over and have a minimum income of £20,000. Applications can be made by post, by telephone or online.

This latest update from Barclaycard continues to make its balance transfer credit card highly competitive, remaining in the Moneyfacts.co.uk Best Buys. Not only does this card include one of the longest available terms on the market, but it also offers a reasonable balance transfer fee, making it a good choice for those looking to save on upfront costs.

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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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