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Moneyfacts Weekly Product News - 29/03/2018

Moneyfacts Weekly Product News - 29/03/2018

Category: Articles
Date: 29/03/2018

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 It is now over 6 months old so the content may be out of date.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

Bank of London and The Middle East

Bank of London and The Middle East has increased the rate on its three-year fixed rate bond, which now pays 2.30% yearly. Savers must invest from £25,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This bond is online-only. Bank of London and The Middle East operates under Islamic Finance principles and the rate shown is the expected profit rate.

The expected profit rate of 2.30% on this three-year fixed rate bond from Bank of London and The Middle East is joint market-leading. Riding high in the moneyfacts.co.uk Best Buys, the great rate will make this deal a popular option for savers looking to fix over the medium term. However, with no early access to funds, savers must ensure they have enough cash left over for life's little emergencies.


Halifax

Halifax has raised the rate on its five-year fixed rate ISA this week to a market-leading 2.25% yearly. Savers must invest at least £500, and additional deposits and transfers in are welcome. However, the only way to access funds early is by closing the ISA and foregoing 365 days' interest. The same interest penalty applies if transferring away from this branch, phone, online and mobile app-operated ISA.

Savers looking for a long-term ISA will find it hard to ignore this increase to Halifax's 5 Year ISA Saver Fixed. Paying the best rate among all fixed rate ISAs at present, this deal clearly makes its mark on the moneyfacts.co.uk Best Buys. The main consideration will be the hefty interest penalty if funds are accessed before the five-year term is up, or if transferring out.


Mortgages

Sainsbury's Bank

Sainsbury's Bank has cut the rate on its two-year fixed rate mortgage which, in being available at 95% loan-to-value, is ideal for first-time buyers. Now priced at 3.59% to 30.6.20, this deal has no arrangement fee, free valuation fees and £500 cashback. Overpayments, underpayments and payment holidays are all allowed.

Anyone looking to take their first step onto the property ladder will surely consider this newly improved mortgage from Sainsbury's Bank. The highly attractive rate of 3.59%, absence of upfront fees and potential for £500 cashback all combine to make this deal a moneyfacts.co.uk Best Buy mortgage.

Sainsbury's Bank's lending area is Great Britain & Northern Ireland

Principality Building Society

Principality Building Society has reduced rates on its entire mortgage range this week, including on its discounted variable rate mortgage. The deal, which is available at 75% loan-to-value, now offers a discounted variable rate of 1.35% to 30 June 2020, when it reverts to 4.90% for the remainder of the term. There is no arrangement fee, and it includes an incentive package of a free valuation for all borrowers, and free legal fees for remortgage customers. This deal also allows overpayments.

The discounted rate of 1.35% may be slightly higher than the lowest available in this sector, but with no arrangement fee and attractive incentives, Principality BS has moved to the top of its moneyfacts.co.uk Best Buy chart. It should certainly appeal to borrowers wanting to keep upfront costs to a minimum.

Principality Building Society's lending area is England & Wales

Credit Cards

Barclaycard

Barclaycard has increased both its introductory 0% purchase term and balance transfer term to 27 months on its Platinum Purchase and Balance Transfer Visa. An introductory balance transfer fee of 1.49% is payable (the standard balance transfer fee is now 3.50%), while purchases are charged at 19.9% APR. Customers must be over 21, and can apply online, in branch, by post and over the phone.

The Barclaycard Platinum Purchase and Balance Transfer Visa has enhanced its appeal with the lengthening of its interest-free terms for both purchases and balance transfers. Rising up the moneyfacts.co.uk 0% interest credit card Best Buy chart, the card will certainly be of interest to borrowers with an outstanding credit card balance who have more purchases in mind.



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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