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Moneyfacts Weekly Product News - 29/11/2018

Moneyfacts Weekly Product News - 29/11/2018

Category: Articles
Author: Rachel Springall
Date: 29/11/2018

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

Shawbrook Bank

Shawbrook Bank has increased the rate on its one-year fixed rate ISA, which pays 1.65% on maturity. A monthly interest option is also available at 1.64%. Savers can invest from £5,000. Additions are permitted while the issue remains open and early access is allowed subject to a penalty of 90 days' loss of interest. Transfers in from cash ISAs and stocks & shares ISAs are also permitted upon account opening only. This deal is for savers aged 18 or over and can be operated online or by phone, but applicants must open the account online.

By enhancing the rate of its one-year ISA, Shawbrook Bank has rocketed to the top of the Moneyfacts.co.uk Best Buys and acquires an Excellent product rating as a result. Savers who have yet to use their annual ISA allowance and are looking for a short-term home for their cash will find this market-leading deal highly attractive.

Investec Bank

Investec Bank plc has increased the rates on its short-term fixed bonds, with its two-year bond now paying 2.35% on its anniversary. A monthly interest option paying 2.33% is also available. Savers can invest from £25,000 up to a maximum of £1 million. Additions and earlier access to funds are not permitted. This deal is for savers aged 16 or over and can be operated online or by phone, but applicants must open the account online and are also required to open an easy access account alongside the bond to be eligible.

Securing the top position in the two-year fixed Moneyfacts.co.uk Best Buy savings charts this week is Investec Bank's striking bond, now paying 2.35%. Savers with a decent amount to invest will be delighted by this market-leading rate and can be assured of its appeal thanks to its Excellent product rating.

Atom Bank

Atom Bank has made significant increases to rates on its fixed bonds, with its one-year bond now paying 2.05% on maturity. A monthly option of 2.03% is also available. Savers can invest from £50 up to a maximum of £100,000. Additions are allowed for one week after the account has been opened, however early access to funds is not permitted. This deal is for savers aged 18 or over and can be opened and operated online and by mobile app.

Atom Bank has made a notable improvement to the rate on its one-year fixed bond, propelling the deal to the top of its respective market over one-year and securing a place in the Moneyfacts.co.uk Best Buys, as well as earning an Excellent product rating in the process. Savers who are looking for a straightforward fixed deal over the short-term will find this offering highly attractive.


Mortgages

Barclays Mortgage

Barclays Mortgage has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.59% to 31.1.21. This deal is for all borrower types who wish to borrow between £5,000 and £1 million at 75% loan-to-value. A product fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation for all borrowers and free legal fees for remortgage customers is included. This product allows overpayments of up to 10% of the outstanding balance.

Borrowers who are looking to remortgage with a well-known high street brand will find this latest deal from Barclays appealing. Remortgage customers in particular will find the package of free valuation and free legal fees a great money saving incentive, along with its low rate and reasonable product fee, which can be added to the mortgage advance.

Barclays Mortgage's lending area includes Scotland.

Cards

Virgin Money

Virgin Money has reviewed the interest-free deal on its Balance Transfer Credit Card Mastercard, which now offers a 30-month interest-free term for balance transfers. An introductory balance transfer fee of 1.75% is payable. This deal also offers a three month 0% period for purchases, which are charged at 20.9% APR thereafter. Customers must be 18 or over and have a minimum income of £7,000, and applications can be made online or by phone.

Following the market trend of reducing the length of interest-free offers comes this latest tweak from Virgin Money. While the deal has one month less on its introductory 0% balance transfer offer, it is still one of the most competitive terms on the market. Not only this, but its low balance transfer fee of 1.75% remains low, ideal for borrowers looking for a reasonable fee along with a long interest-free term.

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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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