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Moneyfacts Weekly Product News - 31/08/2017

Moneyfacts Weekly Product News - 31/08/2017

Category: Articles
Author: Tim Leonard
Date: 31/08/2017

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 It is now over 6 months old so the content may be out of date.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

West Brom Building Society

West Brom Building Society has launched a new Easy Access ISA, which pays 1.05% yearly including a bonus of 0.45% until 30.11.18. Savers must invest at least £1,000. Additions and unlimited penalty-free withdrawals are permitted. Transfers in from other cash ISAs are also allowed. This deal is for savers aged 16 and over and must be operated online.

The 1.05% easy access ISA from West Brom Building Society is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. This deal is likely to be a popular choice for savers looking for an easily accessible home for their ISA allowance. However, savers will need to check that the account remains competitive after the bonus expires.


ICICI Bank UK

ICICI Bank UK has reviewed its easy access account, which now pays 1.24% monthly including a bonus of 0.64% until 30.9.18. Savers can invest from as little as £1, however, to receive the bonus amount savers will need to invest at least £500. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking to start an emergency fund will be intrigued by this latest update from ICICI Bank UK. Paying 1.25%, this deal heads straight to the top of the moneyfacts.co.uk Best Buys for easy access accounts with a bonus. As always, savers will need to review the account when the bonus expires to see if a better deal could be found elsewhere.


Mortgages

Tesco Bank

Tesco Bank has reduced the rate on its three-year fixed rate mortgage, which is now priced at 2.49% to 30.11.20. This deal is for remortgage customers only who wish to borrow from £40,000 at 90% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and free legal fees is available. This deal allows overpayments of up to 20% of the outstanding balance. Borrowers will be able to earn one Tesco Clubcard point for every £4 mortgage repayment.

The 2.49% three-year fixed rate from Tesco Bank sits comfortably in the market. With the added benefits of a free valuation and free legal fees, this could be an attractive option for remortgage customers looking to keep initial costs down. The extra Clubcard points will be the icing on the cake for loyal Tesco shoppers.

Tesco Bank's lending area includes Scotland.

Santander

Santander has reduced its two-year fixed mortgage rate, which is now priced at 1.74% to 2.12.19. This deal is for first and second-time buyers who wish to borrow between £6,000 and £550,000 at 85% loan-to-value. No fee is payable and an incentive package of a free valuation worth up to £1,190 and £250 cashback is available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers looking for a high street lender will be delighted by this latest update from Santander. This deal combines a great rate with a fantastic incentive package, which sees it deservedly awarded an excellent rating and makes it certainly worth considering for those purchasing a home.

Santander's lending area includes Scotland.

Credit Cards

MBNA

MBNA has launched a new 39-month Money Transfer Credit Card Visa. This deal offers 39 months interest-free for money transfers, whereby an introductory money transfer fee of 3.45% is payable. The card also offers 24 months interest-free for balance transfers with a 3.45% fee. Purchases are charged at 18.9% APR. Customers can apply by telephone or online.

This 39-month money transfer credit card from MBNA is highly competitive, sitting towards the top of its sector. This card is ideal for those looking to credit their bank account, however with no interest-free purchase offer, customers must try not to use this card for spending.

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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