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Moneyfacts Weekly Product News 14/02/2019

Moneyfacts Weekly Product News 14/02/2019

Category: Articles
Author: Nigel Woollsey
Date: 14/02/2019

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
Masthaven Bank

Masthaven Bank has increased the rate on its 18-month fixed bond, which now pays 2.15% on its anniversary. A monthly interest option that pays a rate of 2.13% is also available. Savers can invest from £500 and while further additions are permitted within seven days of the account opening, early access to funds is not allowed. This deal is for savers aged 18 or over must be opened and operated online.

Savers searching for a fixed rate of interest over the short term will be delighted by this latest deal from Masthaven Bank. After a substantial rate rise (of 0.14%), its 18-month bond enters the Moneyfacts.co.uk Best Buys as one of the best rates in its sector and earns an Excellent product rating as a result. Savers can invest from as little as £500, but will need to apply and operate the bond online.

OakNorth

OakNorth has increased the rate on its one-year fixed rate ISA, which now pays 1.74% gross (1.74% AER) monthly. Savers can invest from £1,000 and early access to funds is allowed subject to a penalty of 90 days' loss of interest (minimum withdrawal also £1,000). Transfers in from cash ISAs are also permitted. This account, which must be opened online but can then also be managed over the phone, is for savers aged 18 or over.

Savers on the lookout for an ISA to utilise their tax-free allowance will be delighted by this new deal from OakNorth. Paying 1.74% gross, the ISA now sits joint-top in the Moneyfacts.co.uk Best Buys for one-year fixed rate ISAs and earns an Excellent product rating too. This deal will also appeal to savers looking for some flexibility, as it permits access, subject to a 90-day loss of interest penalty – handy for those who may need their cash returned sooner than planned.

Mortgages
Yorkshire Building Society

Yorkshire Building Society has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.46% to 31.3.21. This deal is for house purchase customers who wish to borrow at 65% loan-to-value. A product fee of £995 is payable, all of which can be added to the mortgage advance. The deal also includes an incentive package of free valuation and £250 cashback. This product allows overpayments of up to 10% of the outstanding balance.

The latest rate cut (of 0.07%) from Yorkshire Building Society on its two-year fixed deal has boosted its appeal. Sitting comfortably within the Moneyfacts.co.uk Best Buys, it will no doubt turn the heads of borrowers looking for a competitive rate alongside a decent incentive package. This deal also earns the highest Outstanding Moneyfacts product rating in the process.

Yorkshire Building Society's lending includes Scotland.

Tesco Bank

Tesco Bank has reduced the rate on its three-year fixed rate mortgage, which is now priced at 2.35% to 30.4.22. This deal is for house purchase customers who wish to borrow at 90% loan-to-value. No product fee is payable and it also includes an incentive package of free valuation. This product allows overpayments of up to 20% of the outstanding balance.

Borrowers with a small deposit of 10% will be delighted by this latest deal from Tesco Bank. Priced at 2.35%, the deal has improved its position within the three-year fixed market thanks to a rate cut (of 0.10%) and now sits comfortably within the Moneyfacts.co.uk Best Buys, earning an Excellent product rating as a result.

Tesco Bank's lending area includes Scotland.

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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