Moneyfacts Weekly Product News 28/3/19 | Product News | moneyfacts.co.uk

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Moneyfacts Weekly Product News 28/3/19

Moneyfacts Weekly Product News 28/3/19

Category: Articles
Author: Nigel Woollsey
Date: 28/03/2019

Savings


Tesco Bank


Tesco Bank has increased the rate on its easy access account, which now pays 1.46% yearly. A bonus of 0.91% is included for the first 12 months. Savers can invest from £1 up to £1 million, with a rate of 0.55% paid for sums exceeding this. Early access to funds and further additions are allowed without penalty. This deal, which must be opened online but can then also be managed by mobile app, is for all savers aged 18 or over.

The latest rate rise by Tesco Bank (of 0.04%) has resulted in a climb towards the top of the Moneyfacts.co.uk Best Buys for easy access accounts with a bonus and earns an Excellent product rating in the process. Paying a rate of 1.46%, this account allows unlimited withdrawals, making it ideal for savers looking for flexibility. As the deal carries a bonus, savers would be wise to make a note of when this is set to expire.

TSB


TSB has launched a new 18-month fixed ISA, which pays 1.58% per annum gross paid on a monthly basis (1.60% AER). Savers can invest from £3,000 and further additions are permitted within 30 days of account opening, while transfers in from cash and stocks and shares ISAs are also allowed. Early access to funds and transfers out are permitted subject to a penalty of 135 days' loss of interest. This ISA, which must be opened in branch but can then also be managed by phone, online or mobile app, is for savers aged 16 or over. Existing TSB customers can also open the account online.

Time is ticking away for savers to use their current ISA allowance, so this latest deal from TSB may gain some interest. Paying 1.58%, this 18-month fixed ISA takes a place within the Moneyfacts.co.uk Best Buys and earns an Excellent product rating as a result. The deal also provides a bit of flexibility, subject to an interest penalty, but this may appeal to those savers who need to access their cash earlier than expected.

Mortgages


Monmouthshire Building Society


Monmouthshire Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 3.08%. This deal is for house purchase customers who wish to borrow between £40,000 and £1 million at 95% loan-to-value. No product fee is payable and an incentive package of free valuation is included. This deal allows overpayments of up to 10% of the mortgage advance.

Improving its deal for prospective borrowers this week, Monmouthshire Building Society has cut the rate on its five-year fixed mortgage (by 0.11%). In addition to this reprice, the incentive package of free valuation and lack of product fee will be attractive to borrowers with little equity who are hoping to save on upfront costs. As a result, the deal affirms its place within the Moneyfacts.co.uk Best Buys and earns an Outstanding product rating in the process.
Monmouthshire Building Society's lending area does not include Scotland.

first direct


first direct has reduced selected rates in its range, with its two-year fixed mortgage now priced at 1.64%. This deal is for all borrowers who wish to borrow between £10,000 and £1 million at 75% loan-to-value. A fee of £490 payable (subject to amount borrowed) and an incentive package of free valuation is on offer to all borrowers, while legal fees are covered for remortgage customers too. This product also allows overpayments.

This latest rate cut (of 0.01%) has enhanced the overall appeal of this two-year fixed deal from first direct. Its generous incentive package of free valuation for all borrowers, free legal fees for remortgage customers and low product fee, and competitive rate of 1.64%, will appeal to borrowers looking to keep costs down. The deal reaffirms its position within the Moneyfacts.co.uk Best Buys and earns an Outstanding product rating in the process.
first direct's lending area includes Scotland.

Loans


AA


AA has adjusted the rate on a selected tier of its unsecured personal loan, which means customers can now apply for a personal loan of between £15,001 and £25,000 over a term of one to seven years at a rate of 3.1% APR. Applicants must be aged 21 or over, have been a UK resident for three years, have a minimum yearly income of £12,000, and can apply online.

AA has made a slight rise of 0.10% to its unsecured personal loan tier of £15,001, to £25,000 this week. Despite the adjustment, AA secured an Excellent product rating and holds a prominent position within the loans market. Borrowers looking for a larger loan will find this rate of 3.1% APR highly appealing, as it sits just shy of the market leader in its sector.


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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