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Moneyfacts Weekly Product News - 17/05/2018

Moneyfacts Weekly Product News - 17/05/2018

Category: Money
Author: Tim Leonard
Date: 17/05/2018

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 It is now over 6 months old so the content may be out of date.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

Bank of Cyprus UK has increased the rate on its online easy access account, which now pays 1.32% upon its anniversary, including a 0.47% bonus for 12 months. Savers can invest from as little as £1 up to a maximum of £1 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 or over and must be operated online.

Savers looking for a straightforward savings account will be thrilled by the latest rate rise by Bank of Cyprus UK. Paying 1.32%, this deal heads to the top of the moneyfacts.co.uk Best Buys for easy access accounts with a bonus. However, savers would be wise to review the account before the bonus expires to ensure they are happy with the underlying rate.

Hodge Bank

Hodge Bank has adjusted the rate on its one-year fixed rate cash ISA, which now pays 1.40% yearly or 1.39% monthly. Savers can invest from £1,000. Additions are not permitted and earlier access is available only on closure of the account and a 90-day loss of interest penalty. Transfers in from cash ISAs and stocks & shares ISAs are allowed. This deal is for savers aged 18 and over and can be operated by post or phone.

The rate adjustment by Hodge Bank reaffirms its place within the top 10 deals in its sector, securing a place in the moneyfacts.co.uk Best Buys in the process. Savers looking for a short-term fixed ISA in which to store their cash will find this deal highly competitive, with it justifiably earning an Excellent product rating.


Mortgages

Yorkshire Building Society

Yorkshire Building Society has improved selected mortgage offerings in its range, including its 1.41% fixed rate to 30.9.20, which now benefits from an added £250 cashback on top of its free valuation incentive. This deal is for all applicants who wish to borrow between £25,001 and £5 million at 65% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.41% two-year fixed deal from Yorkshire Building Society has been boosted by the addition of a £250 cashback incentive, which will only increase its appeal. The deal provides a great overall package thanks to its competitive rate and incentives, so it is a worthy contender to take a place in the moneyfacts.co.uk Best Buys.

Yorkshire Building Society's lending area includes Scotland.

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 3.49% to 30.6.20. This deal is for first and second-time buyers who wish to borrow from £40,000 at 95% loan-to-value. No product fee is payable and an incentive package of free valuation and £500 cashback is available. Successful mortgage applicants will also be eligible to receive cashback, in the form of 5% of their grocery bills back in vouchers for the first two years. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers who have amassed a deposit of 5% will be enticed by this latest launch from Sainsbury's Bank. Due to its competitive package, the deal heads straight into the moneyfacts.co.uk first-time buyer Best Buys. Its desirable incentives include £500 cashback and free valuation, both of which are likely to turn heads to customers looking to get on the property ladder and keep initial costs down, while the additional reward makes it ideal for loyal Sainsbury's shoppers.

Sainsbury's Bank's lending area includes Scotland.


Credit Cards

Virgin Money

Virgin Money has reviewed the deal on its All Round Credit Card, which now offers 28 months of interest-free purchases, balance transfers and money transfers. An introductory balance transfer fee of 2.90% is payable. After the introductory term expires, standard purchases are charged at 18.9% APR. Customers must be aged 18 or over, and can apply by phone and online.

This latest update from Virgin Money retains its place within the moneyfacts.co.uk Best Buys, as it sits comfortably at the top of its sector. While there are longer deals available in the balance transfer market, the All Round Credit Card benefits from a lower balance transfer fee to its competitors.

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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