Best picks of the week...

Friday, 9 January 2015
The following products caught my eye from the 1,355 new or ‘tweaked’ products to arrive at Moneyfacts this week for analysis.

Savings

If you fancy an upmarket account, what about one from Harrods Bank? It is in the process of extending its fixed rate savings range and this week launched three competitively priced Fixed Rate Deposit Accounts. The three-year deal pays 2.50% while the two-year account has a rate of 2.25% and the 18-month version pays 1.95%. Unsurprisingly, for an upmarket account, the minimum investment is £20,000 and once deposited there is no early access to funds. These accounts have all been awarded four Moneyfacts Stars and a Best Buy rating based on the rates offered compared with those of similar accounts.

Secure Trust Bank has just launched a market-leading fixed rate five-year bond (Series 14). It pays 3.03% yearly until 31 January 2020. The minimum investment is £1,000, and in common with this type of bond, there is no early access to funds once money has been deposited. At the time of writing this was the top paying five-year bond, which makes it an obvious Best Buy.

Mortgages

West Brom Building Society has been reducing some of its two-year fixed rates for borrowers with deposits of 15% or less. However, it is the 90% loan-to-value deal that has benefited the most, coming in at 3.19% to 28 February 2017 (a reduction of 0.20%). There is a fee but it is reasonably priced at £499, plus there is the added incentive of a free valuation up to a maximum of £525. This deal was awarded five Moneyfacts Stars, which is the top mark from our research team.

Skipton Building Society has also been re-pricing its discounted variable rates, and as a result, the 75% loan-to-value option can now be picked up for 1.89%, which is a 3.10% discount for two years. Despite the rate still being 0.24% higher than the lowest currently available from other two-year offers, this deal still gives borrowers a low rate and no set-up fees, which is a bonus. There is an incentive package covering the cost of a valuation, and for those who are remortgaging, free legal fees are also offered. This is another five-star deal.

Hanley Economic Building Society has a new discounted variable rate offer aimed solely at remortgages. It comes in at a very competitive 1.89%. There is no fee to pay and borrowers will also benefit from a free valuation and free legal fees. This deal was rated at five stars and it enters the Moneyfacts Best Buys.