Pick of the week - 23.7.15

Thursday, 23 July 2015

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.

Savings

Virgin Money

Virgin Money has increased the rate on its five-year fixed rate ISA, which now pays 2.51% yearly or 2.48% monthly. Savers can invest from £1. Additions are permitted for up to 30 days after the account has been opened while early access to funds is allowed subject to a penalty of 180 days’ loss of interest. Transfers in from both cash and stocks & shares ISAs are accepted. This deal is for savers aged 16 and over and can be operated in branch and by post. An internet-operated version is also available.

This 2.51% five-year fixed rate ISA is extremely competitive and sits at the top of the market. This is therefore likely to be a popular choice for anyone looking to invest their tax-free allowance over the longer term.


RCI Bank UK

RCI Bank has increased the rate on its easy access account, which now pays 1.65% upon its anniversary or 1.64% monthly. Savers can invest from £100 up to a maximum of £1 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and can be operated online or by phone.

Savers looking to kick-start their savings habit will be delighted by this latest update from RCI Bank UK. At 1.65%, this deal is now market-leader and it tops the Moneyfacts.co.uk Best Buys. With the benefit of unlimited penalty-free withdrawals, this deal is a no-brainer for those looking for easy access saving.


Mortgages

Halifax

Halifax has reduced the cost of its five-year fixed mortgage, which is now priced at 3.04% to 30.11.20. This deal is for first and second-time buyers who borrow up to £1 million at 80% loan-to-value. A fee of £760 is payable, all of which can be added to the advance of the mortgage. This deal has the flexibility of being able to make overpayments of up to 10% per annum and take payment holidays. Borrowers who hold a Halifax current account will also receive £150 cash rebate.

This 3.04% five-year fixed rate is reasonably priced in the market and is likely to be a great choice for those looking a high street brand. Those who hold a current account with Halifax will also be able to benefit from a £150 rebate, which enhances its cost-effectiveness.

Halifax’s lending area includes Scotland.


Coventry Building Society

Coventry Building Society has launched a new variable rate tracker for term, priced at 2.15%. This deal is for all applicants who borrow at 85% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available to all borrowers (max £670), while those remortgaging will also be offered free legal fees. This deal has the flexibility of being able to make unlimited overpayments as well as take payment holidays. It also benefits from no redemption penalty.

At 2.15%, this variable rate tracker for term has been competitively priced and offers the lowest rate available in its sector, while the addition of a generous incentive package means that this deal heads straight into the Moneyfacts Best Buys. Borrowers looking for flexibility will also be pleased that this product has no penalty for early redemption, unlike many other mortgages, which means that borrowers may be able to exit the mortgage sooner than planned.

Coventry Building Society’s lending area includes Scotland


Loans

Hitachi Personal Finance

Hitachi Personal Finance has made a rate cut to the lower tier of its personal loan. Customers can now apply for a loan of £5,000 over two to five years and get a market-leading 4.4% APR deal. Customers must be 18 or over and can apply online or by telephone.

Hitachi Personal Finance has made a positive move by reducing the cost of a £5,000 loan by 0.2% to 4.4% APR, a joint market-leading Best Buy deal. By strategically pricing its tiers, Hitachi remains one of the most competitive loan providers for its entire range of borrowing amounts, giving it an ‘outstanding’ Moneyfacts rating.

Notes to editors: Publications are free to reproduce the tables and comments for their readers and the correct sourcing should read Moneyfacts.co.uk. Online publications are also free to reproduce the tables and comments for their viewers by sourcing a hyperlink to Moneyfacts.co.uk on any page that uses the information provided.

About Moneyfacts

Moneyfacts is the UK’s leading independent provider of personal finance information. For two decades, Moneyfacts’ information has been the key driver behind many personal finance decisions, from the Treasury and the Bank of England to the high street.

Moneyfacts.co.uk is a completely independent comparison site that helps consumers make better financial decisions. Our constantly reviewed Best Buys help people find the best savings rates and credit cards while our mortgage calculator and loan calculator search the whole market to find the best products.

Moneyfacts also supplies Best Buy charts to many of the UK national and regional newspapers, with a total weekly readership in excess of 22,000,000. Our dedicated research experts produce five monthly publications as well as providing real-time news and data services to the majority of banks and building societies. Additional information can be found at www.moneyfactsgroup.co.uk.

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