Pick of the week - 30.7.15

Thursday, 30 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

Skipton Building Society

Skipton Building Society has increased the rate of its two-year fixed rate ISA, which now pays 2.00% upon its anniversary or 1.98% monthly. Savers can invest from £500. Additions are permitted while the issue remains open and early access to funds is allowed subject to a penalty of 180 days’ loss of interest and closure of the account. 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, by post and online.

Savers looking to utilise this year’s tax-free allowance will be excited by this latest update from Skipton Building Society. Paying 2.00%, this two-year fixed rate ISA heads straight into the Moneyfacts.co.uk Best Buys. With the possibility of early access, this deal will appeal to those looking for a great rate over the short term.


Post Office Money

Post Office Money has increased the rate on its Online Saver Issue 15, an easy access account. It now pays a variable rate of 1.40% yearly, including a bonus of 0.75% for 12 months. A monthly option paying 1.39% monthly with a 0.74% bonus is also available. Savers can invest from £1 up to a maximum of £2 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

This 1.40% easy access account from Post Office Money is highly competitive and sits within the top 10 of the market. With unlimited penalty-free withdrawals, this account is great for anyone looking to kick-start their savings habit. However, a review of the account will be required before the bonus period expires to ensure that competitive returns are maintained.


Mortgages

Yorkshire Building Society

Yorkshire Building Society has reduced the cost of its two-year fixed rate mortgage, which is now priced at 2.29% until 31.10.17. The deal is for all applicants who borrow between £50,000 and £1 million at 85% loan-to-value. A fee of £475 is payable, of which £345 can be added to the advance of the mortgage. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance, make underpayments and take payment holidays.

The 2.29% two-year fixed rate deal from Yorkshire Building Society is great for borrowers looking to minimise upfront fees. The cost-effective rate and the reasonable fee of £475 means that this is likely to be a popular choice among borrowers.

Yorkshire Building Society’s lending area includes Scotland.


Beverley Building Society

Beverley Building Society has a discounted variable rate tracker deal, priced at 2.19% (2.56% discount) for two years. This deal is for first and second-time buyers only who borrow between £10,000 and £500,000 at 80% loan-to-value. A fee of £495 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% of the outstanding balance. .

The new 2.19% discounted variable rate from Beverley Building Society sits well within the market. With a low fee, this deal will be a great choice for those looking to significantly reduce the overall term of their mortgage, particularly as it has an offset facility.

Beverley Building Society’s lending does not include Scotland


Credit Cards

Lloyds Bank

Lloyds Bank has reduced its balance transfer fee on its Online Platinum 32 month Balance Transfer Card. This deal offers a 32-month interest-free introductory deal on balance transfers when the transfer is made in the first three months. A fee of 1.54% will be charged. This deal also offers six months of interest-free purchases. Purchases after the initial deal expires will then be charged at 18.9% APR while balance transfers will be charged at 18.94% per annum. Applications must be made online.

This latest update from Lloyds Bank sees the Online Platinum 32 month Balance Transfer Card offer one of the lowest balance transfer fees for one of the longest interest-free terms. This deal is great for customers looking to consolidate a significant amount of debt. However, borrowers must be aware that they must make the transfer within the first three months to benefit from the low fee and interest-free deal.

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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