Pick of the week - 100915

Thursday, 10 September 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 two-year fixed rate ISA, which now pays 2.06% yearly or 2.04% monthly. Savers can invest from as little as £1. Additions are permitted within 30 days of the account opening and early access is also allowed subject to a penalty of 90 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-only version is also available.

Savers who have yet to invest this year’s tax-free allowance will be delighted by this latest increase from Virgin Money. Paying 2.06%, this deal heads straight to the top of the Moneyfacts.co.uk Best Buys and is a great choice for savers looking to maximise their interest over the shorter term.


ICICI Bank UK

ICICI Bank UK has increased the rate paid on its HISAVE SuperSaver easy access account, which now pays 1.64% monthly (1.65% AER(. Savers can invest from as little as £1. Additions and unlimited penalty-free withdrawals are permitted at anytime without notice. This deal can be operated by phone and online.

The 1.64% easy access account from ICICI Bank UK is highly competitive and sits at the top of the market. This great rate, alongside a low starting balance and unlimited withdrawals, makes this a perfect account for anyone looking to kick-start their savings habit.


Mortgages

Leeds Building Society

Leeds Building Society has reduced its two-year fixed rate mortgage, which is now priced at 1.95% until 30.11.17. This deal is for all applicants who borrow up to £500,000 at 80% loan-to-value. A fee of £199 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £560) is available to all borrowers, while remortgage customers will also receive help towards legal costs. Additionally, this deal has the flexibility of allowing borrowers to make overpayments of up to 10% of the outstanding balance per annum.

The 1.95% two-year fixed rate mortgage from Leeds Building Society is highly competitive, heading straight into the Moneyfacts.co.uk Best Buys. Not only does this deal benefit from a great rate but it also has a low fee of £199 and a fantastic incentive package, which will no doubt make this a popular choice for many.

Leeds Building Society’s lending area includes Scotland.


Darlington Building Society

Darlington Building Society has launched a new five-year fixed rate mortgage, priced at 2.99% to 31.8.20. This deal is for all customers who borrow from £1,000 at 85% loan-to-value. A fee of £1,074 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available to all customers, while those remortgaging will also receive free legal fees. This deal has the flexibility of allowing borrowers to make an overpayment of up to 10% of the outstanding balance in lump sum.

This Moneyfacts.co.uk Best Buy deal from Darlington Building Society not only offers borrowers the lowest rate in its sector but a great all-round package too. The addition of free valuation for all borrowers and free legal fees for remortgage customers is likely to make this a wise choice for anyone looking to minimise their upfront costs.

Darlington Building Society’s lending area does not include Scotland.


Loans

Tesco Bank

Tesco Bank has made significant cuts to the higher tiers of its personal loan. Customers can now apply for a loan of £7,500 to £15,000 over one to seven years and get a market-leading rate of 3.6% APR. Customers must be 18 and over and be a Clubcard cardholder with a minimum annual income of £10,000. Applications can be made online or by telephone.

The latest cuts by Tesco Bank focus on its loan’s higher tiers, and in turn, make this loan highly competitive with a market-leading rate of 3.6% APR for loans between £7,500 and £15,000 over one to seven years. Borrowers will find this Moneyfacts.co.uk Best Buy very cost-effective, so it will appeal to Clubcard holders looking to consolidate their debts.


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.

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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