Pick of the week - 22.10.15

Thursday, 22 October 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

West Brom Building Society

West Brom Building Society has launched a new easy access ISA, which pays tiered rates of interest: 0.75% yearly is paid on deposits of £1,000 up to £4,999, 1.10% is paid up to £15,000 and 1.55% is paid from £15,000 upwards. Additions and unlimited penalty-free withdrawals are permitted at anytime without notice. Transfers in from both cash and stocks & shares ISAs are also accepted. This deal is for savers aged 16 and over and must be operated online.

Savers looking for a home for this year’s ISA allowance will be delighted by this latest launch from West Brom Building Society. Paying 1.55%, this deal enters the Moneyfacts.co.uk best Buys and is great choice for anyone looking to start their ISA savings.


Credit Cards

Sainsbury’s Bank

Sainsbury’s Bank has lengthened its introductory deal on its Nectar Purchase Credit Card, which now has a 25- month interest-free term for purchases. Purchases after the initial deal expires will then be charged at 18.9% APR. An 18-month interest-free balance transfer term is also available, carrying a fee of 3.00% (min £3.00).

This latest update from Sainsbury’s Bank sees the Nectar Purchase Credit card offer a Moneyfacts.co.uk Best Buy worthy deal of 0% introductory purchases for 25 months. This is a great choice for those planning a large purchase over the Christmas period who want an extra bit of breathing space to make their repayments.


Mortgages

Coventry Building Society

Coventry Building Society has reduced the rate of its five-year fixed mortgage, which is now priced at 2.34% until 31.12.20. This deal is for all applicants who borrow at 65% 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 (max £670) is available for all borrowers, while those remortgaging can also benefit from free legal fees. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance.

Borrowers with a 35% deposit will be excited by this latest update from Coventry Building Society which enters the market as the lowest deal in its sector and heads straight into the Moneyfacts.co.uk Best Buys as a result. As well as a great rate, this mortgage also has a good incentive package which includes free valuation and free legal fees for remortgage customers, making this a cost-effective choice for many.

Coventry’s Society’s lending area includes Scotland.


Skipton Building Society

Skipton Building Society has reduced the rate on its two-year fixed mortgage, which is now priced at 2.59% to 31.3.18. This deal is for remortgage customers only who borrow at 85% loan-to-value. No fee is payable and an incentive package of free valuation and free legal fees is available. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance and take payment holidays.

The 2.59% two-year fixed rate from Skipton Building Society is reasonably priced in the market. Benefiting from no fee and a great incentive package of free valuation and free legal fees, this is likely to be a good choice for remortgagors who are looking to minimise upfront costs.

Skipton Building Society’s lending area includes Scotland.


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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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