Pick of the week - 03.12.15

Thursday, 3 December 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 launched a new easy access account designed to complement its Help to Buy ISA offering, paying 1.30% yearly or 1.29% monthly. Savers can invest from £1 up to a maximum of £30,000. Further additions and withdrawals can be made at any time without penalty or notice. This deal must be operated online by those aged 16 or over.

The Saving to Buy easy access deal from Virgin Money paying 1.30% yearly is highly competitive, earning it a place in the Moneyfacts.co.uk Best Buys as a result. This is likely to be a popular choice for anyone looking for a straightforward account to start building a savings pot.


Al Rayan Bank

Al Rayan Bank has increased the rate paid on its Sharia’a compliant two-year fixed rate bond, which now pays an indicative profit rate of 2.75% quarterly. Savers can invest from £1,000 but additions and early access to funds are not permitted. This deal is for savers aged 16 and over and can be operated in branch, by post, by phone and online.

This increase from Al Rayan Bank propels it’s two-year fixed rate bond paying 2.75% straight into a market-leading position and a place in the Moneyfacts.co.uk Best Buys. Savers looking for a competitive rate of interest will be delighted by this latest update, but customers must be comfortable tying up their money for the full term.


Mortgages

West Brom Building Society

West Brom Building Society has reduced the rate of its three-year fixed rate mortgage, which is now priced at 3.19% to 28.2.19. This deal is for house purchase customers only who borrow between £40,000 and £500,000 at 90% 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 (maximum of £445) and a £500 cash rebate is available. This deal has the flexibility of being able to make overpayments of up £999 each month.

The 3.19% three-year fixed rate deal from West Brom Building Society is a highly competitive offering. Boasting a great rate and an enticing incentive package of free valuation and a £500 rebate, this is likely to be a cost-effective option for anyone with a 10% deposit, and heads straight into the Moneyfacts.co.uk Best Buys as a result.

West Brom Building Society’s lending area does not include Scotland.


HSBC

HSBC has reviewed its two-year fixed rate mortgage, which is now priced at 1.99% until 28.2.18. This deal is for all applicants who borrow up to £3 million at 80% loan-to-value. No fee is payable and an incentive package of free valuation is available for all customers, while those remortgaging can also benefit free legal fees. This deal has the flexibility of being able to make overpayments of up to 20%.

Borrowers looking to take out a mortgage with a high street lender will be intrigued by this latest update from HSBC. This deal sits comfortably within the market and with the added combination of no fee and a great incentive package, this deal heads straight into the Moneyfacts.co.uk Best Buys.

HSBC’s lending area includes Scotland.


Credit Cards

The Co-operative Bank

The Co-operative Bank has launched a new balance transfer credit card, which has a 24-month interest-free term for balance transfers. An introductor balance transfer fee of 1.00% is payable and customers must transfer balances within the first 60 days of the account opening. Purchases are charged at 18.0% APR, with the first four months being interest-free. Borrowers must be at least 18 years old and have a minimum income of £10,000. Applications can be made in branch, online and by phone.

This new balance transfer credit card from The Co-operative Bank is likely to attract attention by not only offering a decent interest-free deal of two years for balance transfers but also a low balance transfer fee. It is a great option for anyone looking to minimise the cost associated with debt transfers. As always, customers should aim to pay off the debt before the deal ends so that they do not incur any interest.


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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