Pick of the week - 23.12.15

Wednesday, 23 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, which pays a variable rate of 1.41% yearly or 1.40% monthly. Savers can invest from as little as £1. Further additions are permitted and up to three withdrawals are allowed per calendar year, with subsequent withdrawals resulting in the rate being reduced to 0.75%. This deal is for savers aged 16 and over and can be operated in branch, by post and by telephone.

Investors looking for easy access to funds will be delighted by this latest launch from Virgin Money. Paying 1.41%, this deal enters the Moneyfacts.co.uk Best Buys, making it a popular choice for savers looking for a well known brand. It should be noted that the rate will drop to 0.75% if more than three withdrawals are made in one calendar year, so savers will need to budget carefully.


Sainsbury’s Bank

Sainsbury’s Bank has reviewed its easy access cash ISA, which now pays tiered rates of variable interest: 0.50% is paid on balances of up to £500 and a competitive 1.30% is paid on balances of over £500. Savers can invest from £1. Further additions and withdrawals can be made at any time without penalty or notice. Transfers in from other cash ISAs are also permitted. This deal is for savers aged 18 and over and can be operated by telephone and online.

Sainsbury’s Bank’s easy access cash ISA is reasonably priced in the market provided at least £500 is invested and is a great choice for anyone looking for an instant access.


Mortgages

West Brom Building Society

West Brom Building Society has launched a new three-year fixed rate, which is priced at 3.24% to 28.2.19. This deal is for first and second-time buyers only who borrow from £40,000 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 (max £445) and a £1,000 cash rebate is available. This deal has the flexibility of being able to make overpayments of up to a maximum of £999 every month.

The 3.24% three-year fixed rate from West Brom Building Society sits reasonably well in its sector. With the combination of a low fee of £199 and a great incentive package, which includes a £1,000 cash rebate, this is likely to be great option for anyone looking to keep initial costs down.

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


Santander

Santander has reviewed its five-year fixed rate mortgage, which is now priced at 2.59% to 2.3.21. This deal is for house purchase customers only who borrow from £6,000 up to a maximum of £1 million at 70% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £1,190) is available. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance per annum.

Borrowers looking for a high street lender will be intrigued by this latest update from Santander. Priced at 2.59%, this deal is an attractive offering. With a reasonable fee and a great incentive package, this is likely to be a popular choice among borrowers looking for a recognised brand.

Santander’s lending area includes Scotland.


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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.

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