Pick of the week - 21.01.16

Thursday, 21 January 2016

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

Charter Savings Bank

Charter Savings Bank has launched a new 100-day notice account, which pays a variable rate of 1.85% upon its anniversary or 1.83% monthly. Savers must invest from £1,000 up to a maximum of £250,000. Additions are permitted and an unlimited number of withdrawals can be made, provided 100 days’ notice is given. This deal is for savers aged 18 and over and must be operated online.

Charter Savings Bank has set the market on fire with its highly competitive 1.85% 100-day notice account. Sitting in the Moneyfacts.co.uk Best Buys, this is a great choice for savers looking for a straightforward account. However, with 100 days notice needed before savers can access funds, they must ensure they are happy to plan their withdrawals in advance.


Milestone Savings

Milestone savings has increased the rate on its five-year fixed rate bond, which now pays 3.20% upon its anniversary. Savers must invest from £10,000 up to a maximum of £1 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated by post, by phone and online. This account is Sharia’a compliant and the rate displayed is the expected profit rate.

Investors looking for a long-term home for their savings will be delighted by this latest update from Milestone Savings. Paying 3.20%, this deal enters the top of the Moneyfacts.co.uk Best buys. However, as early access to funds is not permitted, savers need to ensure they have enough funds leftover for life’s little emergencies.


Mortgages

Woolwich from Barclays

Woolwich from Barclays has reduced the rate of its 10-year fixed rate mortgage, which is now priced at 2.99% to 31.3.26. This deal is for all applicants who borrow between £5,000 and £1 million at 80% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package for those remortgaging of free valuation and free legal fees is available. This deal has the flexibility of being able to make overpayments of up to 5%.

Borrowers looking for a long-term mortgage deal will be surprised by this latest offer from Woolwich from Barclays. At 2.99%, this deal is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. With the extra bonus of the incentive package for remortgage customers, this deal will be a popular choice for borrowers who are looking for the extra security a 10-year fixed rate provides.

Woolwich from Barclays’ lending area includes Scotland.


Leeds Building Society

Leeds Building Society has launched a new two-year fixed rate mortgage, priced at 2.99% to 30.4.18. This deal is for all applicants who borrow at 90% loan-to-value. A low fee of £199 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £999) for all borrowers and help towards costs for remortgage customers is available. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance.

The 2.99% two-year fixed rate mortgage is reasonably priced in the market. Benefiting from a low fee and great incentive package, this deal is likely to be a popular choice among borrowers who are looking to keep initial costs down.

Leeds Building Society’s lending area includes Scotland.


Credit Cards

Halifax

Halifax has temporarily increased the 0% interest balance transfer term on its Balance Transfer Credit Card MasterCard. This deal now has a 40-month interest-free term for balance transfers with an introductory fee of 2.95% (after a partial refund). Borrowers must be at least 18 years old and applications must be made online. This offer lasts until 15 February 2016.

With many looking to get their finances in order for the start of the new year, it is great to see a highly competitive balance transfer deal up for grabs. Offering 40 months interest-free, this deal sits comfortably at the top of the Moneyfacts.co.uk Best Buys and is likely to be a popular choice among borrowers looking to clear their credit card debts over the longer term. However, customers considering this deal will need to act fast as this offer will end on 15 February.


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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