Pick of the week - 28.01.16

Thursday, 28 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

Virgin Money

Virgin Money has increased the rate on its easy access ISA, which now pays 1.51% yearly or 1.5% monthly. Savers can invest from as little as £1. Further additions are permitted and up to three penalty-free withdrawals are allowed per calendar year, with subsequent withdrawals resulting in the rate being reduced to 0.75% for the remainder. Transfers in from other cash ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch, by post and by telephone.

Investors looking for an easy access home for their ISA savings will be delighted by this latest update from Virgin Money. Paying 1.51%, 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.


Secure Trust Bank

Secure Trust Bank has re-issued its five-year fixed rate bond priced at 3.11% yearly. Savers can invest from £1,000 up to a maximum of £1 million. Additions are permitted while the issue remains open, however early access to funds is not allowed. This deal is for savers aged 18 and over and can be operated by post and phone.

The 3.11% five-year fixed rate bond from Secure Trust Bank is highly competitive and sits comfortably in the Moneyfacts.co.uk Best Buys. This is likely to be a great choice for savers looking for a long-term home for their savings. However, as early access to funds is not permitted, savers need to ensure they have enough funds left over for life’s little emergencies.


Mortgages

Chelsea Building Society

Chelsea Building Society has reviewed its two-year fixed rate mortgage, which is now priced at 1.94% to 30.4.18. This deal is for house purchase customers only who borrow between £25,001 and £5 million at 75% loan-to-value. No fee is payable and an incentive package of free valuation and a £250 cash rebate is available. This deal has the flexibility of allowing borrowers to make overpayments of up to 10% of the mortgage advance, make underpayments and take payment holidays.

The 1.94% two-year fixed rate mortgage from Chelsea Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys. Alongside a great rate borrowers will be able to benefit from no fee and a decent incentive package of free valuation and a £250 rebate, making this a popular choice for those looking to minimise their upfront costs.

Chelsea Building Society’s lending area includes Scotland.


Tesco Bank

Tesco Bank has reduced the fee on its two-year fixed rate mortgage priced at 3.89% to 31.3.18. This deal is for all applicants who borrow from £40,000 at 95% loan-to-value. A fee of £195 is payable upfront. An incentive package for remortgage customers of free valuation and free legal fees is available, and Tesco Clubcard holders will receive one Clubcard point for every £4 made in mortgage repayments. This deal has the flexibility of allowing borrowers to make overpayments of up to 20% of the outstanding balance and take payment holidays.

Borrowers with a small deposit of 5% will be intrigued by this latest update from Tesco Bank. With a competitive rate and great incentive package for remortgage customers, this deal enters the Moneyfacts.co.uk Best Buys and is likely to be a popular choice for many. In addition, Clubcard holders will receive the added benefit of extra points to spend in store.

Tesco Bank’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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