Pick of the week - 04.02.16

Thursday, 4 February 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.


State Bank of India

State Bank of India has increased the rate on its five-year fixed rate ISA, which now pays a market-leading 2.60% yearly or on maturity. Savers can invest from £5,000. Early access is allowed, provided 30 days’ notice is given and will result in a 1% loss of interest penalty. Transfers in from other ISAs are also permitted. This deal is for savers aged 18 and over and can be operated in branch, by post and online.

Investors looking for a long-term home for their ISA savings will be intrigued by this latest update from State Bank of India. Paying 2.60%, this deal heads straight to the top of the Moneyfacts.co.uk Best Buys. This is likely to be a popular choice among savers looking to maximise their interest on this year’s tax-free allowance.

Paragon Bank

Paragon Bank has launched a five-year fixed rate bond, paying 3.00% upon its anniversary or 2.96% monthly. Savers can invest £1,000 up to a maximum of £100,000. Additions are permitted within five days of the account opening but no early access is allowed. This deal is for savers aged 18 and over and must be operated online.

The 3.00% five-year fixed rate from Paragon Bank is highly competitive and sits within the top 10 in its sector. This is likely to be a great choice for any online investor looking to maximise their interest over the longer term.


West Brom Building Society

West Brom Building Society has reduced its fee on its five-year fixed rate mortgage, priced at 2.44% to 31.5.21. This deal is for house purchase customers only who borrow between £40,000 and £1 million at 65% 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 up to a maximum of £445 is available. This deal has the flexibility of being able to make overpayments.

The 2.44% five-year fixed rate mortgage from West Brom Building Society is highly competitive. In addition to the great rate is a low fee of £199 and a decent incentive package, which will make this a cost-effective choice for many borrowers.

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

Virgin Money

Virgin Money has reduced the rate of its two-year Help to Buy mortgage guarantee deal, which is now priced at 3.79% until 1.6.18. This deal is for first and second-time buyers who borrow up to £475,000. No fee is payable and an incentive package consisting of a £300 cash rebate is available. This deal allows borrowers to make overpayments of up to 10% of the outstanding balance and take payment holidays.

Borrowers with a small deposit of 5% who are looking to borrow with a high street lender will be delighted by this latest reduction from Virgin Money. Priced at 3.79%, this deal enters the Moneyfacts.co.uk Best Buys for Help to Buy mortgages and is likely to be a popular choice among borrowers.

Virgin Money’s lending area includes Scotland.

Credit Cards

MBNA Limted

MBNA Limited has increased the 0% interest balance transfer term on its Platinum Balance Transfer Credit Card Visa. This deal now has a 37-month interest-free term for balance transfers with an introductory fee of 2.89%. Borrowers must be at least 18 years old to apply.

Borrowers looking to consolidate their credit card debts over the long term will be delighted by this latest update from MBNA Limited. The increased balance transfer term makes this deal an even more cost-effective choice and should appeal to those looking to pay off their debts over a longer period of time. 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.

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