Pick of the week - 11.02.16

Thursday, 11 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.

Savings

TSB

TSB has increased the rate on its two-year fixed rate ISA, which now pays 1.80% upon its anniversary. Savers must invest from £3,000. Further additions are permitted and early access is allowed subject to 180 days’ loss of interest. Transfers in from other ISAs are also welcomed. This deal is for savers aged 16 and over and can be operated in branch, by telephone and online.

Savers who have yet to utilise this year’s tax-free allowance will be delighted by this latest increase from TSB. Priced at 1.80%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. This is likely to be a great choice for savers looking to invest over the shorter term with a high street brand.


Shawbrook Bank

Shawbrook Bank has updated its easy access account, which now pays 1.30% upon its anniversary or 1.29% monthly. Savers can invest from £1,000 up to a maximum of £75,000. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

The 1.30% easy access account from Shawbrook Bank is highly competitive, sitting within the top 10 of its sector, and entering the Moneyfacts.co.uk Best Buys as a result. This deal is likely to be a great choice for anyone looking to kick-start a savings habit.


Mortgages

Newcastle Building Society

Newcastle Building Society has launched a new two-year fixed rate mortgage, priced at 3.59% to 31.5.18. This deal is for applicants who borrow from £10,000 at 95% loan-to-value. A fee of £199 is payable upfront. This deal has the flexibility of being able to make regular or lump sum overpayments.

Borrowers with a small deposit will be delighted by this latest launch from Newcastle Building Society. Not only is this deal the lowest in its sector, but it heads into the Moneyfacts.co.uk Best Buys. With a low fee of £199, this is likely to be a cost-effective choice for many.

Newcastle Building Society’s lending area includes Scotland.


Furness Building Society

Furness Building Society has launched a new four-year fixed rate mortgage, priced at 2.84%. This deal is for all customers who borrow between £20,000 and £500,000 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 remortgage customers of free valuation (max £335) is available while remortgage customers in England and Wales can also receive either free legal fees or £150 rebate and customers in Scotland will receive a £150 rebate. This deal allows borrowers to make overpayments of up to a maximum of 10% of the mortgage advance.

The 2.84% four-year fixed rate from Furness Building Society sits well within a small sector of the market. Borrowers with the required 20% deposit will also be able to enjoy a great incentive package, making this product an ideal choice for anyone looking to keep their initial costs down.

Furness Building Society’s lending area includes Scotland.


Credit Cards

Lloyds Bank

Lloyds Bank has increased the introductory 0% interest balance transfer term on its Choice Rewards Amex/MasterCard credit card. This deal now has a 30-month interest-free term for balance transfers with an introductory fee of 3.00%. This card also has a 12-month interest-free term for purchases. A card fee of £24 a year is payable; however, Lloyds Bank current account customers will receive a £12 refund. Customers will also be able to earn rewards on their spending, which can be redeemed as cashback, shopping vouchers, Avios or gifts.

Credit card holders looking for an all-round credit card will be delighted by the Lloyds Bank Choice Rewards Cards. Not only does this card offer great introductory interest-free deals for both balance transfers and introductory purchases, but card holders can also earn rewards on their everyday spending. As always, customers should aim to pay off any debt before the introductory deals end 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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