Pick of the week - 18.02.16

Thursday, 18 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.



FirstSave has reviewed its five-year fixed rate bond which now pays 3.00% upon its anniversary or 2.96% monthly. Savers must invest from £1,000 for the former option and £5,000 for the monthly option. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking for a longer-term home for their savings will be intrigued by this latest update from FirstSave. This deal is highly competitive and sits comfortably within the Moneyfacts.co.uk Best Buys. However, with no early access to funds, savers must ensure they have enough funds elsewhere to cover life’s little emergencies.

Julian Hodge Bank

Julian Hodge Bank has amended the rate on its one-year fixed rate ISA, which now pays 1.45% yearly. Savers must invest from £5,000. Additions are not permitted but early access to funds is allowed subject to closure of the account and a penalty. Transfers in from other ISAs are also welcomed. This deal is for savers aged 16 and over and can be operated in branch, by post and by telephone.

The 1.45% one-year fixed rate ISA from Julian Hodge 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 who has yet to invest this year’s tax free-allowance.


Tesco Bank

Tesco Bank has reduced its two-year fixed rate mortgage, which is now priced at 2.19% to 31.5.18. This deal is for all applicants who borrow from £40,000 at 90% loan-to-value. A fee of £995 is payable, of which £800 can be added to the advance of the mortgage. 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 modest deposit of 10% will be attracted 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.

Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has reviewed its two-year fixed rate mortgage, now priced at 1.94%. This deal is for all applicants who borrow at 75% loan-to-value. No fee is payable and an incentive package of free valuation for all borrowers is available, along with a £250 rebate for house purchase customers and the option of free legal fees or a £200 rebate for remortgagors. This deal allows borrowers to make overpayments of up to of 10% of the outstanding balance, make underpayments and take payment holidays.

The 1.94% two-year fixed rate mortgage from Norwich & Peterborough Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys. With no fee and a great incentive package, this deal will appeal to borrowers who are looking to minimise their initial costs.

Norwich & Peterborough Building Society’s lending area does not include Scotland.

Credit Cards

Bank of Ireland UK

Bank of Ireland UK has launched UK Matched MasterCard. This deal offers a 24-month interest-free term for both purchases and balance transfer. Balance transfers carry a fee of 2.49% and charged at 19.94% after the initial offer ends. Standard purchase carry a charge of 19.9% APR. To be eligible for this deal, customers must be 18 and over and have a minimum annual income of £10,000

Customers looking to make a large purchase as well as get a bit of breathing space for paying off their credit card balance will be delighted by the Bank of Ireland UK’s new credit card. Offering a great 24-month interest-free term for purchases and balance transfers, this deal heads straight into the Moneyfacts.co.uk Best Buys. 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.

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