Pick of the week - 10.03.16

Thursday, 10 March 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

Raphaels Bank

Raphaels Bank has reviewed is 60-month fixed rate bond, which now pays 2.60% yearly. Savers can invest from £5,000 up to £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.

Savers looking for a longer-term home for their savings will be intrigued by this update from Raphaels Bank. Paying 2.60%, this 60-month fixed rate bond holds its place in the Moneyfacts.co.uk Best Buys. With no access to funds, savers must ensure that they are happy with their initial investment.


Ikano Bank

Ikano Bank has tweaked its one-year fixed rate bond, which now pays 1.90% upon its anniversary or 1.88% monthly. Savers can invest from £1,000 up to £1 million. Additions are permitted within 14 days of the account opening but early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.

The 1.90% one-year fixed rate bond from Ikano Bank is highly competitive and sits comfortably near the top of the market, holding a place in the Moneyfacts.co.uk Best Buys as a result. This product is ideal for any saver looking to maximise their interest over the shorter term.


Mortgages

Leeds Building Society

Leeds Building Society has launched a new 10-year fixed rate mortgage, priced at 2.75% to 30.6.26. This deal is for all applicants who borrow up to £500,000 at 65% loan-to-value. A fee of £1,499 is payable, all of which can be added to the advance of the mortgage. This deal gives borrowers the flexibility to be able to make overpayments of up to 10% of the outstanding balance.

Borrowers looking for a long-term mortgage deal will be delighted by this latest offer from Leeds Building Society. At 2.75%, this deal enters the market as the lowest rate in its sector and makes its way into the Moneyfacts.co.uk Best Buys as a result. This product is likely to be a popular choice for borrowers who are looking for the extra security a 10-year fixed rate provides.

Leeds Building Society’s lending area includes Scotland.


Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.98%. This deal is for all customers who borrow between £50,000 and £500,000 at 90% loan-to-value. A fee of £1,295 is payable, all of which can be added to the advance of the mortgage. This deal gives borrowers the flexibility to be able to make overpayments of up to 10%, make underpayments and take payment holidays.

The 2.98% five-year fixed rate mortgage from Norwich & Peterborough Building Society is highly competitive and currently holds a market-leading position in its sector. This is likely to prove to be a cost-effective option for borrowers with a modest deposit of 10%.

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


Credit Cards

Tesco Bank

Tesco Bank has increased the 0% interest balance transfer term on its Clubcard Credit Card for Balance Transfers MasterCard. This deal now has a 40-month interest-free term for balance transfers with an introductory fee of 2.69%. Borrowers must be Clubcard holders and at least 18 years old with a minimum annual income of £5,000. Applications can be made online, by post and by telephone.

Borrowers looking to get their credit card debts in order will be delighted by this latest update from Tesco Bank. Offering 40 months interest-free, this deal heads straight to the top of the market and into the Moneyfacts.co.uk Best Buys. It is therefore likely to be a popular choice among borrowers who are looking to clear their credit card debts over the longer term.


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. 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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