Pick of the week - 24.03.16

Thursday, 24 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

Fidor Bank

Fidor Bank has reviewed its one-year fixed rate bond, which now pays 1.80% on maturity. Savers can invest from £100 up to a maximum of £100,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online. Fidor Bank is protected by Germany’s financial compensation scheme.

Savers looking for a short-term home for their savings will be intrigued by this latest update from Fidor Bank. This deal pays a Moneyfacts.co.uk Best Buy rate of 1.80%. However, with no early access to funds, savers need to be happy locking their money away.


Virgin Money

Virgin Money has tweaked its one-year fixed rate ISA, which now pays 1.40% yearly or 1.39% monthly. Savers can invest from as little as £1. Additions are permitted within 30 days of the account opening and early access is also allowed subject to 60 days’ loss of interest. This deal is for savers aged 16 and over and can be operated in branch or by post. An online-only version paying the same rate is also available

Savers who are looking to shelter their savings from tax are likely to pay attention to this update from Virgin Money. Priced at 1.40%, this deal is highly competitive and sits among the top five of the market. The fact that the interest can be paid monthly will add to its appeal for those savers who are looking to supplement their income.


Mortgages

HSBC

HSBC has reduced its five-year fixed rate mortgage, which is now priced at 2.54% to 30.4.21. This deal is for all applicants who borrow up to £3 million at 80% loan-to-value. A fee of £999 is payable, all of which is payable upfront. An incentive package for remortgage customers of free legal fees is available. This deal gives borrowers the flexibility to make overpayments of up to 20% of the mortgage payment every month

Customers looking to borrow with a high street lender will be delighted by this latest update from HSBC. Priced at 2.54%, this five-year fixed rate deal is highly competitive and likely to be a cost-effective choice for many, enabling it to enter the Moneyfacts.co.uk Best Buys as a result.

HSBC’s lending area includes Scotland.


Chelsea Building Society

Chelsea Building Society has reduced its five-year fixed rate mortgage, which is now priced at 3.09% to 30.4.21. This deal is for all customers who borrow between £50,000 and £1 million at 85% loan-to-value. No fee is payable and an incentive package of free valuation for all customers and a £250 rebate for house purchase customers is available, while those remortgaging will receive free legal fees. This deal gives borrowers the flexibility to make overpayments of up to 10% of the mortgage advance, make underpayments and take payment holidays.

The 3.09% five-year fixed rate from Chelsea Building Society is reasonably competitive in the market. Borrowers will be able to enjoy the absence of any fees and an extensive incentive package, meaning this is likely to be a popular choice among those looking to minimise upfront costs.

Chelsea Building Society lending area includes Scotland.


Loans

Sainsbury’s Bank

Sainsbury’s Bank has reduced the rate on selected tiers of its unsecured personal loan. Customers can now apply for a competitive loan of £10,000 to £15,000 over five years with a rate of 3.3% APR. Applicants must be at least 18 and over, a Nectar cardholder and have a minimum household income of £7,500 per annum. Applications can be made online and by telephone.

Sainsbury’s Bank earns an ‘outstanding’ Moneyfacts personal loan rating following a reduction to its £10,000 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking for a cost-effective loan 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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