Pick of the week - 31.03.16

Thursday, 31 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

Skipton Building Society

Skipton Building Society has re-launched it’s Bonus Cash ISA, an easy access ISA, that pays a variable rate of 1.40% upon its anniversary or 1.39% monthly. The rate includes a 0.40% bonus for 12 months. Savers can invest from as little as £1, while additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

Savers looking to start their ISA savings will be delighted by this latest re-launch from Skipton Building Society. Paying 1.40%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. However, savers will need to review the rate before the bonus period expires to ensure competitive returns are maintained.


Ikano Bank

Ikano Bank has reviewed its one-year fixed rate bond, which now pays 1.80% upon its anniversary or 1.79% monthly. Savers can invest from £1,000 up to a maximum of £1 million. Additions are permitted within 14 days of the account opening but early access to funds is not permitted. This deal is for savers aged 18 and over and must be operated online. Ikano Bank is protected by the Swedish financial compensation scheme.

The 1.80% one-year fixed rate bond from Ikano Bank is highly competitive and sits within the top 10 in its sector, making this a popular choice for savers looking to invest over the shorter term. However, with no early access to funds, savers must be happy with their initial investment.


Mortgages

Darlington Building Society

Darlington Building Society has launched a new two-year fixed rate mortgage, priced at 2.25% to 31.7.18. This deal is for all applicants who borrow from £1,000 at 80% loan-to-value. A fee of £219 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £300) for all customers and free legal fees for remortgage customers is available. This deal has the flexibility to make an overpayment of up to 10% of the outstanding balance.

The 2.25% two-year fixed rate from Darlington Building Society sits well within the market. With a low fee of £219 and an incentive package including free valuation and free legal fees for remortgage customers, this deal is likely to be a popular choice for borrowers looking to minimise their upfront costs.

Darlington Building Society’s lending area does not include Scotland.


TSB

TSB has launched a new two-year fixed rate mortgage, priced at 2.99% to 30.6.18. This deal is for remortgage customers only who borrow between £5,000 and £750,000 at 90% loan-to-value. No fee is payable and an incentive package of free valuation, free legal fees and a £150 rebate is available. Applicants must open or hold a TSB current account. This deal gives borrowers the flexibility to make overpayments of up to 10% of the outstanding balance and take payment holidays.

Remortgage customers looking to borrow with a high street lender will be delighted by this latest launch. Priced at 2.99%, this two-year fixed rate deal sits reasonably within the market, and with the extra bonuses of no fee and a great incentive package, it is likely to be a popular choice.

TSB lending area includes Scotland.


Credit Cards

Virgin Money

Virgin Money has increased the interest-free term for both balance transfers and purchases on its credit card to 24 months. Introductory balance transfers carry a fee of 1.00% (min £3.00), while purchases will be charged at 18.9% APR after the initial offer ends. To be eligible for this deal, customers must be 18 or over and apply online or by telephone.

Customers looking to make a large purchase as well as get a bit of breathing space to pay off their outstanding credit card balance will be delighted by Virgin Money’s latest update. Offering a competitive 24-month interest-free term for purchases and balance transfers, this card is a great all-rounder and secures its position in the Moneyfacts.co.uk Best Buys as a result. 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. 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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