Pick of the week - 07.04.16

Thursday, 7 April 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

Yorkshire Bank

Yorkshire Bank has launched a new two-year fixed rate ISA that pays 1.50% yearly until 31.5.18. Savers must invest from £2,000. Additions are not permitted, but early access to funds is allowed subject to closure of the account and a penalty of up to 180 days’ loss of interest. Transfers in from cash and stocks & shares ISAs are also permitted. This deal is for savers aged 16 and over and must be operated in branch.

Savers looking to make the most of their tax-free allowance early on will be excited by this launch from Yorkshire Bank. Paying 1.50%, this deal sits comfortably among the top 10 in its sector. However, as no additions are permitted, savers need to make sure they are happy with their initial deposit.


Paragon Bank

Paragon Bank has launched a one-year fixed rate bond, which pays 1.80% on its anniversary or 1.79% monthly. Savers can invest from £1,000 up to a maximum of £100,000. Additions are permitted within five 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 1.80% one-year fixed rate bond from Paragon Bank is highly competitive and enters the Moneyfacts.co.uk Best Buys, 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 the length of the term.


Mortgages

Tesco Bank

Tesco Bank has tweaked its two-year variable rate tracker mortgage, which is now priced at 1.45% to 30.6.18. This deal is for all applicants who borrow from £40,000 at 75% 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, while 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 looking for a variable rate deal will be intrigued 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.


Leeds BS

Leeds Building Society has launched a new two-year fixed rate mortgage priced at 1.90% to 31.7.18. This deal is for all applicants who borrow at 65% loan-to-value. A fee of £199 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (max £999) for all borrowers and help towards costs for remortgagors is available. This deal gives borrowers the flexibility to make overpayments of up to 10% of the outstanding balance and take lump sum withdrawals.

The 1.90% two-year fixed mortgage from Leeds Building Society sits comfortably within the market. In addition to this great rate borrowers will also be able to enjoy low arrangement fees and a great incentive package, making this a fantastic choice for anyone looking to minimise their upfront costs.

Leeds BS’s lending area includes Scotland


Credit Cards

Virgin Money

Virgin Money has introduced a 39 Month Balance Transfer Credit Card MasterCard. This deal offers a 39-month interest-free term for balance transfers along with a three-month 0% interest period for purchases. An Introductory balance transfer fee of 2.49% (min £3.00) is payable. Standard purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply online or by telephone.

Borrowers looking to consolidate their credit card debts for a significant amount of time will be delighted by this latest offering from Virgin Money. With a 39-month interest-free term for balance transfers, this deal heads straight into the Moneyfacts Best Buys. As always, customers should aim to pay off the debt before the deal ends 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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