Pick of the week - 14.04.16

Thursday, 14 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

Teachers Building Society

Teachers Building Society has launched a new 90-day notice ISA, paying 1.40% yearly. Savers can invest from £100. Penalty-free withdrawals are permitted subject to 90 days’ notice being given, although early access to funds is allowed subject to a penalty of 90 days’ loss of interest. Transfers in from cash and stocks & shares ISAs are not permitted. This deal is for savers aged 16 and over and can be operated by post and online.

The 1.40% 90-day notice ISA from Teachers Building Society is highly competitive and enters the Moneyfacts.co.uk Best buys as a result. Flexible withdrawals mean this is likely to be a popular choice among savers who are looking for a competitive ISA in which to invest their tax-free funds.


Leeds Building Society

Leeds Building Society has reissued its two-year fixed rate ISA, which pays 1.50% yearly. Savers can invest from £100. Additions are permitted until 31.5.16 and early access to funds is also allowed subject to a penalty of 150 days’ loss of interest. Transfers in from cash ISAs and stocks & shares ISAs are permitted. This deal is for savers aged 16 and over and can be operated in branch and by post.

Savers looking to invest their ISA funds early will be intrigued by this latest offer from Leeds Building Society. Priced at 1.50%, this deal sits comfortably within its sector and plants itself firmly in the Moneyfacts.co.uk Best Buys. With a decent return, this is likely to be a popular choice for savers looking to invest over the shorter term.


Mortgages

Newcastle Building Society

Newcastle Building Society has reduced the rate of its three-year fixed rate mortgage, which is now priced at 1.99% to 31.7.19. This deal is for all applicants who borrow between £10,000 and £500,000 at 80% loan-to-value. A fee of £698 is payable, of which £499 can be added to the advance of the mortgage. This deal has the flexibility of allowing borrowers to make overpayments.

Borrowers looking to fix their mortgage for three years will be delighted by this latest update from Newcastle Building Society. Priced at 1.99%, this three-year fixed rate is the lowest-priced deal in its sector and enters the Moneyfacts.co.uk Best Buys as a result.

Newcastle Building Society’s lending area includes Scotland.


Yorkshire Building Society

Yorkshire Building Society has tweaked the rate on its two-year fixed rate mortgage, now priced at 1.22% to 31.7.18. This deal is for all applicants who borrow between £25,001 and £5 million at 65% loan-to-value. A fee of £1,475 is payable, of which £1,345 can be added to the advance of the mortgage. This deal has the flexibility to make overpayments of up to 10% of the outstanding balance, make underpayments and take payment holidays.

The 1.22% two-year fixed rate from Yorkshire Building Society is highly competitive and enters the market as the lowest deal currently available in its sector. As a result, it is likely to be a popular choice for borrowers looking to minimise their monthly repayments.

Yorkshire Building Society’s lending area includes Scotland


Loans

Sainsbury’s Bank

Sainsbury’s Bank has amended the rates on selected tiers of its unsecured personal loan. Customers can now apply for a competitive loan of £7,500 to £15,000 a term of 37 months to five years at 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 £7,500 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking for a cost-effective loan over a longer term.


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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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