Pick of the week - 28.04.16

Thursday, 28 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

AA

AA has reviewed its easy access ISA, which now pays 1.30% yearly (including a 1.05% bonus for 12 months). Savers can invest from £100. Additions and unlimited penalty-free withdrawals are permitted, as are transfers in from cash and stocks & shares ISAs. This deal is for savers aged 16 and over and must be operated online.

Savers looking to kick-start their ISA savings will be intrigued by this latest update from AA. Paying 1.30%, this easy access ISA sits comfortably among the top 10 of its sector and is likely to be a great choice for savers looking for a fuss-free account.


Principality Building Society

Principality Building Society has revamped selected fixed rate ISAs, including its five-year fixed rate deal, which now pays 1.75% upon its anniversary or 1.74% monthly. Savers must invest from £500. Additions are permitted while the issue remains open and early access to funds is allowed subject to closure and a penalty of 360 days’ loss of interest. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

The 1.75% five-year fixed rate ISA from Principality Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys, making this a popular choice for savers looking to invest over the longer term. However, a high interest penalty for early access means savers must ensure they have alternative funds for emergencies.


Mortgages

Tesco Bank

Tesco Bank has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.53% to 30.6.21. This deal is for all applicants who borrow from £40,000 at 80% 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 to make overpayments of up to 20% of the outstanding balance and take payment holidays.

The 2.53% five-year fixed rate mortgage from Tesco Bank is highly competitive, sitting comfortably as market-leader in its sector and entering the Moneyfacts.co.uk Best Buys as a result. Alongside this great rate remortgage customers will also receive a decent incentive package, which will help minimise upfront costs. In addition, Clubcard holders will receive the added benefit of extra points to spend in store.

Tesco Bank’s lending area includes Scotland.


Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has reduced its two-year fixed rate mortgage, which is now priced at 1.64%. This deal is for all applicants who borrow from £50,000 at 85% loan-to-value. A fee of £975 is payable, all of which 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.

Norwich & Peterborough Building Society’s 1.64% two-year fixed rate mortgage is highly competitive and sits among the top five in its sector, making it a great choice for borrowers looking to minimise their monthly payments. With a reasonable fee, this product is rated as ‘excellent’ by Moneyfacts.co.uk and enters the Best Buys as a result.

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


Credit Cards

Lloyds Bank

Lloyds Bank has increased its introductory interest-free term for balance transfers on its balance transfer credit card. This deal now offers a 39-month interest-free term for balance transfers with an introductory balance transfer fee of 2.95%. Standard purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply online.

Borrowers looking to consolidate their credit card debts for a significant amount of time will be delighted by this latest update from Lloyds Bank. With a 39-month interest-free term for balance transfers, this deal improves its position in the Moneyfacts.co.uk 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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