Pick of the week - 05.05.16

Thursday, 5 May 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

Newcastle Building Society

Newcastle Building Society has launched a new five-year fixed rate ISA, which pays 1.90% yearly or 1.88% monthly. Savers can invest from £500. Early access to funds is permitted subject to 180 days’ loss of interest. Transfers in from cash and stocks & shares ISAs are also allowed. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

Savers looking for a long-term home for their ISA savings will be interested by this latest launch from Newcastle Building Society. Paying 1.90%, this deal is highly competitive and earns its place in the Moneyfacts.co.uk Best Buys.


Sainsbury’s Bank

Sainsbury’s Bank has increased the rates on its easy access account, which now pays tiered rates of up to 1.20% variable depending on the amount invested. Savers can invest from £1 although at £30,000 will be required to earn the highest rate of interest. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.

This easy access account from Sainsbury’s Bank is highly competitive and sits towards the top of the market, making this a popular choice for savers with larger pots who are looking for quick access to their money.


Mortgages

Coventry Building Society

Coventry Building Society has reduced the rate on its five-year fixed mortgage, which is now priced at 2.49% to 30.6.21. This deal is for all applicants who borrow at 80% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation up to a maximum of £670 is available for all borrowers while those remortgaging can also receive free legal fees. This deal has the flexibility to make overpayments of up to 10% of the outstanding balance.

Borrowers looking for extra security will be delighted by this latest update from Coventry Building Society. Priced at 2.49%, this deal enters the market as the lowest deal in its sector and makes a mark on the Moneyfacts.co.uk Best Buys as a result. Benefiting from a great incentive package, this is likely to be a cost-effective option for many.

Coventry Building Society’s lending area includes Scotland.


Halifax

Halifax has reviewed its five-year Help to Buy mortgage, which is now priced at 4.64% to 31.8.21. This deal is for first and second-time buyers who borrow up to a maximum of £570,000 at 95% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of a 1% rebate is available. This deal has the flexibility to make overpayments and take payment holidays.

Halifax’s 4.64% Help to Buy five-year fixed rate is highly competitive and remains in the Moneyfacts.co.uk Best Buys. This is an ideal choice for any applicant with a small deposit looking to borrow with a high street lender. The addition of the incentive package will only help to boost this product’s appeal yet further.

Halifax’s lending area includes Scotland.


Credit Cards

Barclaycard

Barclaycard has increased its introductory interest-free term for both purchases and balance transfers on its Platinum Purchase and Balance Transfer Visa. This deal now offers a market-leading 25-month interest-free term for both purchases and balance transfers with an introductory balance transfer fee of 2.50%. Standard purchases outside the interest-free period will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply by post, telephone or online.

Borrowers with a large purchase in mind will be intrigued by this latest update from Barclaycard. Offering 25 months interest-free on purchases allows borrowers to spread the cost of any purchases for significant time, giving them a bit of breathing space. 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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