Pick of the week - 19.05.16

Thursday, 19 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

Kent Reliance

Kent Reliance has reviewed its one-year fixed rate ISA, which now pays 1.20% on maturity or 1.19% monthly. Savers can invest from £1,000. Earlier access is allowed subject to a penalty of 180 days’ loss of interest. Transfers in from other cash ISAs & stocks and shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online.

The 1.20% one-year fixed rate ISA from Kent Reliance is highly competitive and sits within the top 10 of its sector, making this a popular choice for those looking for a short-term home for their ISA savings.


Manchester Building Society

Manchester Building Society has launched a new 45-day notice account, paying a variable rate of 1.36% yearly. Savers must invest from £1,000 up to a maximum of £75,000. Unlimited withdrawals are permitted subject to 45 days’ notice being given and additions are allowed. This deal is for savers aged 18 and over and can be operated in branch and by post.

This latest launch from Manchester Building Society is highly competitive, and by paying 1.36% it heads straight into the Moneyfacts.co.uk Best Buys. With a great rate and a reasonably short notice period, this could be a great account for savers looking to stash away their nest egg.


Mortgages

West Brom Building Society

West Brom Building Society has reviewed and updated its mortgage range, including its three-year fixed rate, which is now priced at 3.09% to 31.8.19. This deal is for first and second-time buyers who borrow from £40,000 at 90% 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 £445) a £1,000 cash rebate is available. This deal has the flexibility to make overpayments of up to a maximum of £999 every month.

Borrowers with a 10% deposit will be delighted by this latest update from West Brom Building Society. Priced at 3.09%, this three-year fixed rate is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With the added bonus of a low fee and a great incentive package, this is likely to be a popular choice for those looking to keep initial costs down.

West Brom Building Society’s lending area does not include Scotland.


Woolwich from Barclays

Woolwich from Barclays has launched a new five-year fixed rate mortgage, which is now priced at 2.19% to 30.6.21. This deal is for all applicants who borrow between £5,000 and £1 million at 60% loan-to-value. A fee of £1,499 is payable, all of which can be added to the advance of the mortgage. An incentive package for remortgage customers of free valuation and a choice of either free legal fees or a £200 cash rebate is available. This deal has the flexibility to make overpayments of up to 10%.

The 2.19% five-year fixed rate from Woolwich from Barclays is highly competitive and sits within the top 10 lowest rates in its sector. With a decent incentive package, this is likely to be a cost-effective choice for anyone with a 40% deposit who is looking to borrow with a high street lender.

Woolwich from Barclays’ lending area includes Scotland.


Credit Cards

Tesco Bank

Tesco Bank has increased the length of its introductory interest-free term for balance and money transfers on its Tesco Bank Clubcard Credit card for Balance Transfers MasterCard. This deal now offers a market-leading interest-free term of 40 months for both balance and money transfers. An introductory balance transfer fee of 2.69% is payable, while money transfers will carry a fee of 3.94% (min £3.00). Standard purchases are charged at 18.9% APR. To be eligible for this deal, customers must be 18 and over and have a minimum income of £5,000. Customers can open the card by post, by telephone and online.

Borrowers looking to consolidate their credit card debts for a significant amount of time will be delighted by this latest update from Tesco Bank. With a 40-month interest-free term for balance and money 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.



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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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