Pick of the Week - 02/06/2016

Thursday, 2 June 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

OakNorth Bank

OakNorth Bank has increased the rate on its 12-month fixed rate bond, which now pays 1.61% on maturity. Savers can invest from £1,000 up to a maximum of £100,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated online or by phone.

Savers looking for a short-term home for their savings will be intrigued by this latest update from OakNorth Bank. Paying 1.61%, this deal heads straight into the Moneyfacts.co.uk Best Buys. This is an ideal choice for any saver looking for a straightforward fixed rate deal; however, with no early access to funds, savers need to ensure they still have funds for life’s little emergencies.


Shawbrook Bank

Shawbrook Bank has increased the rate on its two-year fixed rate ISA, which now pays a market-leading 1.60% upon its anniversary or 1.59% monthly. Savers need to invest from at least £5,000. Additions are permitted while the issue remains open and early access to funds is allowed subject to an interest penalty of 180 days’ loss of interest. Transfers in from cash and stock & shares ISAs are also permitted. This deal must be operated online.

Paying 1.60%, this two-year fixed rate ISA from Shawbrook Bank is highly competitive and heads straight to the top of the Moneyfacts.co.uk Best Buys as a result. This is a great choice for any saver looking to maximise their interest on their tax-free savings.


Mortgages

NatWest

NatWest has reduced its five-year fixed rate mortgage, which is now priced at 2.53% to 30.9.21. This deal is for first and second-time buyers only who borrow between £25,000 and £2 million at 70% loan-to-value. A fee of £995 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.

Applicants looking to borrow with a high street lender will be delighted by this latest update from NatWest. With a rate of 2.53%, this deal is reasonably priced for its sector and is likely to be popular among those looking to borrow over the longer term.

NatWest's lending area includes Scotland.


Santander

Santander has launched a new two-year fixed rate mortgage, priced at 3.89% to 2.9.18. This deal is for first-time buyers only who borrow between £6,000 and £570,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation up to a maximum of £1,190 and a £250 cash rebate is available. This deal has the flexibility to make overpayments of up to 10% of the outstanding balance.

The 3.89% two-year fixed rate from Santander sits comfortably in the market. With the added bonus of no fee and a great incentive package, this deal is likely to be a popular choice among first-time buyers who are looking to keep initial costs to a minimum.

Santander's lending area includes Scotland.


Loans

Hitachi Personal Finance

Hitachi Personal Finance has reduced the rate on its unsecured personal loans of £15,001 to £25,000. Customers can now apply for this competitive loan over two to five years at a rate of 3.8% APR. Customers must be at least 21 years old. Applications can be made online or by phone.

Hitachi Personal Finance improves its ‘outstanding’ Moneyfacts personal loan rating following a reduction to its £15,001 to £25,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking for a cost-effective loan over a shorter 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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