Pick of the Week - 16/06/2016

Thursday, 16 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

Tesco Bank

Tesco Bank has increased the rate on its Internet Saver, its easy access account, which now pays a variable rate of 1.27% yearly including a 0.52% bonus for 12 months. Savers can invest from as little as £1. Additions and penalty-free withdrawals are permitted at anytime. This deal is for savers aged 18 and over and must be operated online.

Savers looking for easy access to their funds will be delighted by this latest update from Tesco Bank. Now paying 1.27%, this deal improves its position in the Moneyfacts.co.uk Best Buys. As a result, this is likely to be a popular choice for those looking to kick-start a savings habit; however, savers will need to review the rate before the bonus period expires to ensure competitive returns are maintained.


Close Brother Savings

Close Brothers Savings has reviewed its five-year fixed rate bond, which now pays 2.35% upon its anniversary. Savers must invest from £10,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated by post.

The 2.35% five-year fixed rate bond from Close Brother Savings is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys, making this a great choice for those looking for a long-term home for their savings.


Mortgages

Chelsea Building Society

Chelsea Building Society has reduced the rate on its two-year fixed mortgage, which is now priced at 2.59% to 31.7.18. This deal is for first and second-time buyers who borrow between £50,000 and £500,000 at 90% loan-to-value. No fee is payable and an incentive package of free valuation and a £250 cash rebate is available. This deal has the flexibility to make overpayments of up to 10% of the mortgage advance, make underpayments and take payment holidays.

Borrowers with a small deposit will be impressed by this latest update from Chelsea Building Society. Priced at 2.59%, this deal is reasonably priced in the market. With no fee payable and a great incentive package of a £250 cash rebate and free valuation, this is could be a perfect option for those looking to minimise their upfront costs.

Chelsea Building Society's lending area includes Scotland.


Virgin Money

Virgin Money has reduced its five-year fixed rate mortgage, which is now priced at 2.19% to 1.9.21. This deal is for all applicants who borrow at 65% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package for remortgage customers of free valuation and free legal fees is available. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance per year and take payment holidays.

The 2.19% five-year fixed rate from Virgin Money is highly competitive and sits within the top five in its sector. This is a great option for those looking for a cost-effective option with a recognised brand.

Virgin Money's lending area includes Scotland.


Credit Cards

Virgin Money

Virgin Money has increased its introductory interest-free term for balance and money transfers on its Balance Transfer Credit Card MasterCard. This deal now offers a joint market-leading 40-month interest-free term for balance and money transfers with introductory transfer fees of 2.53% and 4.00% respectively (minimum £3.00). Standard purchases will be charged at 20.9% APR. To be eligible for this deal, customers must be 18 and over and apply by telephone or online.

Virgin Money's 40-month interest-free balance and money transfer credit card is highly competitive and is a joint market-leader in the Moneyfacts.co.uk Best Buys. With a significant interest-free term, this is a great choice for any borrower looking to clear their debts without incurring monthly interest. However, borrowers must ensure the balance is cleared before the deal expires to ensure no interest is charged.


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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