Pick of the Week - 22/07/16

Friday, 22 July 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

Al Rayan Bank

Al Rayan Bank has reviewed its 12-month fixed rate ISA, which now pays 1.35% on maturity or quarterly. Savers can invest from £1,000. Additions are permitted within 30 days from the account being initially funded and transfers in from other cash or stocks & shares ISAs are also allowed. However, early access to funds is not permitted. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online. This account is Sharia'a compliant and the rates displayed represent the expected profit rate.

This latest update from Al Rayan Bank is highly competitive. Paying 1.35% this one-year fixed rate ISA heads straight into the Moneyfacts.co.uk Best Buys, making it a great choice for anyone looking for a tax-free home for their savings.


National Counties Building Society

National Counties Building Society has launched a new easy access account paying 1.30% yearly. Savers must open the account with £500. Additions are permitted until 10.8.16 and savers must hold and maintain £20K by this date or the account will be closed. No further additions permitted thereafter. Unlimited penalty-free withdrawals are allowed. This deal must be operated online.

Savers looking for easy access to their funds will be delighted by this latest launch from National Counties Building Society. Paying 1.30% this easy access account heads straight into the Moneyfacts.co.uk Best Buys. However, savers will need to ensure that the minimum of £20,000 is held in the account by 10th August.

Mortgages

Yorkshire Building Society

Yorkshire Building Society has reduced the rate on its three-year fixed rate mortgage, which is now priced at 2.04% to 31.7.19. This deal is for first and second-time buyers only who borrow between £25,001 and £5 million at 65% 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 of allowing borrowers to make overpayments of up to 10% of the outstanding balance every year, make underpayments and take payment holidays.

The 2.04% three-year fixed rate mortgage from Yorkshire Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. Coupled with the rate is the complete absence of fees as well as a great incentive package, making this a cost-effective choice for many.

Yorkshire Building Society's lending area includes Scotland.

Principality Building Society

Principality Building Society has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.90% to 30.9.21. This deal is for all applicants who borrow between £5,000 and £350,000 at 85% loan-to-value. No fee is payable and an incentive of free valuation is available to all borrowers, while remortgage customers will also receive free legal fees. This deal has the flexibility of allowing borrowers to make overpayments up to 10% of the outstanding balance each year.

Principality Building Society's 2.90% five-year fixed rate is reasonably priced in the market. With no fee and an incentive package including free valuation for all borrowers and free legal fees for those remortgaging, this is likely to be an attractive option for borrowers who are looking to keep initial costs to a minimum.

Principality Building Society's lending area does not include Scotland.

Credit Cards

Virgin Money

Virgin Money has increased the introductory interest-free term for balance transfers to a market-leading 41 months on its 41 Month Balance Transfer Credit Card MasterCard. An introductory balance transfer fee of 4.00% (min £3.00) is payable, and standard purchases will be charged at 20.9% APR after the introductory interest-free purchase term of three months. To be eligible for this deal, customers must be 18 or over and apply by telephone or online.

Borrowers looking to clear debts over a significant amount of time will be intrigued by this latest launch from Virgin Money. With a market-leading 41-month interest-free term for balance transfers this deal heads straight to the top of the Moneyfacts.co.uk Best Buys. However, cheaper introductory balance transfer fees are available, so borrowers will need to do the maths to ensure they get the most cost-effective option.

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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