Pick of The Week - 28/07/2016

Thursday, 28 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

Vanquis Bank

Vanquis Bank has increased the rate on its three-year fixed rate bond, which now pays 1.81% upon its anniversary or 1.80% monthly. Savers must invest from £1,000 up to a maximum of £250,000. Additions and early access to funds is not permitted. This deal is for savers aged 18 and over and must be operated online.

The 1.81% three-year fixed rate bond from Vanquis Bank is highly competitive and makes its mark on the Moneyfacts.co.uk Best Buys. However, with no early access to funds, savers will need to ensure they have enough cash left over for life's little emergencies.

Shawbrook Bank

Shawbrook Bank has increased the rate on its one-year fixed rate ISA, which now pays 1.30% on maturity or 1.29% monthly. Savers must invest from £5,000. Additions and early access to funds is permitted, subject to 90 days' loss of interest. Transfers in from other cash or stocks & shares ISAs are also accepted. This deal is for savers age 18 and over and must be operated online.

Savers looking for a tax-free home for their savings will be intrigued by this latest update from Shawbrook Bank. Paying 1.30%, this one-year fixed rate ISA improves its position in the Moneyfacts.co.uk Best Buys and should make a great choice for anyone looking to invest over the shorter term.


Mortgages

first direct

first direct has launched a new five-year fixed rate mortgage, priced at 2.18% for 5 years. This deal is for all applicants who wish to borrow between £10,000 and £1 million at 75% 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 being able to make overpayments.

The 2.18% five-year fixed rate mortgage from first direct is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. With no fee payable and a decent incentive package, this is likely to be a popular choice for borrowers who are looking for long-term security.

first direct's lending area includes Scotland.

Halifax

Halifax has reduced its two-year fixed Help to Buy mortgage, which is now priced at 3.74% to 30.11.18. This deal is for first and second-time buyers who wish to borrow up to £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 of a £500 Dixon gift card is available. This deal has the flexibility of being able to make overpayments up to a maximum of 10% per year, and to take payment holidays.

Borrowers with a small deposit of 5% will be delighted by this latest update from Halifax. Priced at 3.74%, the two-year Help to Buy mortgage is highly competitive, improving its position in the Moneyfacts.co.uk Best Buys. With a low fee and £500 gift card incentive package, this should prove a popular choice for those looking to borrow with a high street lender.

Halifax's lending area includes Scotland.

Credit Cards

Barclaycard

Barclaycard has reduced the introductory balance transfer fee on its Platinum 37 Month Balance Transfer Visa. This deal now offers a 37-month interest-free term for balance transfers with an introductory transfer fee of 1.50%. Standard purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply by telephone, by post or online.

Borrowers looking to clear debts cheaply will find the latest update from Barclaycard of interest. With a 37-month interest-free term for balance transfers and now a reasonable introductory balance transfer fee of 1.50%, this deal is highly competitive. However, to avoid chargeable interest after the introductory offer expires, borrowers should not lose sight of the end of the deal and ensure that the balance is cleared in time.


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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