Pick of the Week - 08/07/2016

Friday, 8 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

Newcastle Building Society

Newcastle Building Society has increased the rate on its two-year fixed ISA, which now pays 1.35% yearly or 1.34% monthly. Savers must invest from £500. Early access to funds is allowed subject to 90 days' loss of interest. Transfers in from other cash or stocks & shares ISAs are permitted and further additions can be made while the issue is open. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

Savers looking for a tax-free shelter for their savings will be delighted by this latest update from Newcastle Building Society. Now paying 1.35%, this two-year fixed rate enters the Moneyfacts.co.uk Best Buys, making it a great choice for anyone looking to fix their interest over the shorter term.

Vanquis Bank

Vanquis Bank has increased the rate on its five-year fixed rate bond, which now pays 2.31% upon its anniversary or 2.29% monthly. Savers can invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online.

The 2.31% bond from Vanquis Bank is highly competitive and has improved its position in the Moneyfacts.co.uk Best Buys. As a result, this is likely to be a popular option for longer-term investors. However, with no early access to funds savers must ensure they have enough funds leftover to cover life’s little emergencies.


Mortgages

Leeds Building Society

Leeds Building Society has launched a new two-year fixed rate mortgage, which is priced at 1.60% to 30.9.18. This deal is for all applicants who borrow from £5,000 to £500,000 at 65% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation up to a maximum of £999 is available to all borrowers while remortgage customers will also receive free legal fees. This deal has the flexibility to make overpayments of up to 10% of the outstanding balance every year as well as take lump sum withdrawals.

The 1.60% two-year fixed rate mortgage from Leeds Building Society is reasonably priced for its sector. Borrowers will not only be able to enjoy a reasonable fee but also an enticing incentive package, particularly for remortgagors. As a result, this mortgage will be an appealing choice for many.

Leeds Building Society's lending area includes Scotland.

Metro Bank

Metro Bank has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.49%. This deal is for all applicants who borrow from £50,000 at 80% loan-to-value. A fee of £999 is payable. This deal has the flexibility to make overpayments of up to 20% of the outstanding balance per year.

This latest reduction from Metro Bank sees the newly priced 2.49% five-year fixed rate improve its position to sit comfortably within the top 10. This is likely to be a cost-effective choice for anyone looking to secure their monthly repayments for the long term.

Metro Bank's lending area does not include Scotland.

Credit Cards

Halifax

Halifax has increased its introductory interest-free term for balance transfers on its 0pc Balance Transfer Fee Offer MasterCard. This deal now offers a 24-month interest-free term for balance transfers with no introductory balance transfer fee. 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, post or online.

Borrowers looking to clear debts without interest or fees adding to the cost will be intrigued by this latest update from Halifax. With a 24-month interest-free term for balance transfers, this deal is highly competitive in its sector of the market. 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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