Pick of the Week - 11.08.16

Thursday, 11 August 2016
money

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

Virgin Money

Virgin Money has reviewed the rate on its easy-access cash ISA, which now pays 0.75% yearly or monthly. Savers can invest from as little as £1 up to a maximum of £2 million. Further additions are permitted as well as unlimited withdrawals and transfers in from other ISAs. This deal is for savers aged 16 and over and can be opearted in branch and by post. An online version is also available.

Savers looking to take advantage of the tax-free ISA allowance and get easy access to funds will find this deal from Virgin Money appealing. It allows transfers in from other ISAs and falls under the flexible rules of allowing savers to remove and replace their cash without losing the tax-year's allowance. Savers will also be eligible to use one of the many Virgin Money Lounges across the country.

United Trust Bank

United Trust Bank has increased the rate on its two-year fixed rate bond, which now pays 1.70% upon its anniversary. Savers must invest from £500 up to a maximum of £500,000. Further additions and earlier access are not permitted. This deal is for savers aged 18 and over, and must be operated in branch or by post. This deal earns a Moneyfacts 'Excellent' product rating.

United Trust Bank has increased the rate on its two-year fixed deal to 1.70% and earns a place in the Moneyfacts.co.uk Best Buys in the process. This fixed deal will be a perfect choice for savers looking to secure a competitive rate of interest over the shorter term, and subsequently deserves its excellent product rating. However, with no early access to funds, savers must ensure they are happy with their initial deposit.


Mortgages

Chelsea Building Society

Chelsea Building Society has reduced rates on its mortgage range, with its two-year fixed rate mortgage now priced at 1.20%. This deal is for all applicants who wish to borrow from £25,000 at 65% loan-to-value. A fee of £1,274 is payable, of which £1,145 can be added to the advance of the mortgage. This deal has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance, make underpayments and take payment holidays

Borrowers with a large deposit or equity will find this deal from Chelsea Building Society attractive. Priced at 1.20%, it offers one of the lowest rates on the market and with the option to add the majority of the fee to the advance, borrowers will be glad to save on the upfront cost. The flexibility of making overpayments, underpayments and taking payment holidays will only add to its appeal.

Chelsea Building Society’s lending area includes Scotland.

Leeds Building Society

Leeds BS has launched a new five-year fixed rate mortgage, priced at 2.40% to 31.10.21. This deal is for all applicants who wish to borrow at 75% loan-to-value. A fee of £1,999 is payable, all of which can be added to the advance of the mortgage, and an incentive package of free valuation for all borrowers and help towards costs for remortgage customers is available. This deal has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

The new 2.40% five-year fixed rate mortgage from Leeds BS is likely to attract borrowers looking for a low rate over the longer term. This deal allows borrowers to add the upfront fee to the mortgage advance and offers free valuation to all customers along with help towards cost for remortgagors, which will help borrowers keep upfront costs down.

Leeds BS's lending area includes Scotland.

Credit Cards

M&S Bank

M&S Bank has improved the introductory interest-free term for its dual purchase and balance transfer MasterCard. This deal now offers a 25-month interest-free term for both purchases and balance transfers with an introductory balance transfer fee of 2.90%. Standard purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply in branch, online, by telephone or by post.

M&S Bank has greatly improved its dual credit card by now offering a competitive 25-month interest-free term for purchases and balance transfers, which places it comfortably in the Moneyfacts.co.uk Best Buys. Those customers looking to spend and move debts will be delighted by this latest update, but they must be sure to clear any debts before the deal runs out.


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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