Pick of the Week - 19.08.16

Friday, 19 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

Principality Building Society

Principality Building Society has tweaked its five-year fixed rate cash ISA, which now pays 1.55% yearly or 1.54% monthly. Savers can invest from £500. Additions are permitted whilst the issue remains open, early access is also allowed subject to closure of the account and 360 days' loss of interest. Transfers in from other cash or stocks and shares ISAs are also accepted. This deal is for savers aged 16 and over and can be operated in branch, by post or online.

Savers looking for a long-term home for their tax-free savings will find the latest offering from Principality Building Society appealing. Paying 1.55% this deal sits comfortably within the Moneyfacts.co.uk Best Buys, making this an attractive choice for savers.

Bank of Cyprus UK

Bank of Cyprus UK has reviewed its two-year fixed rate bond, which now pays 1.60% yearly. Savers must invest from £10,000 up to a maximum of £1 million. Additions and 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.

The 1.60% two-year fixed rate bond from Bank of Cyprus UK is highly competitive, keeping its place in the Moneyfacts.co.uk Best Buys. This is likely to be an appealing option for those looking for a short-term home for their savings; however with no early access to funds savers must be happy with their initial deposit.


Mortgages

Coventry Building Society

Coventry Building Society has reduced its five-year fixed rate, which is now priced at 2.45% to 30.9.21. This deal is for all applicants who wish to borrow at 85% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. The incentive package consists of free valuation up to a maximum of £670 for all borrowers and free legal fees for remortgage customers. This deal has the added flexibility of being able to make 10% of the outstanding balance.

The 2.45% five-year fixed rate from Coventry Building Society is highly competitive and heads straight for the Moneyfacts.co.uk Best Buys as a result. With a decent incentive package this is likely to make a cost-effective choice for many.

Coventry Building Society's lending area includes Scotland.

Halifax

Halifax has reduced its five-year fixed rate mortgage for first-time buyers only, which is now priced at 3.39% to 30.11.21. Applicants must borrow at 90% loan-to-value. A fee of £790 is payable, all of which can be added to the advance of the mortgage. An incentive package of a £1,000 cash rebate is available. This deal has the added flexibility of being able to make overpayments up to 10% per annum and take payment holidays.

Borrowers with a modest deposit of 10% will be intrigued by this latest update from Halifax. At 3.39%, this deal is reasonably priced in the market. Offering £1,000 as cashback, this deal is likely to attract first-time buyers looking to borrow from a high-street brand.

Halifax's lending area includes Scotland.

Credit Cards

Sainsbury's Bank

Sainsbury's Bank has increased the introductory interest-free term on its long balance transfer credit card MasterCard. This deal now offers a 40-month interest-free term for balance transfers. An introductory balance transfer fee of 2.89% is payable. Standard purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply by phone or online.

Sainsbury's Bank's 40-month interest-free balance transfer credit card is highly competitive and sits comfortably towards the top of the Moneyfacts.co.uk Best Buys as a result. This deal is ideal for borrowers who are looking to clear their debts over a significant period of time. However, to avoid chargeable interest, borrowers should not lose sight of the end of the deal and ensure the balance is cleared before it 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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