Pick of the Week - 30.08.16

Tuesday, 30 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

Leeds Building Society

Leeds Building Society has re-launched its five-year fixed rate ISA, paying 1.50% yearly. Savers can invest from £100. Additions are permitted while the issue remains open, and early access is also allowed subject to closure of the account and 365 days' loss of interest. Transfers in from other cash or stocks & shares ISAs are also accepted. This deal is for savers aged 16 and over and can be operated in branch or by post.

Savers in need of a tax-free home for their savings will be intrigued by this latest launch from Leeds Building Society. Paying 1.50%, this five-year deal sits comfortably within the Moneyfacts.co.uk Best Buys, making this a great choice for any saver wanting to invest over the longer term

Shawbrook Bank

Shawbrook Bank has tweaked its 120 Day Notice account, which now pays 1.35% upon its anniversary. Savers must invest from £1,000 up to a maximum of £500,000. Additions are permitted while the issue is open and early access to funds is allowed subject to 120 days’ notice being given. This deal is for savers aged 18 or over and can be operated by telephone, post or online.

The 1.35% 120 Day Notice account from Shawbrook Bank is highly competitive, sitting within the top ten of its sector and earning a place in the Moneyfacts.co.uk Best Buys. With a great rate this is likely to be an appealing option to many; however, savers must ensure they are happy with the 120 day notice period.


Mortgages

Newcastle Building Society

Newcastle Building Society has reduced its three-year fixed rate mortgage, which is now priced at 1.88% to 31.10.19. This deal is for all applicants who wish to borrow between £10,000 and £1 million at 80% loan-to-value. A fee of £999 is payable, of which £800 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 £499 every month.

The 1.88% three-year fixed rate from Newcastle Building Society is highly competitive as it becomes the lowest rate in its sector. With a reasonable fee this low rate will be a cost-effective choice for many, and easily enters the Moneyfacts.co.uk Best Buys.

Newcastle Building Society's lending area includes Scotland.

Principality Building Society

Principality Building Society has reduced its two-year discounted variable rate mortgage, priced at 1.70% (3.29% discount) to 30.9.18. This deal is for all applicants who wish to borrow between £5,000 and £350,000 at 85% loan-to-value. A fee of £895 is payable, all of which can be added to the advance of the mortgage. The incentive package includes free valuation for all borrowers and free legal fees for remortgage customers. This deal has the flexibility of being able to make overpayments, underpayments and take payment holidays.

Borrowers with the required 15% deposit will be delighted by this latest update from Principality Building Society. Priced at 1.70% for two years, this discounted variable rate enhances its position in the Moneyfacts.co.uk Best Buys. Borrowers will also be able to enjoy a reasonable fee and a decent incentive package, making this an attractive choice for many.

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

Credit Cards

Halifax

Halifax has increased the introductory interest-free term on its balance transfer credit card MasterCard. This deal now offers a 41-month interest-free term for balance transfers with an introductory balance transfer fee of 3.50%. In addition, the card offers an interest-free term on purchases for 6 months, after which a rate of 18.9% APR will apply. To be eligible for this deal, customers must be 18 or over and apply by phone or online.

This latest change by Halifax propels its 41-month interest-free balance transfer credit card to the top of the Moneyfacts.co.uk Best Buys. This card will be highly appealing to borrowers hoping to clear their debts over a significant period of time for a small fee. However, to avoid chargeable interest, borrowers must make sure the debt is cleared before the deal ends.


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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