Pick of the Week - 06.09.16

Tuesday, 6 September 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

Charter Savings Bank

Charter Savings Bank has launched a new one-year fixed rate bond, paying 1.46% on maturity or 1.45% monthly. Savers can invest from £1,000 up to a maximum of £250,000. Additions are permitted within 14 days of account opening, however early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.

Savers looking for a short-term home for their savings will find the one-year fixed rate bond from Charter Savings Bank highly attractive. Paying 1.46%, this deal makes its mark on the Moneyfacts.co.uk Best Buys. However, with no access to funds savers will need to be happy with their initial deposit

Al Rayan Bank

Al Rayan Bank has reviewed its 24-month fixed rate bond, which now pays 1.65% quarterly. Savers must invest from £1,000. Additions and early access to funds are not permitted. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online.This account is operated under Islamic principles and the rate quoted is the expected profit rate.

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

Melton Mowbray Building Society

Melton Mowbray Building Society has reduced its three-year discounted variable rate mortgage, which is now priced at 3.69% (1.30% discount). This deal is for all applicants wishing to borrow between £25,000 and £250,000 at 95% loan-to-value. No fee is payable and an incentive package of help towards legal fees is included. This deal has the flexibility of being able to make overpayments up to 10% of the outstanding balance.

Borrowers with a small deposit of 5% will be delighted by the latest launch from Melton Mowbray Building Society. Priced at 3.69% this three-year discounted variable rate is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With no fee this is likely to be an attractive option for first-time buyers looking to keep initial costs to a minimum.

Melton Mowbray Building Society’s lending area does not include Scotland.

Santander

Santander has reduced the rate on its 10-year fixed rate mortgage, which is now priced at 2.79% to 2.12.26. This deal is for all customers who borrow between £6,000 and £1 million at 60% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. The incentive package includes free valuation for all borrowers and a choice between free legal fees or £250 cashback for remortgage customers. This deal has the flexibility of being able to make overpayments up to 10% of the outstanding balance.

The 2.79% ten-year fixed rate from Santander is reasonably competitive, sitting comfortably within its sector of the market. With a great incentive package, borrowers looking for the extra security and peace of mind a ten-year fixed rate gives will likely take note.

Santander’s lending area includes Scotland.

Credit Cards

Barclaycard

Barclaycard has reduced the introductory balance transfer fee on its Platinum Balance Transfer Credit Card Visa. This deal offers a 37-month interest-free term for balance transfers, now with an introductory balance transfer fee of 1.50%. 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, online or by post.

The reduction of the introductory balance transfer fee to a competitive 1.50% boosts the appeal of this 37-month interest-free balance transfer card. The deal comfortably secures its position in Moneyfacts.co.uk Best Buys. Those customers looking for a long interest-free period to tackle their debts will be impressed by this card’s low transfer 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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