Pick of the Week - 08.09.16

Thursday, 8 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

Leeds Building Scoiety

Leeds Building Society has launched a new regular saver, paying 2.30% yearly. Savers must invest between £50 and £250. If one payment is missed or more than one withdrawal is made, a penalty of 1.80% loss of interest will be applied. This deal is for savers aged 18 and over and can be operated in branch and by post.

Savers looking to kick-start their savings habit will be intrigued by this latest launch from Leeds Building Society. Paying 2.30%, this deal heads straight into the Moneyfacts.co.uk Best Buys. However, savers should note the interest penalty, which could easily be avoided by setting up a standing order and ensuring not more than one withdrawal is made

Britannia

Britannia has reviewed its two-year fixed rate ISA which now pays 1.10% yearly. Savers must invest from £5,000. Additions are permitted whilst the issue remains open and early access to funds is also permitted subject to 180 days’ loss of interest. Transfers in from other cash ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch and by post.

The 1.10% two-year fixed rate ISA sits comfortably in the Moneyfacts.co.uk Best Buys. With this decent rate and extra flexibility of early access to funds, albeit subject to an interest penalty, this is likely to be a popular choice for savers looking for a tax-free home for their savings.


Mortgages

Nationwide Building Society

Nationwide Building Society has launched a new two-year variable tracker rate mortgage, priced at 3.59%. This deal is for first and second-time buyers only, who wish to borrow between £25,000 and £500,000 at 95% 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 for all borrowers and £500 cashback for first-time buyers is available. Borrowers opening a flexdirect current account will receive a further £250 cash rebate. This deal has the flexibility of being able to make unlimited overpayments.

Nationwide Building Society’s new two-year variable tracker rate mortgage is highly competitive, heading straight into the top of its sector of the market. Offering not only a great rate but also a decent incentive package, this is likely to be an attractive option for borrowers looking for a high street brand.

Nationwide Building Society’s lending area includes Scotland.

Virgin Money

Virgin Money has reduced its five-year Help to Buy rate, which is now priced at 4.39% to 1.11.18. This deal is only for first-time buyers looking to borrow between £118,000 and £1 million at 95% loan-to-value. No fee is payable and an incentive package of a £1,500 cash rebate is available. This deal has the flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance, and to take payment holidays.

Borrowers looking for a Help to Buy Mortgage will be delighted by this latest update from Virgin Money. Now priced at 4.39%, this deal strengthens its position in the Moneyfacts.co.uk Best Buys. With the added bonus of a £1,500 cash rebate, this is likely to be a popular option.

Virgin Money’s lending area includes Scotland.

Credit Cards

MBNA

MBNA has launched a new Platinum 41 Month Balance Transfer Credit Card Visa. This deal offers a 41-month interest-free term for balance transfers, with an introductory balance transfer fee of 3.49%. Purchases are charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply by phone or online.

MBNA’s 41-month interest-free balance transfer credit card is highly competitive and indeed a joint market-leader in the Moneyfacts.co.uk Best Buys. With a significant interest-free term, this is a great choice for any borrower looking to clear their debts without incurring monthly interest. However, borrowers must ensure the balance is cleared before the deal expires to ensure no interest is charged.


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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