Pick of the Week - 22.09.16

Thursday, 22 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

Vanquis Bank

Vanquis Bank has increased its five-year fixed rate bond, which now pays 2.01% upon its anniversary or 1.99% monthly. Savers must invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online.

Vanquis Bank has bucked the rate cutting trend by increasing the rate on its five-year fixed rate bond. Paying 2.01%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys, making it a popular choice for savers looking to invest over the longer term. As usual with fixed rate bonds, early access to funds is not permitted, so savers will need to be happy with their initial deposit.

Bank of Cyprus UK

Bank of Cyprus UK has reviewed its one-year fixed rate cash ISA, which now pays 1.10% upon its anniversary, from a minimum investment of £500. Additions are permitted and early access to funds is allowed, subject to closure of the account and 180 days’ loss of interest. Transfers in from cash and stocks and shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

The 1.10% one-year fixed rate ISA from Bank of Cyprus UK sits just shy of the market leader, making its mark on the Moneyfacts.co.uk Best Buys as a result. With early access to funds permitted, this is likely to be a great choice for anyone looking for a short-term home for their tax-free savings.

Mortgages

Chelsea Building Society

Chelsea Building Society has launched a new two-year fixed rate mortgage, which is now priced at 1.29% to 31.10.18. This deal is for all applicants who wish to borrow between £25,001 and £5 million at 75% loan-to-value. A fee of £975 is payable, of which £845 can be added to the advance of the mortgage. This deal comes with the flexibility to make overpayments up to 10% of the mortgage advance, make underpayments, and take payment holidays.

The new 1.29% two-year fixed rate from Chelsea Building Society is highly competitive, sitting within the top five lowest deals in its sector. Coupled with a reasonable fee, this deal earns a place in the Moneyfacts.co.uk Best Buys.

Chelsea Building Society’s lending area includes Scotland.

Leeds Building Society

Leeds Building Society has launched a new two-year fixed rate mortgage, priced at 1.99% to 30.11.18. This deal is for all applicants who wish to borrow up to £500,000 at 65% loan-to-value. A fee of £199 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and £1,000 cash rebate is available for all borrowers, while remortgage customers will also receive help towards costs. This deal comes with the flexibility of making overpayments up to 10% of the outstanding balance.

Leeds Building Society’s 1.99% two-year fixed rate mortgage makes an attractive option for borrowers looking to minimise their upfront costs. Not only does this deal have a reasonable rate, it’s accompanied by a low fee and a fabulous incentive package including a £1,000 cash rebate, which will no doubt make this deal a popular choice.

Leeds Building Society’s lending area includes Scotland.

Credit Cards

Tesco Bank

Tesco Bank has increased the introductory purchase term on its Clubcard Credit Card for Purchases MasterCard. This deal offers a 28-month interest-free term for introductory purchases, with any purchases thereafter charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over, have a minimum income of £5,000 and apply online.

Anyone with a large purchase in mind and looking for a bit of breathing space will be delighted by this latest update from Tesco Bank. With a market-leading 28-month interest-free term for purchases, this deal heads straight to the top of the Moneyfacts.co.uk Best Buys. As always, borrowers must ensure the debt is cleared before the deal ends to avoid chargeable interest.


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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