Pick of the Week - 29.09.16

Thursday, 29 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

Secure Trust Bank

Secure Trust Bank has launched a brand new 120 day notice account which pays 1.24% gross (1.25% AER) quarterly. Savers must invest from £1,000 up to a maximum of £1 million. Further additions are permitted but the account restricts access to three capital withdrawals and four interest withdrawals per year. This deal is for savers aged 18 and over and can be operated by post and over the phone.

Secure Trust Bank’s brand new 120 day notice account propels itself into the Moneyfacts.co.uk Best Buys thanks to its attractive rate of 1.24%. Savers looking for a reasonable return but who still want to be able to access funds in an emergency will find this account highly appealing.

Julian Hodge Bank

Julian Hodge Bank has reviewed its two-year fixed rate bond, which now pays 1.40% yearly or 1.39% monthly from a minimum investment of £1,000. Additions and early access to funds is not permitted. This deal is available from 1 October for savers aged 16 and over, and can be operated in branch, by post and over the phone.

Despite paying a lower rate than its predecessor, the two-year fixed bond from Julian Hodge Bank manages to stay in the Moneyfacts.co.uk Best Buys thanks to its still competitive rate of 1.40%. As a straightforward fixed rate bond, this account will attract those savers looking to lock their cash away over the shorter-term for a competitive return.

Mortgages

Tesco Bank

Tesco Bank has launched a new five-year fixed rate mortgage, which is priced at 1.89% to 31.10.21. This deal is for all applicants who wish to borrow from £40,000 at 60% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. Remortgage customers will receive an incentive package of free valuation and legal fees. This deal comes with the flexibility to make overpayments of up to 20% of the mortgage advance, and take payment holidays, provided certain criteria are met. Borrowers will also earn one Tesco Clubcard point for every £4 mortgage repayment.

Tesco Bank’s five-year fixed deal offers not only an attractive rate of 1.89%, but also charges a reasonable fee of £995 that can be added to the mortgage advance. Remortgage customers will be delighted by the incentive package, and all borrowers may appreciate the points scheme to earn a little extra each month. The option to overpay by as much as 20% and take payment holidays will appeal to borrowers looking for a bit of flexibility.

Tesco Bank’s lending area includes Scotland.

Post Office Money

Post Office Money has launched a new three-year fixed rate mortgage, priced at 2.84% to 30.11.19. This deal is for all applicants who wish to borrow from £50,000 at 90% loan-to-value. No product fee is payable. An incentive package of free valuation and £500 cash rebate is available for all borrowers. This deal comes with the flexibility of making overpayments of up to 10% of the outstanding balance.

Borrowers with a small deposit will be ecstatic by this latest deal on offer from Post Office Money. Priced at 2.84%, it easily grabs a spot in the Moneyfacts.co.uk Best Buys thanks to its excellent incentive package, which includes £500 cashback and a free valuation. All of this combined makes it a fantastic choice for borrowers looking to limit upfront costs.

Post Office Money’s lending area includes Scotland.

Credit Cards

Lloyds Bank

Lloyds Bank has improved the introductory balance transfer offer on its Online Platinum 40 Month Balance Transfer MasterCard. This deal retains its 40-month interest-free term for balance transfers, while now offering a reduced balance transfer fee of 2.39%. Purchases are charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and apply online. The same offer is available through the Bank of Scotland brand.

Customers looking to move their credit card debts to an interest-free offer will find this latest proposition from Lloyds Bank highly attractive. By reducing its balance transfer fee, the card has managed to edge closer to the top of the Moneyfacts.co.uk Best Buys for balance transfer credit cards. As with any debt, borrowers must make sure they repay the balance before the deal ends to avoid being charged 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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