Pick of the Week - 13.10.16

Thursday, 13 October 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

OakNorth Bank

OakNorth Bank has increased the rate on its 12-month fixed rate bond, which now pays 1.36% on maturity. Savers must invest from £1,000 up to a maximum £100,000. Additions and early access to funds are not permitted. This account is for savers aged 18 and over and can be operated over the phone and by post.

Bucking the rate-cutting trend, OakNorth Bank has increased the rates on all of its fixed rate bonds. The 1.36% 12-month fixed rate bond is highly competitive, sitting in the top three in its sector and heading straight into the Moneyfacts.co.uk Best Buys as a result. This great rate means that the deal is likely to be an attractive option for many.

Shawbrook Bank

Shawbrook Bank has reviewed its five-year fixed rate ISA, which now pays 1.45% upon its anniversary or 1.44% monthly. Savers must invest from £5,000 up to a maximum of £250,000. Additions are permitted, and early access to funds is also allowed subject to 360 days’ loss of interest. This deal is for savers aged 18 and over and must be operated online.

Savers looking for a home for their tax-free savings will be interested in this latest offering from Shawbrook Bank. Paying 1.45%, this deal stays firmly in the Moneyfacts.co.uk Best Buys. Given its attractive rate, this is likely to be a popular choice for any saver looking for a long-term home for their savings.

Mortgages

Skipton Building Society

Skipton Building Society has reduced its two-year fixed rate mortgage, which is now priced at 1.49% to 31.1.19. This deal is for first and second-time buyers only who wish to borrow at 80% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available. This deal has the flexibility of being able to make overpayments and take payment holidays.

The 1.49% two-year fixed rate mortgage from Skipton Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. With the added bonus of a free valuation, this is likely to be an appealing option for those looking to keep initial costs down.

Skipton Building Society’s lending area includes Scotland.

Furness Building Society

Furness Building Society has launched a new five-year fixed rate mortgage, priced at 3.98%. This deal is for all applicants who wish to borrow between £20,000 and £300,000 at 95% loan-to-value. No fee is payable and an incentive package for those remortgaging of free valuation and free legal fees is available. This deal has the flexibility of making overpayments of up to 10% of the mortgage advance.

Borrowers with a small deposit of 5% will be delighted by this latest launch from Furness Building Society. Priced at 3.98%, this deal heads straight into the Moneyfacts.co.uk Best Buys. With no fee, this is likely to be a cost-effective choice for many.

Furness Building Society’s lending area includes Scotland.

Loans

Ikano Bank

Ikano Bank has reduced the rate on its unsecured personal loan tier of £7,500 to £15,000. Customers can apply for this competitive loan with a term of one to five years at 3.1% APR. Customers must be 18 or over and have a minimum annual income of £10,000. Applications can be made online.

Ikano Bank receives an outstanding Moneyfacts personal loan rating following a reduction to its £7,500 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking to consolidate their debts.


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.

Contact us

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.


Press Office Rachel Springall - Finance Expert
T: 01603 476210
M: 07803 145643
E: rspringall@moneyfacts.co.uk
Charlotte Nelson - Finance Expert
T: 01603 476204
M: 07872 543262
E: cnelson@moneyfacts.co.uk

Follow us at: http://twitter.com/MoneyfactsPress
An ISDN line is available for broadcast: 01603 230551

Moneyfacts.co.uk on Facebook