Pick of the Week - 20.10.16

Thursday, 20 October 2016

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.


United Bank UK

United Bank UK has increased the rate on its two-year fixed rate bond, which now pays 1.46% on maturity, 1.45% upon its anniversary or 1.44% monthly. Savers must invest from £2,000 up to a maximum of £1 million. Additions are not permitted, however, early access to funds is allowed, subject to closure of the account and 180 days’ loss of interest. This deal is for savers aged 18 and over and can be operated in branch and by post.

The increase to United Bank UK’s two-year fixed rate bond is likely to attract savers’ attention. Paying 1.46%, this deal is highly competitive, entering the Moneyfacts.co.uk Best Buys as a result. The added bonus of early access to funds will make this a popular choice for savers looking to benefit from a fixed rate with extra flexibility.

Ikano Bank

Ikano Bank has increased the rate on its one-year fixed rate bond, which now pays 1.35% upon its anniversary or 1.34% monthly. Savers must invest from £1,000 up to a maximum of £1 million. Additions are permitted within 14 days of the 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 pot will be intrigued by this latest update from Ikano Bank. Paying 1.35%, this deal sits comfortably in the Moneyfacts.co.uk Best Buys. The decent rate will no doubt make this an option worth considering.


Tipton & Coseley Building Society

Tipton & Coseley Building Society has launched a new three-year discounted variable option, priced at 2.84% (1.90% discount) to 31.12.19. This deal is for first and second-time buyers who wish to borrow from £50,000 at 95% loan-to-value. No fee is payable. This deal has the flexibility of being able to make overpayments up to 10% of the mortgage advance.

The 2.84% three-year discounted rate from Tipton & Coseley Building Society is highly competitive. Benefiting from not only the lowest rate in its sector, but also from having no fee attached, this deal makes its mark on the Moneyfacts.co.uk Best Buys and is likely to be a popular choice for borrowers with a small deposit.

Tipton & Coseley Building Society’s lending area does not include Scotland.

Tesco Bank

Tesco Bank has reduced its three-year fixed rate mortgage, which is now priced at 2.34% to 31.12.19. This deal is for all applicants who wish to borrow from £40,000 at 80% loan-to-value. No fee is payable, and an incentive package for remortgage customers of free valuation and free legal fees is available. 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 three-year fixed deal offers not only an attractive rate of 2.34%, but also charges no fee. 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.

Credit Cards


Barclaycard has increased the term on its Platinum 24 Month Balance Transfer Credit Card Visa. This deal offers a 24-month interest-free term for balance transfers, with no introductory balance transfer fee payable. Purchases are charged at 18.9% APR. Customers must be 18 and over and apply by phone, by post or online.

Borrowers looking to clear debts without interest or fees adding to the cost will be intrigued by this latest update from Barclaycard. With a 24-month interest-free term for balance transfers, this deal is highly competitive in its sector of the market. However, to avoid chargeable interest after the introductory offer expires, borrowers should not lose sight of the end of the deal and ensure that the balance is cleared in time.

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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