Pick of the Week - 27.10.16

Thursday, 27 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

Tesco Bank

Tesco Bank has increased the rate on its one-year fixed rate ISA, which now pays 1.11% on its anniversary. Savers must invest from £1,000. Additions are permitted within 20 days of the account opening, and early access to funds will incur a penalty of 90 days’ loss of interest. Transfers in from other ISAs are allowed. This deal is for savers aged 18 and over and can be managed by phone and online.

Tesco Bank has improved its position in the Moneyfacts Best Buys by increasing the rate on its one-year fixed ISA, resulting in one of the best rates on the market for its sector. Unsurprisingly, this deal will be highly attractive to those looking for a haven for their cash over the short-term and who have yet to use their ISA allowance.


Aldermore

Aldermore has amended the rate on its one-year fixed rate bond, which now pays 0.95% yearly or monthly. Savers must invest from £1,000. Additions are permitted within 20 business days of the account opening, and early access to funds will incur a penalty of 120 days’ loss of interest. This deal is for savers aged 18 and over and must be operated by post, over the phone or online.

This new deal from Aldermore might catch the attention of those looking for a fixed rate over the shorter term. Paying 0.95%, this deal sits comfortably in the Moneyfacts.co.uk Best Buys. The decent rate will no doubt make this an option worth considering.


Mortgages

Newcastle Building Society

Newcastle Building Society has launched a new fixed rate mortgage, priced at 2.20% to 28.2.22. This deal is for first and second-time buyers who wish to borrow from £10,000 at 60% loan-to-value. No fee is payable, and an incentive package of free valuation and free legal fees is available (max £500K of purchase price). This deal comes with the flexibility to make overpayments of up to £499 each month.

Newcastle Building Society’s new fixed rate mortgage is likely to appeal to purchase customers looking for a decent rate and incentive package, benefitting from a free valuation and free legal fees. The flexibility to overpay will also be useful for those looking to reduce the term of their mortgage.

Newcastle Building Society’s lending area includes Scotland.


Principality Building Society

Principality Building Society has reduced selected fixed rates, and now offers a deal priced at 2.60% to 30.11.21. This deal is for all applicants who wish to borrow from £5,000 to £350,000 at 85% loan-to-value. No fee is payable, and an incentive package of free legal fees for remortgage customers and free valuation for all borrowers is available. This deal has the flexibility of being able to make overpayments of up to 10% of the mortgage advance.

The newly priced fixed rate from Principality Building Society is likely to appeal to borrowers looking for a decent rate and a beneficial incentive package. All borrowers will get a free valuation, and as an added bonus remortgage customers will get free legal fees. With no upfront fee, this will delight borrowers looking to keep initial costs down.

Principality Building Society’s lending area does not include Scotland.


Credit Cards

Lloyds Bank

Lloyds Bank has improved its Platinum 40 Month Balance Transfer Credit Card MasterCard. This deal offers a 40-month interest-free term for balance transfers, now with a lower balance transfer fee of 1.98%, down from 2.39%. Purchases are charged at 18.9% APR. Customers must be 18 and over and apply online.

Borrowers looking to move their debts onto an interest-free credit card will be delighted by this latest deal from Lloyds Bank. The reduced balance transfer fee, now at 1.98%, will be highly appealing to those looking to minimise the upfront cost, and with 40 months interest-free it will appeal to borrowers looking for a bit of breathing space as they pay off their balance.


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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