Pick of the Week - 10.11.2016

Thursday, 10 November 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

Wesleyan Bank

Wesleyan Bank has launched new fixed rate bonds, including a new three-year fixed rate which pays 1.52% upon its anniversary. 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.

Wesleyan Bank has re-entered the fixed rate bond market with a bang. The 1.52% three-year fixed rate bond is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys as a result. With a great rate, there is no doubt this is likely to be an attractive option for those looking for the security of a fixed rate bond

Axis Bank

Axis Bank has increased the rate on its two-year fixed rate bond, which now pays 1.45% upon its anniversary, 1.44% quarterly, or 1.43% monthly. Savers must invest from £1,000 up to a maximum of £200,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and can be operated in branch and by post.

Savers looking for a fixed rate home for their savings will be delighted by this latest increase by Axis Bank. The 1.45% two-year fixed rate bond sits within the top-ten in its sector. However, with early access to funds not permitted, savers need to ensure they have enough funds left over for life’s little emergencies.

Mortgages

Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has reduced its two-year fixed rate mortgage, which is now priced at 1.39%. This deal is for all applicants who wish to borrow £25,001 up to a maximum of £5 million at 65% loan-to-value. A fee of £195 is payable, all of which can be added to the advance of the mortgage. This deal has the flexibility of being able to make overpayments of up to 10%, make underpayments, and take payment holidays.

Priced at 1.39%, this deal from Norwich & Peterborough Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys. Alongside this great rate it comes with a low fee, meaning that borrowers with the required deposit will be able to keep costs to a minimum.

Norwich & Peterborough Building Society’s lending area does not include Scotland.


Nationwide Building Society

Nationwide Building Society has added a new five-year variable tracker rate to its range, priced at 1.89%. This deal is for all applicants who wish to borrow between £25,000 and £1 million at 60% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available for all customers, with first-time buyers receiving £500 cashback and remortgage customers having the option of receiving free legal fees or £250 cashback. For borrowers who hold or wish to open a FlexAccount, an incentive of £250 cashback is further available. This deal has the flexibility of being able to make unlimited overpayments and underpayments, and has no redemption penalty.

Borrowers looking for a tracker rate will be intrigued by the latest launch from Nationwide Building Society. The 1.89% five-year tracker enters the market as the lowest deal in its sector, while the addition of a generous incentive package means that this deal could be a cost-effective option for many. Borrowers looking for flexibility will also be pleased that this product has no penalty for early redemption, unlike many other mortgages, which means that borrowers may be able to exit the mortgage quicker than planned.

Nationwide Building Society’s lending area includes Scotland.


Credit Cards

Virgin Money

Virgin Money has launched a new purchase credit card, which offers a 30-month interest-free introductory term for purchases. Purchases after the initial deal expires will be charged at 19.9% APR. An 18-month interest-free term for balance transfers is also available, with an introductory balance transfer fee of 2.99% payable. Customers must be 18 or over, and applications can be made online or by phone.

This latest update from Virgin Money sees the 30-Month Purchase Credit Card MasterCard offer the longest ever 0% deal for introductory purchases, heading straight to the top of the Moneyfacts.co.uk Best Buys. This is a great choice for those with a large purchase who are looking for an extra bit of breathing space.


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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