Pick of the Week - 24/11/2016

Thursday, 24 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

Atom Bank

Atom Bank has increased the rates on its two-year fixed rate bond, which now pays 1.60% upon its anniversary or 1.59% monthly. Savers must invest from £50 up to a maximum of £100,000. Additions are allowed for one week after opening the account, while early access to funds is not permitted. This deal is for savers aged 18 and over and must be operated by mobile app.

The increase to Atom Bank’s two-year fixed rate bond makes this deal highly competitive, improving its position in the Moneyfacts.co.uk Best Buys. This improved rate will no doubt make savers take notice, however, with no earlier access to funds savers will need to ensure they have enough funds set aside for life’s little emergencies.


Leeds Building Society

Leeds Building Society has increased the rate on its one-year fixed rate ISA, which now pays 1.01% on maturity. Savers must invest from £100. Additions are permitted until 31.1.17 and early access is allowed subject to a 60-day loss of interest penalty. Transfers in from both cash and stocks & shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch and by post.

The one-year fixed rate ISA from Leeds Building Society is highly competitive, sitting comfortably towards the top of the market and entering the Moneyfacts.co.uk Best Buys as a result. With the added flexibility of early access, albeit subject to a penalty, this is likely to be a great option for those looking for a short-term home for their ISA savings.

Mortgages

NatWest

NatWest has launched a new five-year fixed rate mortgage, priced at 4.59% to 31.1.22. This deal is for first and second-time buyers who wish to borrow between £25,000 and £570,000 at 95% loan-to-value. No fee is payable. This deal comes with the flexibility to make overpayments of up to 10% of the outstanding balance.

With the Help to Buy scheme soon coming to an end, NatWest has replaced its Help to Buy products with a standard mortgage option. The 4.59% five-year fixed rate deal is reasonably priced in the market. With the addition of no fee payable, this is likely to be an attractive option for borrowers looking for a high street lender.

NatWest’s lending area does not include Scotland.


TSB

TSB has reduced its two-year variable tracker mortgage, which is now priced at 1.14% to 31.12.18. This deal is for remortgagors only who wish to borrow between £5,000 and £1 million at 60% loan-to-value. A fee of £995 is payable upfront. An incentive package of free valuation and free legal fees is available. Borrowers who open or hold a TSB current account will also receive an extra £150 cashback. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance and take payment holidays.

TSB’s 1.14% two-year variable tracker rate mortgage is highly competitive, having the lowest rate available in its sector. Alongside the great rate it comes with a reasonable fee and a fantastic incentive package, which makes this an overall outstanding product.

TSB’s lending area includes Scotland.

Credit Cards

Sainsbury’s Bank

Sainsbury’s Bank has extended the term on its Nectar Dual Credit Card MasterCard, which now offers 27 months interest-free for both balance transfers and introductory purchases. A 3.00% introductory balance transfer fee is payable. Purchases after the initial deal expires will be charged at 18.9% APR. Customers must be 18 or over, and applications must be made online or by phone.

Customers looking for an all-round credit card will have their interest peaked by this latest update from Sainsbury’s Bank. This deal improves its position in the Moneyfacts.co.uk Best Buys and is likely to be a popular choice for many.

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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