Pick of the Week - 22/12/2016

Thursday, 22 December 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

Masthaven Bank

Masthaven Bank has increased the rate on its three-year fixed rate bond, which now pays 1.67% upon its anniversary or 1.66% monthly. Savers must invest from £500 up to a maximum of £250,000. Additions are permitted within seven days from account opening, however early access is not permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking for a medium-term home for their savings will be intrigued by this latest update from Masthaven Bank. Paying 1.67% this deal is highly competitive, sitting at the top of the Moneyfacts.co.uk best Buys. However, no early access to funds is permitted, so savers need to be comfortable with their initial deposit.

Leeds Building Society

Leeds Building Society has launched a new 15-month fixed rate bond, which pays 1.30% on maturity. Savers can invest from £100 up to a maximum of £1 million. Additions are permitted until 28.2.17 and withdrawals of up to 50% of the capital are also allowed. This deal is for savers aged 18 and over and can be operated in branch and by post.

The new 1.30% 15-month bond is highly competitive sitting comfortably in the market. The unusual feature of allowing withdrawals of up to 50% of the capital will be an added bonus to savers who are looking for the higher returns of a fixed rate but the flexibility of access to funds.

Mortgages

Post Office Money

Post Office Money has revamped its two-year fixed rate, which is now priced at 1.68% to 31.1.19. This deal is for all applicants who wish to borrow from £25,001 at 85% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available. This deal comes with the flexibility to make overpayments of up to 10% of the outstanding balance.

Borrowers with a modest deposit of 15% will be delighted by this latest update from Post Office Money. Priced at 1.68% this deal is highly competitive, and with the added bonus of a low fee and a decent incentive package it heads straight for the Moneyfacts.co.uk Best Buys and is likely to be a cost-effective choice for many.

Post Office Money’s lending area includes Scotland.

Skipton Building Society

Skipton Building Society has launched a new five-year fixed rate, paying 2.40% to 30.4.22. This deal is for first and second-time buyers who wish to borrow at 85% 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 comes with the flexibility to make overpayments of up to 10% of the outstanding balance and take payment holidays.

This 2.40% five-year fixed rate sits comfortably within its sector. Borrowers will be able to enjoy a free valuation which will help when trying to keep costs down.

Skipton Building Society’s lending area includes Scotland.

Loans

Hitachi Personal Finance

Hitachi Personal Finance has reduced the rate on its unsecured personal loan tier of £7,500 to £25,000. Customers can now apply for this competitive loan over a term of two to five years at a rate of 3.2% APR. Customers must be 21 or over. Applications can be made by telephone or online.

Hitachi Personal Finance re-enters the Moneyfacts.co.uk Best Buys with the reduction to its £7,500 to £25,000 loan tier. With an APR of 3.2%, this is an ideal choice for anyone looking to make a New Year’s resolution to sort out their finances in 2017.

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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