Pick of the Week - 05/01/2017

Thursday, 5 January 2017
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.

Current Accounts

The Co-operative Bank

The Co-operative Bank has launched a switching incentive for its Current Account. Customers will now receive £110 cashback for accounts that are switched using the Current Account Switching Service. Customers who choose to do so will be able to fall back on an authorised overdraft rate of 18.9% EAR and benefit from Everyday Rewards of £4 per month, paid when the minimum funding requirement of £800 is met and four different direct debits are held..

The Co-operative Bank’s £110 cashback switching incentive is a great perk for anyone fed up with their current deal and considering moving bank accounts. However, customers must look at all aspects of the account to ensure this is the most suitable deal for them.

Loans

cahoot

cahoot has reduced the rate on its unsecured personal loan tier of £7,500 to £20,000. Customers can now apply for this loan over a term of one to five years at a rate of 3.0% APR. Customers must be 21 or over and have a minimum income of £6,000 per year. Applications must be made online.

cahoot strengthens its position within the Moneyfacts.co.uk Best Buys with a reduction to its £7,500 to £20,000 tier loan rate. Now offering an APR of 3.0%, borrowers who have made the New Year’s resolution to sort out their finances and consolidate their debts will be delighted by this offer.

Credit Cards

Santander

Santander has increased the introductory purchase and balance transfer term on its Everyday Credit Card to 27 months. This deal offers a 27-month interest-free term for balance transfers, with an introductory balance transfer fee of 2.75%. This card also comes with a 27-month interest-free term for purchases, which will be charged at 18.9% APR after the deal expires. To be eligible for this deal, customers must be 18 or over and have a minimum income of £7,500. Customers can apply in branch, online and over the phone..

Borrowers with a large purchase in mind and who are looking for some breathing space will be intrigued by this latest offer from Santander. Now offering 27 months interest-free on balance transfers and purchases, borrowers can spread their costs for even longer. However, borrowers must ensure the balance is paid in full before the end of the term to ensure no interest is charged.

Nuba

Nuba has increased the introductory balance transfer term on its Transfer Credit Card MasterCard. This deal now offers 42 months interest-free for balance transfers, with an introductory balance transfer fee of 3.29%. Purchases are charged at 18.9% APR. To be eligible, borrowers must be 18 or over. Customers can apply by phone or online.

Nuba’s 42-month interest-free balance transfer credit card is highly competitive and sits towards the top of the Moneyfacts.co.uk Best Buys. With a significant interest-free term, this is a great choice for any borrower looking to clear their debts without incurring monthly interest. However, borrowers must ensure the balance is cleared before the deal expires to ensure no interest is charged.

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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