Pick of the Week - 12/01/2017

Thursday, 12 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.

Savings

Atom Bank

Atom Bank has launched a new five-year fixed rate bond, paying 2.05% upon its anniversary of 2.03% monthly. Savers must invest from £50 up to a maximum of £100,000. Additions are allowed for one week from opening the account, however early access to funds is not permitted. This deal is for savers aged 18 or over and must be operated by mobile app.

Atom Bank’s latest addition should pique the interest of anyone looking for a long-term home for their savings. Paying 2.03%, this deal heads straight towards the top of the Moneyfacts.co.uk Best Buys, making it a highly attractive option. However, with no early access to savings permitted, savers must ensure they are happy with their initial deposit.

Nottingham Building Society

Nottingham Building Society has launched a new easy access account, which pays 1.02% yearly. Savers must invest from £1,000 up to a maximum of £250,000. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 16 or over and must be operated online.

Savers looking to kick-start a savings habit in the New Year will be delighted by this latest launch from Nottingham Building Society. Paying 1.02%, this deal heads straight for the Moneyfacts.co.uk Best Buys, and is therefore likely to be a popular option.

Mortgages

Nationwide Building Society

Nationwide Building Society has reduced its two-year fixed rate mortgage, which is now priced at 1.34%. This deal is for all applicants who wish to borrow £25,000 to £1 million at 75% 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 for all borrowers, £500 cashback for first-time buyers and a £250 cash rebate for remortgage customers is included. An extra £250 cashback is available should the borrower open a Flex Account. This deal comes with the flexibility to make overpayments of up to 10% of the mortgage advance and to make underpayments.

The 1.34% two-year fixed rate from Nationwide Building Society is highly competitive and therefore heads straight into the Moneyfacts.co.uk Best Buys. Alongside this great rate, borrowers will also be able to enjoy a fantastic incentive package, which is likely to make it a great option for anyone looking to get a little bit extra from their mortgage.

Nationwide Building Society’s lending area includes Scotland.

Tesco Bank

Tesco Bank has reduced its two-year fixed rate mortgage, which is now priced at 1.52% to 30.4.19. This deal is for remortgage customers only who wish to borrow from £40,000 at 80% 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 and free legal fees is available. This deal comes with the flexibility to make overpayments of up to 20% of the mortgage advance and take payment holidays, provided certain criteria are met. Borrowers will also earn one Tesco Clubcard point for every £4 mortgage repayment.

Tesco Bank’s two-year fixed deal offers not only an attractive rate of 1.52%, which sees it enter the Moneyfacts.co.uk Best Buys. Remortgage customers will be delighted by the incentive package, and borrowers may appreciate the points scheme to earn a little extra each month. The option to overpay by as much as 20% and take payment holidays will appeal to remortgagors looking for a bit of flexibility.

Tesco Bank’s lending area includes Scotland.

Credit Cards

Virgin Money

Virgin Money had increased the introductory purchase term on its Purchase Credit Card to 28 months. This deal offers a 28-month interest-free term for introductory purchases, after which they will be charged at 19.9%. This card also comes with 18 months interest-free for balance transfers, for which an introductory balance transfer fee of 1.99% (min £3.00) is payable. To be eligible for this deal, customers must be 18 or over. Customers can apply by telephone or online.

Anyone looking to make a large purchase and spread the cost will be intrigued by this latest change from Virgin Money. Now offering 28 months interest-free for purchases, this deal improves its position in the Moneyfacts.co.uk Best Buys. However, borrowers must aim to pay off the balance in full before the deal ends 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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