Pick of the Week - 19/01/2017

Thursday, 19 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

OakNorth Bank

OakNorth Bank has launched a new three-year fixed rate bond which pays 1.62% on maturity. Savers must invest from £1,000 up to a maximum of £100,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated by post, by telephone and online.

This latest launch from OakNorth Bank is a great choice for anyone looking to save over the medium term. Paying 1.62%, this deal heads straight into the Moneyfacts.co.uk Best Buys. While the rate is attractive, with no early access to funds savers must ensure they are happy with their initial deposit.

Principality Building Society

Principality Building Society has increased the rate on its two-year fixed rate ISA, which now pays 1.00% upon its anniversary, although a version paying interest on a monthly basis is also available. Savers must invest from £500. Additions are permitted whilst the issue remains open, while early access is permitted on closure of the account and a 180 days’ loss of interest penalty. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

Savers looking for a short-term home for their tax-free savings will be intrigued by this latest increase from Principality Building Society. Paying 1.00%, this deal heads straight for the Moneyfacts.co.uk Best Buys. With the added bonus of early access to funds, albeit subject to closure and an interest penalty, this is likely to be a popular choice among savers.

Mortgages

Newcastle Building Society

Newcastle Building Society has launched a new three-year fixed rate mortgage, priced at 1.59% to 31.5.20. This deal is for all applicants who wish to borrow from £10,000 at 80% loan-to-value. A fee of £999 is payable, of which £800 can be added to the advance of the mortgage. This deal has the flexibility of being able to make overpayments of up to £499 every month.

The 1.59% three-year fixed rate mortgage from Newcastle Building Society is highly competitive and currently stands as the lowest product in its sector. Entering the Moneyfacts.co.uk Best Buys at number one, this deal is a great choice for borrowers looking to minimise their monthly repayments.

Newcastle Building Society’s lending area includes Scotland.

Yorkshire Building Society

Yorkshire Building Society has launched a new two-year discounted variable rate mortgage, priced at 1.54% (3.20% discount) to 30.4.19. This deal is for all applicants who wish to borrow between £50,000 and £500,000 at 90% loan-to-value. A fee of £1,495 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% of the outstanding balance, make underpayments and take payment holidays.

Yorkshire Building Society’s 1.54% two-year discounted variable rate is highly competitive and enters the market as the lowest deal for its term. This low rate is likely to make it an attractive option for borrowers with a modest deposit.

Yorkshire Building Society’s lending area includes Scotland.

Credit Cards

AA

AA has increased the introductory purchase term on its Dual credit card MasterCard to 28 months. This deal offers a 28-month interest-free term for introductory purchases, after which they will be charged at 18.9%. This card also comes with 18 months interest-free for balance transfers, for which an introductory balance transfer fee of 2.89% applies. To be eligible for this deal, customers must be 18 or over and have a minimum income of £8,000. Customers can apply by telephone or online.

Customers looking for a little breathing space when buying a larger purchase will be delighted by this latest update from AA. With the Dual credit card now offering 28 months interest-free, this deal has boosted 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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