Pick of the Week - 26/01/2017

Thursday, 26 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

Virgin Money

Virgin Money has increased its one-year fixed rate ISA, which now pays 1.05% yearly or monthly. Savers can invest from as little as £1. Additions are permitted within 30 days of the account opening, and early access is also allowed, subject to 60 days’ loss of interest. Transfers in from other 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. An online version is also available.

Virgin Money’s increase to its one-year fixed rate ISA will please investors who have been waiting for some positive news from the ISA market. Paying 1.05%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys, making it an attractive choice for savers looking for a home for their ISA savings.

Skipton Building Society

Skipton Building Society has increased the rate on its five-year fixed rate bond, which now pays 2.00% upon its anniversary or 1.98% monthly. Savers must invest from £500 up to a maximum of £1 million. Additions are permitted whilst the issue remains open, however, early access to funds is not allowed. This deal is for savers aged 16 and over and can be operated in branch, by post and online.

Savers looking for a long-term home for their savings will be intrigued by this increase to Skipton Building Society’s five-year fixed rate bond. Paying 2.00%, this deal sits comfortably in the Moneyfacts.co.uk Best Buys. However, with no early access to funds, savers must ensure they have enough set aside for life’s little emergencies.

Mortgages

Yorkshire Building Society

Yorkshire Building Society has reduced its three-year fixed rate mortgage, which is now priced at 1.85% to 30.4.20. This deal is for all borrowers who wish to borrow between £50,000 and £1 million at 85% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. This deal comes with the flexibility to make overpayments of up to 10% of the outstanding balance, make underpayments and take payment holidays.

The 1.85% three-year fixed rate mortgage from Yorkshire Building Society is highly competitive, entering the market as the lowest deal for its terms, earning a place in the Moneyfacts.co.uk Best Buys as a result. This deal is likely to be a great choice for borrowers looking to minimise their monthly repayments.

Yorkshire Building Society’s lending area includes Scotland.

West Brom Building Society

West Brom Building Society has reviewed its five-year fixed rate mortgage, priced at 2.99% to 30.4.22. This deal is for first and second-time buyers who wish to borrow from £40,000 at 90% loan-to-value. A fee of £199 is payable, all of which can be added to the mortgage advance. An incentive package of free valuation up to a maximum of £455 and £1,000 cashback is available. This deal has the flexibility to make overpayments of up to £999 every month.

Borrowers with a modest deposit of 10% will be delighted by West Brom Building Society’s five-year fixed rate. Priced at 2.99%, this deal remains in the Moneyfacts.co.uk Best Buys. Alongside a fantastic rate, borrowers will also be able to enjoy a great incentive package which includes £1,000 cashback, making this a popular choice for those looking to minimise upfront costs.

West Brom Building Society’s lending area does not include Scotland.

Credit Cards

Bank of Scotland

Bank of Scotland has increased the introductory balance transfer term on its leading balance transfer credit card. This deal now offers 41 months interest-free for balance transfers; an introductory balance transfer fee of 1.90% after a partial refund applies. Purchases are charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over. Customers can apply by telephone and online.

Borrowers looking for a long balance transfer period will be intrigued by this latest update from Bank of Scotland. Now offering 41 months interest-free for balance transfers, this deal has improved its position in the Moneyfacts.co.uk Best Buys and will be a good choice for borrowers looking to consolidate their debts. As always, 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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