Pick of the Week - 02/02/2017

Thursday, 2 February 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

Leeds Building Society

Leeds Building Society has launched a new easy access account which pays 1.05% on maturity. 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 18 and over and must be operated online.

Leeds Building Society’s new easy access account is highly competitive, which sees it head straight to the Moneyfacts.co.uk Best Buys. Paying 1.05%, this deal is a great choice for those looking to kick-start a savings habit.

Aldermore

Aldermore has increased the rate on its two-year fixed rate bond, which now pays 1.55% upon its anniversary or 1.54% monthly. Savers must invest from £1,000 up to a maximum of £1 million. Additions are permitted within 20 days from application, however, no early access is allowed. This deal is for savers aged 18 and over and can be operated by post, by telephone and online.

Investors looking for a short-term home for their savings will be pleased by this latest increase to Aldermore’s two-year fixed rate bond. Now paying 1.55%, this deal enters the Moneyfacts.co.uk Best Buys. As usual, early access to funds is not permitted, so savers must ensure they are happy with their initial deposit.

Mortgages

Tipton & Coseley Building Society

Tipton & Coseley Building Society has reduced the rate on its three-year discounted variable mortgage, which is now priced at 2.88% (1.86% discount) to 29.2.20. This deal is for first and second-time buyers who wish to borrow from £50,000 at 95% loan-to-value. No fee is payable. This deal gives borrowers the option to make overpayments of up to 10% of the mortgage advance.

Borrowers with a small deposit will be delighted by the latest reduction from Tipton & Coseley Building Society. Priced at 2.88%, this deal is highly competitive and therefore improves its position in the Moneyfacts.co.uk Best Buys. The great rate makes it a great choice for anyone looking to minimise their monthly repayments.

Tipton & Coseley Building Society’s lending area does not include Scotland.


Credit Cards

Sainsbury's Bank

Sainsbury’s Bank has increased the introductory purchase and balance transfer term on its Nectar Dual Offer Credit Card to 28 months. This deal offers a 28-month interest-free term for balance transfers, with an introductory balance transfer fee of 3.00%. This card also comes with a 28-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 a Nectar Card holder. Customers can apply over the phone and online.

Borrowers with a large purchase in mind and who are looking for some breathing space will be intrigued by this latest offer from Sainsbury’s Bank, which improves its position in the Moneyfacts.co.uk Best Buys. Now offering 28 months interest-free on both balance transfers and purchases, borrowers can look to spread their costs over an even longer term. However, borrowers must ensure the balance is paid in full before the end of the term to ensure no interest is charged.

Lloyds Bank

Lloyds Bank has reduced the introductory balance transfer fee on its Platinum 42-month Balance Transfer MasterCard. This deal now offers 42 months interest-free for balance transfers, with an introductory balance transfer fee of 2.30% after a partial refund is applied. This card also comes with a 6-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. Customers can apply online.

Borrowers looking for a long balance transfer period at a reduced cost will be intrigued by this latest update from Lloyds Bank. Offering 42 months interest-free for balance transfers with a reduced balance transfer fee of 2.30%, 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.

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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