Pick of The Week - 02/03/2017

Thursday, 2 March 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

Axis Bank UK Ltd

Axis Bank UK Ltd has increased the rate on its two-year fixed rate bond, which now pays 1.58% upon its anniversary or 1.57% monthly. Savers must invest from £1,000 up to a maximum of £200,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.

The 1.58% two-year fixed rate bond from Axis Bank UK Ltd is highly competitive, which improves its position in the Moneyfacts.co.uk Best Buys. With a great rate this is likely to be a popular choice for those looking for a short-term home for their savings. However, with no early access to funds, savers must ensure they are happy with their initial deposit.

Skipton Building Society

Skipton Building Society has launched Bonus Cash ISA, a new easy access ISA to its range, which pays 0.90% upon its anniversary or monthly. This rate includes a 0.25% bonus for 12 months. Savers can invest from £1. Additions and unlimited penalty-free withdrawals are allowed. This deal is for savers aged 16 and over and can be operated in branch, by phone and online.

Savers looking to start an ISA pot will be intrigued by this latest launch from Skipton Building Society. Paying 0.90%, this deal sits comfortably towards the top of the easy access ISA market, making it a great choice for savers looking to be able to dip in and out of their ISA. However, the rate will need to be checked when the bonus period expires to ensure a competitive interest rate is maintained.

Mortgages

Newcastle Building Society

Newcastle Building Society has reviewed its three-year fixed rate mortgage, which is now priced at 1.79% 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, £800 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 £499 every month.

The 1.79% three-year fixed rate mortgage from Newcastle Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. This deal sits amongst the lowest in its sector, making it a great choice for borrowers looking to reduce their monthly repayments.

Newcastle Building Society's lending area includes Scotland.

Halifax

Halifax has reduced its two-year fixed rate mortgage, which is now priced at 1.49% to 31.5.19. This deal is for second-time buyers who wish to borrow up to £1 million at 75% loan-to-value. A fee of £790 is payable, all of which can be added to the advance of the mortgage. An incentive package of £500 cashback is available. This deal comes with the flexibility to make overpayments of up to 10% and take payment holidays.

Second-time buyers looking for a high street lender will be delighted by this latest update from Halifax. At 1.49%, this deal is reasonably priced in the market. With the added bonus of a low fee and £500 cashback this could be a cost-effective choice for many

Halifax's lending area includes Scotland.

Current Accounts

TSB

TSB has added cashback to its Classic Plus current account. This deal will now offer £5 per month if two direct debits are made and an extra £5 per month if the customer makes a minimum of 20 debit card payments. Credit interest of 3.00% is paid on balances of up to £1,500. The account must have regular funding of £500, and switchers will receive a three-month interest and fee-free overdraft. The cashback offer is available until 30 June 2018.

Potential current account switchers will want to take note of this new deal from TSB. Paying a potential £10 in cashback, this deal heads straight to the top of the Moneyfacts.co.uk Best Buys. With a possible earning of £13.70 a month, this is likely to be an attractive option for anyone looking to earn some cash on their everyday banking. However, a review of the account will be needed when the deal expires.


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.

Contact us

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Press Office Rachel Springall - Finance Expert
T: 01603 476210
M: 07803 145643
E: rspringall@moneyfacts.co.uk
Charlotte Nelson - Finance Expert
T: 01603 476204
M: 07872 543262
E: cnelson@moneyfacts.co.uk
Follow us at: http://twitter.com/MoneyfactsPress
An ISDN line is available for broadcast: 01603 230551