Pick of the Week - 09/03/2017

Thursday, 9 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

OakNorth Bank

OakNorth Bank has increased the rate on its 12-month fixed rate bond, which now 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.

Savers looking for a short-term home for their savings will be delighted by this latest update from OakNorth Bank. Priced at 1.62%, this deal improves its position in the Moneyfacts.co.uk Best Buys. As is usual for fixed bonds, savers must ensure they are happy with their initial deposit, as access to funds during the fixed term is not permitted.

Yorkshire Building Society

Yorkshire Building Society has launched a new two-year fixed rate cash ISA, paying 1.10% yearly or 1.09% monthly. Savers can invest from £100. Additions are allowed whilst the issue remains open and early access to funds is permitted subject to a 120 days' loss of interest penalty. Transfers in from cash and stocks & shares ISAs are also allowed. This deal is for savers aged 16 and over and can be operated in branch and by post. An online-only version is also available.

The 1.10% two-year fixed rate ISA from Yorkshire Building Society is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With the added flexibility of early access to funds, albeit at a penalty, this is likely to be a great choice for savers looking for a home for their ISA allowance.

Mortgages

West Brom Building Society

West Brom Building Society has reduced its five-year fixed rate mortgage, which is now priced at 1.99% to 30.4.22. This deal is for all applicants who wish to borrow from £40,000 at 65% loan-to-value. No fee is payable and an incentive package of a free valuation (up to £445) for all borrowers and free legal fees for those remortgaging is available. This deal comes with the flexibility to make overpayments of up to £999 every month.

The 1.99% five-year fixed rate mortgage from West Brom Building Society is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. Alongside its great rate, borrowers will be delighted by its fee-free nature and a great incentive package, which make this a cost-effective option for any borrower with the required 35% deposit.

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

Yorkshire Bank

Yorkshire Bank has launched a new five-year fixed rate mortgage, priced at 4.49% to 31.5.22. This deal is for first-time buyers only who wish to borrow up to £500,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation and a £250 cash rebate is available. This deal comes with the flexibility of being able to make overpayments.

First-time buyers looking to get on the first rung of the housing ladder will find Yorkshire Bank's latest launch interesting. Priced at 4.49% for five years, this deal sits comfortably in the market. With the added bonus of no fee and a decent incentive package, including £250 cashback, this could be an attractive choice for those looking to minimise upfront costs.

Yorkshire Bank's lending area includes Scotland.

Loans

M&S Bank

M&S Bank has reduced the rate on its unsecured personal loan tier of £5,000 to £7,499. Customers can now apply for this loan over a term one to seven years at a rate of 3.6% APR. Customers must be 18 and over and have a minimum income of £10,000 per year. Applications can be made in branch, by telephone or online.

M&S Bank strengthens its position within the Moneyfacts.co.uk Best Buys with a reduction to its £5,000 to £7,499 tier loan rate. Now offering an APR of 3.6%, borrowers looking for a smaller loan will surely be delighted by this latest offer.


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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