Moneyfacts Pick of the Week - 25/04/2024

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk 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 provided they are sourced to our expert at Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk 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 provided they are sourced to our expert at Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

QIB (UK) – Raisin UK – 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“QIB (UK) has increased the expected profit rates on a selection of its Raisin UK - Fixed Term Deposit accounts by up to 0.42% this week. Its one-year option takes a prominent position in its market and pays 5.15%. This may well be a tempting option for savers as it offers a competitive return compared to other bonds with similar terms currently available. As is common with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access and further additions are not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 5.15% gross / 5.15% AER, payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Account available via Raisin UK. Shari’ah compliant account – rates shown are an expected profit rate.

SmartSave – 2 Year Fixed Rate Saver

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week SmartSave has reduced the rate on its 2 Year Fixed Rate Saver by 0.12%. Despite the reduction to 4.96% it retains a competitive position in the top tables when compared against similar bonds. Savers will need to invest a minimum of £10,000 but they are able to make further contributions for 14 days from the account opening. It should be noted that, much like other fixed term bonds, earlier access is not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.96% gross / 4.96% AER payable on maturity (compounded annually)
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Cynergy Bank – Online Easy Access Account (Issue 73)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Cynergy Bank has reduced the rate on its Online Easy Access Account. Receiving a small reduction of 0.05%, the account maintains a competitive position in its sector. Savers will only need to invest as little as £1 to receive the 4.95% rate and may well entice those who value flexibility when accessing their cash. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.95% gross / 4.95% AER payable on its anniversary (including a 1.20% bonus for 12 months).
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Permitted via nominated account
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Charter Savings Bank has made a slight reduction to the rate on its 1 Year Fixed Rate Cash ISA this week, which now pays 4.66% AER. However, the deal retains a prominent position in the top rate tables when compared against other fixed rate ISAs currently available. The deal may appeal to savers interested in investing for the full one-year term as any earlier access is subject to a 90-day loss of interest penalty. However, on a more positive note, further additions can be made for 30 days via a nominated account and savers can choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.66% gross / 4.66% AER payable on anniversary, monthly interest option of 4.56% gross / 4.66% AER
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted, for 30 days from account opening via nominated account
Transfers in: Permitted, allows Cash, and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Charter’s range.

Bath Building Society – Two Year Fixed Rate ISA (Issue 5)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Bath Building Society has launched new one- and two-year fixed rate ISAs this week. The two-year option pays 4.60% and takes a competitive position in the market when compared against other fixed ISAs of a similar term. Savers can invest as little as £1 into the account with further additions permitted at any time. Although earlier access is permitted, any withdrawal will be subject to 180 days’ loss of interest penalty. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross/ 4.60% AER payable yearly
Notice / term: Two years
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted
Transfers in: Not permitted
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: In branch and by post
Managing account: In branch, by phone, and online
Other information: Minimum applicant age 18.

Mortgages

Vernon Building Society – Three-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Vernon Building Society has increased selected fixed rates across its range, with the three-year option seeing a 0.10% rise. Now priced at 4.69% until 31.8.27, it’s available to all borrowers who have 20% equity in their home already. Although there are no incentives, the deal does carry a smaller than usual product fee of £499 which may entice borrowers who wish to keep the cost of their mortgage low. On review, this product takes a highly competitive position in our top rate tables for the three-year fixed rate sector and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.69% fixed rate to 31/08/2027
Product fee: £499
Maximum loan-to-value: 80%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

Hanley Economic Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Hanley Economic Building Society has launched a handful of new mortgage products this week, including a new two-year fixed mortgage at 95% loan-to-value priced at 5.49%. The deal is not only competitively priced, but it also carries an attractive incentive package of free valuation for all and, for remortgage customers, contribution towards legal fees. Also, the deal does not charge any product fee, so this may be an ideal option for those looking to keep costs low. Overall, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.49% fixed rate
Product fee: None
Maximum loan-to-value: 95%
Available to: All borrower types
Incentives: Free valuation for all and contribution towards legal fees for remortgage customers
Flexible features: Allows overpayments
Lending area: England, mainland Scotland and Wales.

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has increased the fixed rate offerings for landlords this week by up to 0.25%, one of which includes the five-year fixed rate deal at 75% loan-to-value for all house purchase customers. Despite the increase the deal maintains a prominent position and may still appeal to many borrowers as it charges 4.64% until 31 July 2029. There is an associated product fee of £1,999, however, landlords may be glad to see that there is a free valuation incentive included. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.64% fixed rate to 31.7.29
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Cards

Virgin Money – 27 Month Balance Transfer Credit Card

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“The latest update from Virgin Money sees a reduction to the balance transfer fee on its 27 Month Balance Transfer Credit Card to 3.20% for the first two months, however, it is worth noting this rises to 5% thereafter. This card takes a competitive position when compared to other balance transfer credit cards and may therefore be an ideal option for borrowers looking to transfer any existing balances with the benefit of being able to do so at a cheaper rate. Adding to its appeal, this card also offers 0% on money transfers for 12 months. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: Three months
Introductory rate for balance transfers: 0% for 27 months
Standard rate for purchases: 24.9% APR
Balance transfer fee: 3.20% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
Card fee: None
Opening method: Online and in branch
Card management: By phone and by post
Other information: Minimum age 18.

Savings

QIB (UK) – Raisin UK – 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“QIB (UK) has increased the expected profit rates on a selection of its Raisin UK - Fixed Term Deposit accounts by up to 0.42% this week. Its one-year option takes a prominent position in its market and pays 5.15%. This may well be a tempting option for savers as it offers a competitive return compared to other bonds with similar terms currently available. As is common with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access and further additions are not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 5.15% gross / 5.15% AER, payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Account available via Raisin UK. Shari’ah compliant account – rates shown are an expected profit rate.

SmartSave – 2 Year Fixed Rate Saver

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week SmartSave has reduced the rate on its 2 Year Fixed Rate Saver by 0.12%. Despite the reduction to 4.96% it retains a competitive position in the top tables when compared against similar bonds. Savers will need to invest a minimum of £10,000 but they are able to make further contributions for 14 days from the account opening. It should be noted that, much like other fixed term bonds, earlier access is not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.96% gross / 4.96% AER payable on maturity (compounded annually)
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Cynergy Bank – Online Easy Access Account (Issue 73)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Cynergy Bank has reduced the rate on its Online Easy Access Account. Receiving a small reduction of 0.05%, the account maintains a competitive position in its sector. Savers will only need to invest as little as £1 to receive the 4.95% rate and may well entice those who value flexibility when accessing their cash. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.95% gross / 4.95% AER payable on its anniversary (including a 1.20% bonus for 12 months).
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Permitted via nominated account
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Charter Savings Bank has made a slight reduction to the rate on its 1 Year Fixed Rate Cash ISA this week, which now pays 4.66% AER. However, the deal retains a prominent position in the top rate tables when compared against other fixed rate ISAs currently available. The deal may appeal to savers interested in investing for the full one-year term as any earlier access is subject to a 90-day loss of interest penalty. However, on a more positive note, further additions can be made for 30 days via a nominated account and savers can choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.66% gross / 4.66% AER payable on anniversary, monthly interest option of 4.56% gross / 4.66% AER
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted, for 30 days from account opening via nominated account
Transfers in: Permitted, allows Cash, and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Charter’s range.

Bath Building Society – Two Year Fixed Rate ISA (Issue 5)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Bath Building Society has launched new one- and two-year fixed rate ISAs this week. The two-year option pays 4.60% and takes a competitive position in the market when compared against other fixed ISAs of a similar term. Savers can invest as little as £1 into the account with further additions permitted at any time. Although earlier access is permitted, any withdrawal will be subject to 180 days’ loss of interest penalty. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross/ 4.60% AER payable yearly
Notice / term: Two years
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted
Transfers in: Not permitted
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: In branch and by post
Managing account: In branch, by phone, and online
Other information: Minimum applicant age 18.

Mortgages

Vernon Building Society – Three-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Vernon Building Society has increased selected fixed rates across its range, with the three-year option seeing a 0.10% rise. Now priced at 4.69% until 31.8.27, it’s available to all borrowers who have 20% equity in their home already. Although there are no incentives, the deal does carry a smaller than usual product fee of £499 which may entice borrowers who wish to keep the cost of their mortgage low. On review, this product takes a highly competitive position in our top rate tables for the three-year fixed rate sector and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.69% fixed rate to 31/08/2027
Product fee: £499
Maximum loan-to-value: 80%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

Hanley Economic Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Hanley Economic Building Society has launched a handful of new mortgage products this week, including a new two-year fixed mortgage at 95% loan-to-value priced at 5.49%. The deal is not only competitively priced, but it also carries an attractive incentive package of free valuation for all and, for remortgage customers, contribution towards legal fees. Also, the deal does not charge any product fee, so this may be an ideal option for those looking to keep costs low. Overall, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.49% fixed rate
Product fee: None
Maximum loan-to-value: 95%
Available to: All borrower types
Incentives: Free valuation for all and contribution towards legal fees for remortgage customers
Flexible features: Allows overpayments
Lending area: England, mainland Scotland and Wales.

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“HSBC has increased the fixed rate offerings for landlords this week by up to 0.25%, one of which includes the five-year fixed rate deal at 75% loan-to-value for all house purchase customers. Despite the increase the deal maintains a prominent position and may still appeal to many borrowers as it charges 4.64% until 31 July 2029. There is an associated product fee of £1,999, however, landlords may be glad to see that there is a free valuation incentive included. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.64% fixed rate to 31.7.29
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Cards

Virgin Money – 27 Month Balance Transfer Credit Card

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“The latest update from Virgin Money sees a reduction to the balance transfer fee on its 27 Month Balance Transfer Credit Card to 3.20% for the first two months, however, it is worth noting this rises to 5% thereafter. This card takes a competitive position when compared to other balance transfer credit cards and may therefore be an ideal option for borrowers looking to transfer any existing balances with the benefit of being able to do so at a cheaper rate. Adding to its appeal, this card also offers 0% on money transfers for 12 months. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: Three months
Introductory rate for balance transfers: 0% for 27 months
Standard rate for purchases: 24.9% APR
Balance transfer fee: 3.20% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
Card fee: None
Opening method: Online and in branch
Card management: By phone and by post
Other information: Minimum age 18.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

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.

James Hyde Press & PR Manager

T: 01603 476205

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.