Savings

Plum – Plum Cash ISA 

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“This week Plum has increased the rate on its Plum Cash ISA. The boost to 4.42% AER sees it take the market-leading position when compared to its peers. While this is an attractive headline rate, it’s only available to new customers and it includes a generous 1.88% AER bonus for 12 months, so it’s crucial savers review their deal once this expires. Savers can invest as little as £1, and further additions are permitted at any time. This account may be best suited for savers who may need to dip into their deposits frequently as they can make unlimited withdrawals without penalty. However, no interest is paid for the month if savers close the account or transfer out. Overall, this deal takes a position as a Moneyfacts Best Buy and earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.38% gross / 4.42% AER paid monthly (new customers only), includes 1.86% gross / 1.88% AER bonus for 12 months, paid to the account on the first anniversary from opening  
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, no interest paid for the month if closure out or transfer out requested. Minimum withdrawal £1 
• Further additions: Permitted
• Transfers in: Not permitted
• Transfers out: Permitted, no interest paid for the month if transferred out  
• Opening account: Via its mobile app
• Managing account: Via its mobile app
• Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Plum’s range. Flexible ISA rules apply.

Isbank – Meteor Savings – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“Isbank has increased the rate on its Meteor Savings – 1 Year Fixed Rate Cash ISA this week to a market-leading 4.75%, which includes a small 0.05% Meteor Boost. Savers can make deposits starting from £1,000, but savers should consider their initial investment carefully as further additions are not permitted. This account is best suited to savers looking to guarantee their tax-free returns over the next year. While savers can access their cash early, they will lose their interest and will have to close the account, so savers must be comfortable locking away for the full term. Before the account matures it’s important savers give instructions on where their cash should go, otherwise it will return to a Platform hub account.”

Key product details:

• Rate: 4.75% gross / 4.75% AER, payable on maturity (includes Meteor Boost of 0.05% gross/AER)
• Notice / term: One year
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Permitted, on closure only and subject to no interest paid
• Further additions: Not permitted
• Transfers in: Permitted, allows Cash and Stocks and Shares ISAs 
• Transfers out: Permitted, no interest paid if transferred out  
• Opening account: Online via Meteor Savings platform
• Managing account: Online via Meteor Savings platform
• Other information: Minimum applicant age 18. Account available via the Meteor Savings platform.

Mortgages

Nationwide Building Society – Five-year fixed rate mortgage, 85% loan-to-value 

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“Nationwide Building Society has reduced most of its fixed rate offerings by up to 0.28%. One deal to see a slightly smaller cut is the five-year fixed rate deal at 85% loan-to-value for homemovers. The deal is now priced at a competitive 4.69%, which takes a prominent position in the Best Buy tables. Borrowers looking to save on upfront costs may find this an appealing option as there are no product fees, and there is a free valuation incentive included. For qualifying green properties, borrowers could also get up to £500 cashback. Borrowers have the option to make overpayments, which can reduce their overall term, and underpayments are also permitted subject to approval and provided overpayments have been made. Overall, this product becomes a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.” 

Key product details:

• Rate: 4.69% fixed rate for five years
• Product fee: None
• Maximum loan-to-value: 85%
• Available to: Second-time buyers
• Incentives: Free valuation. £250 Green Reward for properties with an EPC score of 86 to 91, or £500 Green Reward for properties with an EPC score of 92+ 
• Flexible features: Allows overpayments, up to limit of 10%. Underpayments considered subject to approval and overpayments having been made
• Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

Banking

HSBC – Bank Account

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“For customers looking to switch their current account provider, HSBC has introduced a new £220 switching incentive this week for those who switch to its Bank Account using the Current Account Switch Service and meet the criteria. Outside the switching offer, the account takes a competitive position as a Best Buy for current accounts with an overdraft as it offers an interest-free arranged overdraft buffer. Customers looking for additional discounts and exclusive offers may be pleased to see that they have dining, leisure and shopping options through HSBC home&Away. However, it is important to note that there is no credit interest offered on balances, which some may wish to consider. As is the case when switching to any account, customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

• Credit interest / reward: None
• Cashback on debit card purchases: None
• Account fee: None
• Arranged overdraft: 39.90% EAR, £25 interest-free buffer. 
• Opening account: Online, by phone, in branch or via mobile app
• Managing account: Online, by phone, in branch, via mobile app, in post, at the Post Office and via text alerts. 
• Other information: Minimum applicant age 18. £220 free cash offer for accounts opened via mobile banking app and switched using the Current Account Switch Service. Must transfer a minimum of two direct debits, deposit at least £2,000 and spend £500 on debit card within 60 days. Get discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC home&Away.