Savings

GB Bank – 5 Year Fixed Rate Bond

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

“This week GB Bank has increased the rates on its range of Fixed Rate Bonds, including the five-year option which fares best. Savers can earn 5.03% starting from £1,000, the account takes the market-leading position when compared against its peers and offers the highest returns in the fixed bond market, which is positive news for those looking to secure guaranteed returns over the next five years. As is the case with many fixed bonds, earlier access is not permitted, so savers must be comfortable locking away their cash for the full term. However, adding to its appeal, further additions can be made for 21 days from account opening and savers can choose between receiving their interest monthly or on its anniversary. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details: 

• Rate: 5.03% gross / 5.03% AER payable on anniversary, monthly interest option of 4.92% gross / 5.03% AER
• Notice / term: Five years
• Minimum opening amount: £1,000
• Maximum investment amount: £100,000
• Access: Not permitted
• Further additions: Permitted, for 21 days from account opening 
• Opening account: Online 
• Managing account: Online and via its mobile app
• Other information: Minimum applicant age 18. Joint account option available.

AlRayan Bank – Meteor Savings – 1 Year Fixed Rate Cash ISA

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

“AlRayan Bank 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 0.15% Meteor Boost. Savers can make deposits starting from £1,000; however, savers should consider their initial investment carefully as further additions are not permitted. This account is best suited to savers looking to maximise their tax-free returns and those looking for certainty by guaranteeing their rate for the next year. While savers can access their cash early, the expected profit rate will drop dramatically to just 0.05% for 90 days or the number of days the account has been opened, depending on whichever is lower, so access should be carefully considered. Before the account matures it’s important savers give instructions on where their cash should go, otherwise it will be paid into the default linked or nominated account.”

Key product details:

• Rate: 4.75% gross / 4.75% AER, payable on maturity (includes Meteor Boost of 0.15% gross/AER)
• Notice / term: One year
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Permitted, on closure only and subject to a reduction in expected profit rate to 0.05% for 90 days or number of days account has been opened if lower
• Further additions: Not permitted
• Transfers in: Permitted, allows Cash and Stocks and Shares ISAs 
• Transfers out: Permitted, on closure only and subject to a reduction in expected profit rate to 0.05% for 90 days or number of days account has been opened if lower
• 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

first direct – Two-year fixed rate mortgage, 60% loan-to-value 

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

“first direct is among a handful of lenders to increase fixed rates this week. The two-year option at 60% loan-to-value has seen a 0.12% rise to 4.76%. Despite this, its attractive incentive package, which includes a free valuation and free legal fees, and its lower than average £490 product fee, boosts its way to the top position in the Best Buy Charts for remortgage customers. This deal may be an ideal option for those looking to keep the cost of remortgaging low. On assessment, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

• Rate: 4.76% fixed rate for two years
• Product fee: £490
• Maximum loan-to-value: 60%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments 
• Lending area: Great Britain and Northern Ireland.

Cards

Virgin Money – 35 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees it increase the introductory balance transfer term to 35 months. The boost now gives borrowers even longer to repay existing balances interest-free. Adding to its appeal, borrowers can also benefit from three months of interest-free spending, however, it’s important to note that after this period borrowers will be charged 24.9% and they would be wise to not overspend to ensure they can afford the repayments. The card has one of the lowest balance transfer fees available on the market, charging 2.45% for the first two months. On assessment, this card sits towards the top of the Moneyfacts Best Buy tables and earns an Excellent product rating.”

Key product details:

• Introductory rate for purchases: 0% for three months
• Introductory rate for balance transfers: 0% for 35 months
• Standard rate for purchases: 24.9% APR
• Balance transfer fee: 2.45% 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, post and via its mobile app
• Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app. Rates dependent on credit rating.