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Moneyfacts Pick of the Week - 22/02/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
22/02/2024

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

Close Brothers Savings – Easy Access Account (Issue 2)

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

“This week, Close Brothers Savings has increased the rate on its Easy Access Account (Issue 2) and now pays a competitive return of 5.12% on £10,000 investments. Savers will be happy to see they have unlimited access to their funds and there are no restrictions on further additions, which may entice those who wish to maintain flexibility. However, this account can only be set up and managed online. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.12% gross / 5.12% AER payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 88

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

“Shawbrook Bank has increased the rate on its 1 Year Fixed Rate Cash ISA Bond (Issue 88) this week. Savers can receive a competitive 5.01% gross/AER and it may appeal to those searching for a guaranteed return who don’t mind locking away their cash for the short-term. For savers wanting to maximise their income, there is also an option to receive monthly interest paying 4.90% gross/5.01% AER, which may also be appealing. It is possible for consumers to make Cash and Stocks and Shares ISA transfers into the account. Although early withdrawals are subject to a 90-day loss of interest penalty, savers can make further additions at any time. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.01% gross / 5.01% AER payable on anniversary / monthly interest option of 4.90% gross / 5.01% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

UBL UK – 2 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 2 Year Fixed Rate Cash ISA this week, and now pays the top rate in its market. Paying an attractive 4.68% on the account’s anniversary, savers who still need to maximise their ISA allowance may find this an appealing option. There are also a range of other interest options for savers to choose from to best suit their needs. However, it is important investors are comfortable with their initial investment as further additions are not permitted and gaining earlier access to their funds will be subject to 180 days’ loss of interest and account closure, so careful planning is crucial. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% gross / 4.68% AER payable on anniversary / on maturity interest option of 4.79% gross / 4.68% AER and monthly interest option of 4.58% gross / 4.68% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £2,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 180 days’ loss of interest
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, via its mobile app, by post and in branch
  • Managing account: Online, via its mobile app, by phone, by post and in branch
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 3-Year Fixed Rate Saver

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

“Investec Bank plc has launched a new 3-Year Fixed Rate Saver this week, which now pays a highly competitive 4.62% gross. The deal takes a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return in the long-term. Savers must make a minimum deposit of £5,000 and, as is typical of fixed accounts, they will not be permitted to access their funds early, but they can make further additions for seven days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.62% gross / 4.62% AER payable yearly
  • Notice / term: Three-year bond
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Hodge Bank – 3 Year Fixed Rate Cash ISA

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

“This week, Hodge Bank has increased the rate on its three-year fixed ISA to 4.36% gross/AER. This may be great news for savers wishing to utilise their full ISA allowance and receive a guaranteed return as the deal takes a competitive position within its sector. However, investors may wish to note that although the deal allows earlier access this is subject to 270 days’ loss of interest so careful planning is crucial. Transfers in are permitted through Cash ISAs but must be a minimum of £1,000. Further additions can also be made for 10 working days from the account opening, which may be a positive note for savers. On assessment, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.36% gross / 4.36% AER payable yearly/ monthly interest option of 4.28% gross / 4.36% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 270-day loss of interest penalty
  • Further additions: Permitted, for 10 working days from account opening
  • Transfers in: Permitted, minimum of £1,000. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 270-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Savings

Close Brothers Savings – Easy Access Account (Issue 2)

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

“This week, Close Brothers Savings has increased the rate on its Easy Access Account (Issue 2) and now pays a competitive return of 5.12% on £10,000 investments. Savers will be happy to see they have unlimited access to their funds and there are no restrictions on further additions, which may entice those who wish to maintain flexibility. However, this account can only be set up and managed online. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.12% gross / 5.12% AER payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 88

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

“Shawbrook Bank has increased the rate on its 1 Year Fixed Rate Cash ISA Bond (Issue 88) this week. Savers can receive a competitive 5.01% gross/AER and it may appeal to those searching for a guaranteed return who don’t mind locking away their cash for the short-term. For savers wanting to maximise their income, there is also an option to receive monthly interest paying 4.90% gross/5.01% AER, which may also be appealing. It is possible for consumers to make Cash and Stocks and Shares ISA transfers into the account. Although early withdrawals are subject to a 90-day loss of interest penalty, savers can make further additions at any time. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.01% gross / 5.01% AER payable on anniversary / monthly interest option of 4.90% gross / 5.01% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

UBL UK – 2 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 2 Year Fixed Rate Cash ISA this week, and now pays the top rate in its market. Paying an attractive 4.68% on the account’s anniversary, savers who still need to maximise their ISA allowance may find this an appealing option. There are also a range of other interest options for savers to choose from to best suit their needs. However, it is important investors are comfortable with their initial investment as further additions are not permitted and gaining earlier access to their funds will be subject to 180 days’ loss of interest and account closure, so careful planning is crucial. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% gross / 4.68% AER payable on anniversary / on maturity interest option of 4.79% gross / 4.68% AER and monthly interest option of 4.58% gross / 4.68% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £2,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 180 days’ loss of interest
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, via its mobile app, by post and in branch
  • Managing account: Online, via its mobile app, by phone, by post and in branch
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 3-Year Fixed Rate Saver

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

“Investec Bank plc has launched a new 3-Year Fixed Rate Saver this week, which now pays a highly competitive 4.62% gross. The deal takes a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return in the long-term. Savers must make a minimum deposit of £5,000 and, as is typical of fixed accounts, they will not be permitted to access their funds early, but they can make further additions for seven days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.62% gross / 4.62% AER payable yearly
  • Notice / term: Three-year bond
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Hodge Bank – 3 Year Fixed Rate Cash ISA

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

“This week, Hodge Bank has increased the rate on its three-year fixed ISA to 4.36% gross/AER. This may be great news for savers wishing to utilise their full ISA allowance and receive a guaranteed return as the deal takes a competitive position within its sector. However, investors may wish to note that although the deal allows earlier access this is subject to 270 days’ loss of interest so careful planning is crucial. Transfers in are permitted through Cash ISAs but must be a minimum of £1,000. Further additions can also be made for 10 working days from the account opening, which may be a positive note for savers. On assessment, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.36% gross / 4.36% AER payable yearly/ monthly interest option of 4.28% gross / 4.36% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 270-day loss of interest penalty
  • Further additions: Permitted, for 10 working days from account opening
  • Transfers in: Permitted, minimum of £1,000. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 270-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant 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.

 

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.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant