Brand Logo Moneyfacts Group plc
Telephone Icon T: 01603 476476 Email Icon E: enquiries@moneyfacts.co.uk LinkedIn Icon

Moneyfacts Pick of the Week - 29/02/2024

Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo
Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
29/02/2024

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

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has increased the rate on its 1 Year Fixed Rate Saver. The account now pays a market-leading 5.26%, for investors able to contribute a minimum of £10,000. Savers should note that early access is not permitted, however, they may be happy to see that they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.26% gross / 5.26% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • 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.

 

StreamBank – 90 Day Notice Account – Issue 4

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

“StreamBank has changed the issue number and increased the rate on its 90-day notice account this week. Savers looking for a competitive return will be glad to know the account pays 5.16% gross/5.30% AER monthly; this may be an ideal option for those looking to boost their income. Savers will need to invest a minimum of £1,000 and withdrawals are allowed subject to 90 days’ notice, as well as further additions being permitted which could be an added bonus. The deal secures a prominent position in the market and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.16% gross / 5.30% AER payable monthly
  • Notice / term: 90 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £100,000
  • Access: Permitted via a nominated account, subject to 90 days’ notice
  • 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 89

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

“Shawbrook Bank has made significant rate increases by up to 0.83% on a selection of its Fixed Rate products this week. One account seeing this is the 1 Year Fixed Rate Cash ISA Bond Issue 89. Savers can receive an attractive 5.03% gross/AER and it may appeal to those searching for a guaranteed return who don’t mind locking away their cash for the agreed term. Savers wanting to maximise their income may also be glad to see there is also an option to receive monthly interest paying 4.92% gross/5.03% AER. It is possible for consumers to make Cash and Stocks and Shares ISA transfers into the account. Any early withdrawals are subject to a 90-day loss of interest penalty; however, savers can make further additions at any time. Overall, the deal 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 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.

 

Hodge Bank – 2 Year Fixed Rate Bond

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

“This week, Hodge Bank has reduced the rate on its 2 Year Fixed Rate Bond but continues to hold a prominent position in the market. The account now pays a competitive 5.00% gross/AER on its anniversary, alternatively, savers can select a monthly interest payment option which pays 4.89% gross/5.00% AER. Savers should be comfortable with locking their investments in for the full two years as early access is not permitted, but they may be glad to see that they can take advantage of making further additions 10 working days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER, payable on its anniversary / monthly interest option of 4.89% gross / 5.00% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has slightly increased the rate on its 3 Year Fixed Rate Cash ISA this week by 0.07%. Now paying 4.32%, the account maintains a prominent position in the market when compared against other fixed ISAs and may appeal to savers who are prepared to lock away their cash for an extended period to receive a guaranteed return. Savers will need to carefully consider if they wish to get earlier access to their funds because this will be subject to account closure and 270 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.32% gross / 4.32% AER payable yearly
  • Notice / term: Three years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 270-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 270-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Halifax – Five-year fixed rate mortgage, 85% loan-to-value

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

“This week, Halifax has reduced selected fixed rates in its range, including the five-year fixed deal at 85% loan-to-value available to house purchase customers. The deal charges an attractive 4.35% until 31 May 2029, and may appeal to borrowers looking to save on upfront costs as there is a reasonable fee of £999, which can be added to the mortgage advance. Borrowers can also receive a ‘Green Home’ £250 cashback incentive; however, it must be noted that this is for qualifying properties only. The deal also offers a range of flexible options, including overpayments, and payment holidays which are considered after one year and subject to approval. On assessment, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.35% fixed rate to 31.5.29
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

first direct – Five-year fixed rate mortgage, 80% loan-to-value

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

“This week, first direct has increased several fixed rate deals in its mortgage range, including its five-year fixed offer at 80% loan-to-value. Having seen only a small rise of 0.10% the deal still charges an attractive 4.59%, and may appeal to borrowers looking to save on the upfront cost of their mortgage, as it comes with a smaller than average fee of £490. As part of its incentive package this deal offers a free valuation for all borrowers and, for those remortgaging, free legal fees. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.59% fixed rate for five years
  • Product fee: £490
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

The Co-operative Bank – Two-year fixed rate mortgage, 75% loan-to-value

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

“The Co-operative Bank has relaunched its residential mortgage offerings this week. One deal to be added includes the two-year fixed mortgage at 75% loan-to-value. Priced at 4.74%, this deal comes with some enticing incentives to all borrowers; a free valuation and £250 cashback and, for remortgage customers, free legal fees. Those borrowers who are looking to save on the upfront cost of their deal may then find this an ideal choice, especially as the product fee of £999 can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.74% fixed rate to 30.6.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

Leeds Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“This week, Leeds Building Society has launched a handful of new fixed rate offerings, one of which is a two-year fixed rate deal at 60% loan-to-value priced at a competitive 4.69% until 31 May 2026. The deal is available to second-time buyers and remortgage customers and charges a large product fee of £1,499, which may need to be considered. However, there is an enticing incentive package which may offset the cost, including a free valuation for all and, for those customers remortgaging, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.69% fixed rate to 31.5.26
  • Product fee: £1,499
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

Savings

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has increased the rate on its 1 Year Fixed Rate Saver. The account now pays a market-leading 5.26%, for investors able to contribute a minimum of £10,000. Savers should note that early access is not permitted, however, they may be happy to see that they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.26% gross / 5.26% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • 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.

 

StreamBank – 90 Day Notice Account – Issue 4

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

“StreamBank has changed the issue number and increased the rate on its 90-day notice account this week. Savers looking for a competitive return will be glad to know the account pays 5.16% gross/5.30% AER monthly; this may be an ideal option for those looking to boost their income. Savers will need to invest a minimum of £1,000 and withdrawals are allowed subject to 90 days’ notice, as well as further additions being permitted which could be an added bonus. The deal secures a prominent position in the market and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.16% gross / 5.30% AER payable monthly
  • Notice / term: 90 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £100,000
  • Access: Permitted via a nominated account, subject to 90 days’ notice
  • 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 89

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

“Shawbrook Bank has made significant rate increases by up to 0.83% on a selection of its Fixed Rate products this week. One account seeing this is the 1 Year Fixed Rate Cash ISA Bond Issue 89. Savers can receive an attractive 5.03% gross/AER and it may appeal to those searching for a guaranteed return who don’t mind locking away their cash for the agreed term. Savers wanting to maximise their income may also be glad to see there is also an option to receive monthly interest paying 4.92% gross/5.03% AER. It is possible for consumers to make Cash and Stocks and Shares ISA transfers into the account. Any early withdrawals are subject to a 90-day loss of interest penalty; however, savers can make further additions at any time. Overall, the deal 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 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.

 

Hodge Bank – 2 Year Fixed Rate Bond

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

“This week, Hodge Bank has reduced the rate on its 2 Year Fixed Rate Bond but continues to hold a prominent position in the market. The account now pays a competitive 5.00% gross/AER on its anniversary, alternatively, savers can select a monthly interest payment option which pays 4.89% gross/5.00% AER. Savers should be comfortable with locking their investments in for the full two years as early access is not permitted, but they may be glad to see that they can take advantage of making further additions 10 working days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER, payable on its anniversary / monthly interest option of 4.89% gross / 5.00% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has slightly increased the rate on its 3 Year Fixed Rate Cash ISA this week by 0.07%. Now paying 4.32%, the account maintains a prominent position in the market when compared against other fixed ISAs and may appeal to savers who are prepared to lock away their cash for an extended period to receive a guaranteed return. Savers will need to carefully consider if they wish to get earlier access to their funds because this will be subject to account closure and 270 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.32% gross / 4.32% AER payable yearly
  • Notice / term: Three years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 270-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 270-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Halifax – Five-year fixed rate mortgage, 85% loan-to-value

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

“This week, Halifax has reduced selected fixed rates in its range, including the five-year fixed deal at 85% loan-to-value available to house purchase customers. The deal charges an attractive 4.35% until 31 May 2029, and may appeal to borrowers looking to save on upfront costs as there is a reasonable fee of £999, which can be added to the mortgage advance. Borrowers can also receive a ‘Green Home’ £250 cashback incentive; however, it must be noted that this is for qualifying properties only. The deal also offers a range of flexible options, including overpayments, and payment holidays which are considered after one year and subject to approval. On assessment, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.35% fixed rate to 31.5.29
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

first direct – Five-year fixed rate mortgage, 80% loan-to-value

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

“This week, first direct has increased several fixed rate deals in its mortgage range, including its five-year fixed offer at 80% loan-to-value. Having seen only a small rise of 0.10% the deal still charges an attractive 4.59%, and may appeal to borrowers looking to save on the upfront cost of their mortgage, as it comes with a smaller than average fee of £490. As part of its incentive package this deal offers a free valuation for all borrowers and, for those remortgaging, free legal fees. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.59% fixed rate for five years
  • Product fee: £490
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

The Co-operative Bank – Two-year fixed rate mortgage, 75% loan-to-value

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

“The Co-operative Bank has relaunched its residential mortgage offerings this week. One deal to be added includes the two-year fixed mortgage at 75% loan-to-value. Priced at 4.74%, this deal comes with some enticing incentives to all borrowers; a free valuation and £250 cashback and, for remortgage customers, free legal fees. Those borrowers who are looking to save on the upfront cost of their deal may then find this an ideal choice, especially as the product fee of £999 can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.74% fixed rate to 30.6.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

Leeds Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“This week, Leeds Building Society has launched a handful of new fixed rate offerings, one of which is a two-year fixed rate deal at 60% loan-to-value priced at a competitive 4.69% until 31 May 2026. The deal is available to second-time buyers and remortgage customers and charges a large product fee of £1,499, which may need to be considered. However, there is an enticing incentive package which may offset the cost, including a free valuation for all and, for those customers remortgaging, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.69% fixed rate to 31.5.26
  • Product fee: £1,499
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

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