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Moneyfacts Pick of the Week - 30/11/2023

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
30/11/2023

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

Gatehouse Bank – 1 Year Regular Saver

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

“Gatehouse Bank has launched a new 1 year regular savings account this week, which pays 7.00%, grabbing a highly competitive spot within its sector and may attract savers planning to consistently save month-on-month. Earlier access is not permitted, however, the account allows monthly deposits of up to £300 which savers may wish to note. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 7.00% gross / 7.00% AER variable payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £3,600
  • Access: Not permitted
  • Further additions: Permitted, provided maximum monthly payment of £300 is not exceeded. Unused subscriptions from previous months cannot be made up in subsequent months
  • Opening account: Online
  • Managing account: Online and mobile app
  • Other information: Minimum applicant age 18. Shari’ah - compliant account, rate shown is expected profit rate.

 

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has reduced the rate on its 1 Year Fixed Rate Saver this week, however, it maintains a competitive position in its sector. It pays a rate of 5.66% for investors able to contribute a minimum of £10,000. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.66% gross / 5.66% AER payable on maturity
  • 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.

 

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“This week, Charter Savings Bank has reduced the rate on its 1 Year Fixed Rate Cash ISA. The account pays 5.36% AER and takes a prominent position within its sector, which may encourage savers to take advantage of their ISA allowance. Also, this account may be appealing to savers looking to boost their income as there is a monthly interest option also paying 5.36% AER. It should be noted that the account allows earlier access to funds, subject to 90 days’ loss of interest, and permits further additions for 30 days from the account opening. In addition, savers can split their Cash ISA savings across multiple ISAs within Charter’s range, which may be a bonus. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.36% gross / 5.36% AER payable on anniversary, monthly interest option of 5.23% gross / 5.36% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 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.

 

Mortgages

Virgin Money – Five-year fixed rate mortgage, 90% loan-to-value

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

“This week, Virgin Money has repriced most of its intermediary exclusive products, including its 5-year deal at 90% loan-to-value. Now priced at 4.94% until 1 February 2029, this may be an ideal choice for borrowers with a limited deposit who are searching for a competitive rate. This deal also comes with a generous incentive package consisting of a free valuation and no arrangement fees. Overall, taking into account rate cuts, and its incentive package, this deal becomes the best overall in its sector and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% fixed rate to 1.02.29
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

 

Lloyds Bank – Two-year fixed rate mortgage, 60% loan-to-value

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

“Lloyds Bank has reduced rates across a number of its fixed deals by up to 0.22% this week. Seeing this cut is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.99% until 28.2.26, the deal offers a wide incentive package of a free valuation, free legal fees and £250 cashback for properties which have Energy Efficiency Band A or B, or alternatively have a rating of 81 or higher. Additionally, this deal comes with a fair fee of £999 which can be added to the mortgage advance, making it an ideal option for those looking to save on their upfront costs. On assessment, this mortgage earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation, free legal fees, and £250 Green Home cashback for properties with an Energy Efficiency Band of A or B or a rating of 81 or higher.
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

Halifax – Five-year fixed rate mortgage, 70% loan-to-value

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

“This week, Halifax has reduced the rate on its five-year fixed deal at 70% loan-to-value. Priced at a competitive 4.98% until 28 February 2029, it is available to house purchase customers. The deal does not carry any arrangement fee, so this may be a very appealing option to borrowers wishing to save on the upfront cost of their mortgage. The deal also offers overpayments. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% fixed rate to 28.2.29
  • Product fee: None
  • Maximum loan-to-value: 70%
  • Available to: House purchase customers
  • Incentives: No arrangement fee
  • Flexible Features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland, excludes Rathlin island.

 

Principality Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Principality Building Society has reduced selected fixed rates by up to 0.15% within its buy-to-let range. The five-year deal at 75% loan-to-value is now priced at 5.20% until 28 February 2029. It charges an upfront product fee of £1,395 which can be added to the advance of the mortgage, but also includes an incentive of a free valuation. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% fixed rate to 28.2.29
  • Product fee: £1,395
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Savings

Gatehouse Bank – 1 Year Regular Saver

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

“Gatehouse Bank has launched a new 1 year regular savings account this week, which pays 7.00%, grabbing a highly competitive spot within its sector and may attract savers planning to consistently save month-on-month. Earlier access is not permitted, however, the account allows monthly deposits of up to £300 which savers may wish to note. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 7.00% gross / 7.00% AER variable payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £3,600
  • Access: Not permitted
  • Further additions: Permitted, provided maximum monthly payment of £300 is not exceeded. Unused subscriptions from previous months cannot be made up in subsequent months
  • Opening account: Online
  • Managing account: Online and mobile app
  • Other information: Minimum applicant age 18. Shari’ah - compliant account, rate shown is expected profit rate.

 

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has reduced the rate on its 1 Year Fixed Rate Saver this week, however, it maintains a competitive position in its sector. It pays a rate of 5.66% for investors able to contribute a minimum of £10,000. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.66% gross / 5.66% AER payable on maturity
  • 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.

 

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“This week, Charter Savings Bank has reduced the rate on its 1 Year Fixed Rate Cash ISA. The account pays 5.36% AER and takes a prominent position within its sector, which may encourage savers to take advantage of their ISA allowance. Also, this account may be appealing to savers looking to boost their income as there is a monthly interest option also paying 5.36% AER. It should be noted that the account allows earlier access to funds, subject to 90 days’ loss of interest, and permits further additions for 30 days from the account opening. In addition, savers can split their Cash ISA savings across multiple ISAs within Charter’s range, which may be a bonus. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.36% gross / 5.36% AER payable on anniversary, monthly interest option of 5.23% gross / 5.36% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 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.

 

Mortgages

Virgin Money – Five-year fixed rate mortgage, 90% loan-to-value

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

“This week, Virgin Money has repriced most of its intermediary exclusive products, including its 5-year deal at 90% loan-to-value. Now priced at 4.94% until 1 February 2029, this may be an ideal choice for borrowers with a limited deposit who are searching for a competitive rate. This deal also comes with a generous incentive package consisting of a free valuation and no arrangement fees. Overall, taking into account rate cuts, and its incentive package, this deal becomes the best overall in its sector and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% fixed rate to 1.02.29
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

 

Lloyds Bank – Two-year fixed rate mortgage, 60% loan-to-value

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

“Lloyds Bank has reduced rates across a number of its fixed deals by up to 0.22% this week. Seeing this cut is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.99% until 28.2.26, the deal offers a wide incentive package of a free valuation, free legal fees and £250 cashback for properties which have Energy Efficiency Band A or B, or alternatively have a rating of 81 or higher. Additionally, this deal comes with a fair fee of £999 which can be added to the mortgage advance, making it an ideal option for those looking to save on their upfront costs. On assessment, this mortgage earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation, free legal fees, and £250 Green Home cashback for properties with an Energy Efficiency Band of A or B or a rating of 81 or higher.
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

Halifax – Five-year fixed rate mortgage, 70% loan-to-value

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

“This week, Halifax has reduced the rate on its five-year fixed deal at 70% loan-to-value. Priced at a competitive 4.98% until 28 February 2029, it is available to house purchase customers. The deal does not carry any arrangement fee, so this may be a very appealing option to borrowers wishing to save on the upfront cost of their mortgage. The deal also offers overpayments. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% fixed rate to 28.2.29
  • Product fee: None
  • Maximum loan-to-value: 70%
  • Available to: House purchase customers
  • Incentives: No arrangement fee
  • Flexible Features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland, excludes Rathlin island.

 

Principality Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Principality Building Society has reduced selected fixed rates by up to 0.15% within its buy-to-let range. The five-year deal at 75% loan-to-value is now priced at 5.20% until 28 February 2029. It charges an upfront product fee of £1,395 which can be added to the advance of the mortgage, but also includes an incentive of a free valuation. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% fixed rate to 28.2.29
  • Product fee: £1,395
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

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