Moneyfacts Pick of the Week
30 August 2018
The Moneyfacts.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.
Savings
Virgin Money
Virgin Money has increased the rate on its Double Take E-Saver, an easy access account that now pays 1.36% yearly or 1.35% monthly. Savers can invest from as little as £1 up to a maximum of £250,000. Unlimited additions are allowed, however only two withdrawals are permitted per year. This deal is for savers aged 16 or over and must be opened and operated online.
Savers looking for quick access to their funds will be intrigued by this latest increase from Virgin Money. Now paying 1.36%, the Double Take E-Saver is highly competitive and improves its position in the Moneyfacts.co.uk Best Buy charts. However, savers must be happy with the fact that they can only make two withdrawals per year before opening this account.
Vanquis Bank
Vanquis Bank has increased the rate on its five-year fixed rate bond, which now pays 2.68% on its anniversary or 2.65% monthly. Savers can invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and can be operated by post, by telephone and online.
Paying 2.68%, this five-year bond from Vanquis Bank is highly competitive, entering the Moneyfacts.co.uk Best Buys as a result. This decent rate is likely to be a popular choice for any saver looking to maximise their interest over the longer term, however with no early access to funds, savers must ensure they are happy with their initial deposit and the term from the outset.
Mortgages
Yorkshire Building Society
Yorkshire Building Society has reduced the rate on its two-year fixed rate mortgage, which is now priced at 2.87% to 31.12.20. This deal is for first and second-time buyers who wish to borrow between £50,000 and £500,000 at 95% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is included. This deal allows overpayments of up to 10% of the outstanding balance.
Borrowers with a small deposit of just 5% will be delighted by this latest update from Yorkshire Building Society. Priced at 2.87%, this deal heads straight into the Moneyfacts.co.uk Best Buy charts for first-time buyers. Coupled with a low fee and an incentive package of free valuation, this mortgage is a great choice for any cash-strapped borrower.
Yorkshire Building Society’s lending area includes Scotland.
Sainsbury’s Bank
Sainsbury’s Bank has reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.30% to 30.9.23. This deal is for first and second-time buyers who wish to borrow from £40,000 at 90% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and £250 cashback is included. This product allows overpayments of up to 10% of the outstanding balance. Successful mortgage applicants that are also Nectar cardholders will be eligible to receive ongoing cashback, in the form of 5% off their grocery bills in vouchers, for the first two years.
Sainsbury’s Bank’s 2.30% five-year fixed rate mortgage is highly competitive, earning a place in the Moneyfacts.co.uk Best Buys. As well as benefiting from a great rate, borrowers will be able to enjoy a fabulous incentive package including £250 cashback, making this an attractive option for those with a modest deposit.
Sainsbury’s Bank’s lending area includes Scotland.
