Moneyfacts Pick of the Week
06 September 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
Zenith Bank (UK) Ltd
Zenith Bank (UK) Ltd has increased the rate on its two-year fixed rate bond, which now pays 2.20% upon its anniversary. Savers can invest from £1,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and must be operated by post.
Paying 2.20%, this two-year bond from Zenith Bank (UK) Ltd is highly competitive, sitting comfortably towards the top of its sector, making it a great choice for anyone looking for a secure home for their savings. However, with early access to funds not permitted, savers will need to plan in advance when investing in this account.
Leeds Building Society
Leeds Building Society has reissued its regular saver, which pays 2.30% on maturity (1.9.19). Savers can start the account with as little as £50 and pay in up to £250 each month thereafter. Any missed payments can be made up in subsequent months. One penalty-free withdrawal is permitted. This deal is for savers aged 18 or over and can be operated in branch and by post.
Savers looking to kick-start a savings habit will be interested in Leeds Building Society’s regular saver. Paying 2.30%, this deal retains its place in the Moneyfacts.co.uk Best Buys. The added bonus of being able to make up any missed payments and take one penalty-free withdrawal is likely to make this an attractive option.
Mortgages
Sainsbury’s Bank
Sainsbury’s Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.85% to 30.9.20. This deal is for first and second-time buyers who wish to borrow from £40,000 at 75% loan-to-value. No fee is payable and an incentive package of free valuation is included. This product allows overpayments of up to 10% of the outstanding balance. Successful 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.
Priced at 1.85%, this two-year mortgage from Sainsbury’s Bank is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With no fee and an incentive package of free valuation, this deal is a cost-effective option for any borrower with the required 25% deposit.
Sainsbury’s Bank’s lending area includes Scotland.
Coventry Building Society
Coventry Building Society has reduced the rate on its variable rate for term mortgage, which is now priced at 2.39%. This deal is for all applicants who wish to borrow at 90% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is included for all borrowers, while free legal fees for those remortgaging is also available. This deal allows overpayments and has no redemption penalty.
Borrowers hoping to pay off their mortgage quicker than planned will be delighted by this latest update from Coventry Building Society. Priced at 2.39%, this deal is highly competitive and heads straight into the Moneyfacts.co.uk Best Buy charts. Borrowers looking for flexibility will also be pleased that unlike many mortgages, this deal allows unlimited overpayments, which will no doubt help towards the goal of being mortgage free quicker.
Coventry Building Society’s lending area includes Scotland.
Credit Cards
The Co-operative Bank
The Co-operative Bank has reviewed the rate on its Balance Transfer Credit Card Visa, which now offers 24 months of interest-free balance transfers. An introductory balance transfer fee of 1.00% is payable. A four-month interest-free period is also available for purchases, with purchases charged at 20.6% APR thereafter. Customers must be 18 or over and hold a current account with the provider. Applications for this card can be made in branch or online.
Current account customers with The Co-operative Bank looking to consolidate their debts will be interested in this balance transfer deal. Not only does this card offer a decent interest-free deal for balance transfers, but it also offers a low balance transfer fee, making it a good choice for those looking to save on upfront costs.
