Moneyfacts pick of the week

Last updated: 14 November 2024 at 09:20

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week I've analysed the following deals, along with their perks.

DF Capital has launched a new 90 Day Notice Account this week. The fourth issue pays 4.99% gross or 5.11% AER monthly at investments worth £1,000, the account takes the market-leading position in the monthly interest sector.

Earlier access is not permitted, so 90 days’ notice will need to be given for savers to access their cash, additionally they will need to withdraw a minimum of £1,000. On a positive note, further additions are permitted at any time via a nominated account. Overall, the deal earns an Excellent Moneyfacts Rating.

This week, Atom Bank has reduced the rates on its Fixed Savers, including its one-year fixed option. Despite the 0.10% cut, the account continues to offer an attractive rate when compared against its peers, paying 4.70% on the account’s anniversary.

It can be opened with as little as £50, so this may appeal to many savers looking for a guaranteed return. There is also a monthly interest option for those looking to supplement their income. It is important investors are comfortable with locking up their cash as earlier access is not permitted; however, further additions can be made for a week from the account opening. On assessment, this account receives an Excellent Moneyfacts product rating.

This week, Hodge Bank has increased the rate on its 2 Year Fixed Rate Bond, paying a highly competitive rate for its term. The account now pays 4.60% gross/AER on anniversary or 4.51% gross / 4.60% AER monthly for savers wishing to boost their income.

This may be a good option for investors looking for a guaranteed return on their deposits, however, they must be comfortable with locking away their investments as early access is not permitted. They may be glad to see that they can make further additions up to 14 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.

This week, Secure Trust Bank has launched a new range of fixed rate cash ISAs, including a 1 Year Fixed Rate Cash ISA. The account pays 4.47% and secures a competitive position within the market. Savers will need to invest a minimum of £1,000 but they may be glad to see that further additions can be made for 30 days.

Investors should consider any early access carefully as it will be subject to 90 days’ loss of interest payment and closure of the account. Overall, the deal earns an Excellent Moneyfacts product rating.

This week, United Trust Bank has increased the rate on its Cash ISA 3 Year Bond. Now paying 4.32%, it takes the market-leading position when compared against Cash ISAs with similar terms. Savers must have a minimum investment of £5,000, however, it would be wise to note that earlier access is permitted but will be subject to 320 days’ loss of interest. Further additions are not permitted, so investors will need to be happy with their initial deposit. Overall, this deal earns an Excellent Moneyfacts product rating.

Virgin Money has increased most of its fixed rate offerings in its residential range this week, including its five-year fixed rate mortgage at 95% loan-to-value. It has seen a small rise of 0.11% and is now priced at 5.14% until 1 January 2030. Borrowers with limited deposits may find this an enticing deal as it does not charge any product fees and comes with an attractive incentive package which includes a free valuation and £300 cashback.

Borrowers may also note that overpayments and payment holidays are permitted subject to arrangement, which may be a bonus. As such this enters the Moneyfacts 'Best Buys'. Overall, this deal earns an Excellent Moneyfacts product rating.

This week HSBC has made amendments across many of its fixed rates for landlords. One of the options to receive a smaller rise is its five-year fixed rate deal at 65% loan-to-value, which now charges 4.09% until 31 December 2029.

However, landlords must note that there is a large £3,999 fee attached, partially offset by a free valuation incentive. Overall, this product earns an Excellent Moneyfacts product rating.

The latest update from Barclaycard sees a reduction to the introductory purchase term on its Platinum All-Rounder Visa. Despite this cut, the deal sits in the market-leading position when compared against its peers in the 0% Introductory Balance Transfer and Introductory Purchase sector.

Adding to its appeal, borrowers are also able to transfer existing balances interest-free for 21 months; however, transfers must be made within the first 60 days. Furthermore, borrowers can expect to receive a range of lifestyle perks, including exclusive presale tickets on selected festivals with 10% off ticket prices and up to 15% cashback from selected retailers with Barclaycard Cashback Rewards. On assessment, the card earns an Excellent Moneyfacts product rating.