Moneyfacts pick of the week

Last updated: 25 April 2024 at 09:30

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.

QIB (UK) has increased the expected profit rates on a selection of its Raisin UK - Fixed Term Deposit accounts by up to 0.42% this week. Its one-year option takes a prominent position in its market and pays 5.15%. This may well be a tempting option for savers as it offers a competitive return compared to other bonds with similar terms currently available.

As is common with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access and further additions are not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating and a place in our top tables.

This week SmartSave has reduced the rate on its 2 Year Fixed Rate Saver by 0.12%. Despite the reduction to 4.96% it retains a competitive position in the top tables when compared against similar bonds.

Savers will need to invest a minimum of £10,000 but they are able to make further contributions for 14 days from the account opening. It should be noted that, much like other fixed term bonds, earlier access is not permitted. Overall, the account receives an Excellent Moneyfacts product rating.

This week Cynergy Bank has reduced the rate on its Online Easy Access Account. Receiving a small reduction of 0.05%, the account maintains a competitive position in its sector.

Savers will only need to invest as little as £1 to receive the 4.95% rate and may well entice those who value flexibility when accessing their cash. Overall, the deal earns an Excellent Moneyfacts product rating.

Charter Savings Bank has made a slight reduction to the rate on its 1 Year Fixed Rate Cash ISA this week, which now pays 4.66% AER. However, the deal retains a prominent position in the top rate tables when compared against other fixed rate ISAs currently available.

The deal may appeal to savers interested in investing for the full one-year term as any earlier access is subject to a 90-day loss of interest penalty. However, on a more positive note, further additions can be made for 30 days via a nominated account and savers can choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.

Bath Building Society has launched new one- and two-year fixed rate ISAs this week. The two-year option pays 4.60% and takes a competitive position in the market when compared against other fixed ISAs of a similar term.

Savers can invest as little as £1 into the account with further additions permitted at any time. Although earlier access is permitted, any withdrawal will be subject to 180 days’ loss of interest penalty. On assessment, this deal earns an Excellent Moneyfacts product rating.

This week, Vernon Building Society has increased selected fixed rates across its range, with the three-year option seeing a 0.10% rise. Now priced at 4.69% until 31.8.27, it’s available to all borrowers who have 20% equity in their home already.

Although there are no incentives, the deal does carry a smaller than usual product fee of £499 which may entice borrowers who wish to keep the cost of their mortgage low. On review, this product takes a highly competitive position in our top rate tables for the three-year fixed rate sector and an Outstanding Moneyfacts product rating.

Hanley Economic Building Society has launched a handful of new mortgage products this week, including a new two-year fixed mortgage at 95% loan-to-value priced at 5.49%.

The deal is not only competitively priced, but it also carries an attractive incentive package of free valuation for all and, for remortgage customers, contribution towards legal fees. Also, the deal does not charge any product fee, so this may be an ideal option for those looking to keep costs low. Overall, this deal receives an Outstanding Moneyfacts product rating.

HSBC has increased the fixed rate offerings for landlords this week by up to 0.25%, one of which includes the five-year fixed rate deal at 75% loan-to-value for all house purchase customers.

Despite the increase the deal maintains a prominent position and may still appeal to many borrowers as it charges 4.64% until 31 July 2029. There is an associated product fee of £1,999, however, landlords may be glad to see that there is a free valuation incentive included. Overall, this product earns an Excellent Moneyfacts product rating.

The latest update from Virgin Money sees a reduction to the balance transfer fee on its 27 Month Balance Transfer Credit Card to 3.20% for the first two months, however, it is worth noting this rises to 5% thereafter. This card takes a competitive position when compared to other balance transfer credit cards and may therefore be an ideal option for borrowers looking to transfer any existing balances with the benefit of being able to do so at a cheaper rate.

Adding to its appeal, this card also offers 0% on money transfers for 12 months. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.