UK Savings Virgin 3% ISA; Mortgages Leeds Building Society 2.39% Fix

By: MoneyFacts

The Moneyfacts 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

Secure Trust Bank

Secure Trust Bank has launched a market-leading five-year fixed rate bond paying 3.01% yearly. Savers can invest from £1,000 up to a maximum of £1 million. No early access or additions are permitted. This deal is available to savers aged 18 and over and can be operated by post and telephone and taken out online.

This brand new bond from Secure Trust Bank becomes the top paying five-year fixed bond on the market. At 3.01%, it’s only bested by a seven-year bond available elsewhere. As with most other fixed accounts, savers won’t be able to access their money early or top up the investment so they need to be content with their initial deposit.

Virgin Money

Virgin Money has improved the rate on its three-year fixed ISA paying 2.20% yearly. Savers can invest from as little as £1. ISA transfers in are permitted but transfers out will be subject to 120 days loss of interest. This deal is available to savers aged 16 and over. There is the online only ISA option or the branch and postal option, which allows access through all channels.

Savers who have yet to utilise their ISA allowance or those who want to switch to a good deal will appreciate this option from Virgin Money. Unlike many best buy ISAs this deal allows transfers in, whilst for those starting up the savings habit it has a small requirement of £1 to be deposited. With a rate of 2.20% over a three-year fixed period it sits comfortably in the top ten deals of the same term.

Mortgages

Leeds Building Society

Leeds Building Society has launched a new two-year fixed rate deal priced at 2.39% to 30.11.15. This deal is available to house purchase customers who borrow a minimum of £5,000, whilst £25,000 plus is the minimum for remortgage customers at 65% loan-to-value. A fee of £199 is payable. House purchase customers get a package of free valuation, up to a maximum cost of £335, included. Remortgage customers will benefit from free legal fees. Customers can make overpayments up to a maximum of 10% of the outstanding balance.

Leeds Building Society has launched a good two-year fixed package priced at 2.39%. While there are lower rates available elsewhere on a similar term, this deal benefits house purchase customers with a free valuation incentive and remortgage customers with free legal fees. The low upfront fee of £199 is also reasonable, helping borrowers trying to keep upfront costs down.

HSBC

HSBC has improved its variable rate tracker mortgage now priced at 2.69% (Base Rate + 2.19%). This deal is available to all customers up to a maximum of £1 million at 70% loan-to-value. There is no upfront fee and for those remortgaging an incentive of free legal fees is available. All other borrowers will benefit from free valuation fees. This deal also has the added flexibility of allowing overpayments.

Already a ‘Moneyfacts Best Buy’ this deal has been further improved by a rate cut and maintains its incentive package of free valuation for all borrowers and free legal fees for those who remortgage. This package combined with no upfront fee will be ideal for customers who may struggle to pay for upfront costs. As it’s a variable deal customers will need to keep a close eye on the rate and future interest rate announcements.

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