UK Savings, Mortgages and Credit Card Picks of the Week

By: MoneyFacts

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 provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, and any perks, that have appeared this week:

Savings

RCI Bank UK - Five-year fixed term savings account

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week RCI Bank UK has launched a highly appealing five-year fixed rate saving account paying 2.60%, which has taken a place towards the top of its sector. This straightforward bond may well attract savers looking to invest over the longer-term with its attractive rate and it earns an Excellent Moneyfacts product rating as a result.”

Key product details:

Rate: 2.60% gross/2.60% AER, payable on its anniversary, 2.57% monthly
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Permitted within 30 days of account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18

Mortgages

Coventry Building Society – Two-year fixed mortgage, 75% loan-to-value

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Borrowers with a 25% deposit/equity searching for competitive mortgage package will be delighted by this deal from Coventry Building Society. Not only has the rate been cut by 0.20% to stand at 1.59% this week enhancing its overall appeal, but the deal also includes an incentive package of free valuation for all borrowers, and for remortgage customers legal fees are free too. As a result, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 1.59% fixed to 30.9.21
Product fee: £999, can be added to mortgage advance
Maximum loan to value: 75%
Available to: All borrower types
Incentives: Free valuation for all, remortgage customers get free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain

Yorkshire Building Society – Two-year fixed mortgage, 65% loan-to-value

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week Yorkshire Building Society has increased the rate on its two-year fixed mortgage by 0.03%, to stand at 1.69%. Despite the rise, the deal continues to carry an incentive of free valuation and charges a reasonable product fee of £495, making it an attractive choice for any borrower looking to save on the upfront cost of their mortgage. This deal earns an Excellent Moneyfacts product rating as a result.”

Key product details:

Rate: 1.69% fixed to 30.9.21
Product fee: £495, can be added to mortgage advance
Maximum loan to value: 65%
Available to: All borrower types
Incentives: Free valuation for all
Flexible features: Allows overpayments, underpayments and payment holidays
Lending area: Great Britain

Cards

Sainsbury’s Bank – Purchase credit card

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week Yorkshire Building Society has increased the rate on its two-year fixed mortgage by 0.03%, to stand at 1.69%. Despite the rise, the deal continues to carry an incentive of free valuation and charges a reasonable product fee of £495, making it an attractive choice for any borrower looking to save on the upfront cost of their mortgage. This deal earns an Excellent Moneyfacts product rating as a result.”

Key product details:

Introductory rate for purchases: 0% for 26 months
Introductory rate for balance transfers: 0% for three months
Standard Interest rate for purchase: 20.9% APR
Balance transfer fee: 3% or minimum £3
Card fee: N/A
Opening account: Online and by phone
Managing account: Online, by phone and by post
Other information: Minimum age 18, Nectar card points scheme

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

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