Moneyfacts pick of the week

Last updated: 9 May 2024 at 09:10

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.

This week, National Bank of Egypt (UK) Limited has increased the rates across its Raisin UK - Fixed Term Deposits. The one-year option now pays 5.10% and may appeal to savers looking for a competitive return over the short-term, but the account must be opened with a minimum investment of £10,000.

Earlier access and further additions are not permitted, so careful planning from the outset will be essential. Overall, the deal receives an Excellent Moneyfacts product rating.

Close Brothers Savings has launched a new 2 Year Fixed Rate Bond this week, paying 4.95%. It takes a competitive position in the market when compared against other bonds of similar terms.

Savers will need to invest a minimum of £10,000 and they may be glad to hear that further additions can be made for 10 days from the account opening; however, it is worth noting that early access is not permitted. Overall, this deal earns an Excellent Moneyfacts product rating.

Improving its overall position in the market this week, Charter Savings Bank has increased the rate on its 1 Year Fixed Rate Cash ISA, which now pays a competitive 4.71%. Savers will need to make an initial £5,000 minimum investment, however, for those who wish to do so, further additions can be made for 30 days from the account opening.

It would be sensible for investors to carefully consider earlier access as any access before the one-year term ends is subject to a 90-day loss of interest penalty. Savers can also choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.

MPowered Mortgages has reduced several of its fixed rates for house purchase customers this week. Seeing a small cut of 0.08% is its three-year fixed rate mortgage at 75% loan-to-value. Now priced at an appealing 4.69%, the deal is available through selected intermediaries.

Attached, there is a reasonable upfront product fee of £999 and a generous incentive package of a free valuation. The reduction, along with its incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.

Barclays Mortgage has reduced a handful of its fixed rate offerings within its residential range this week. The deal to see the largest cut of 0.39% is the two-year fixed rate deal at 85% loan-to-value, which pays an appealing 5.18% until 30.6.26. The deal gains a prominent position in the market and may entice borrowers looking to save on the upfront cost of their mortgage.

They may find this an attractive option as the deal does not charge any upfront fee and comes with an incentive package, which includes a free valuation. Those who wish to save on their monthly payments in the future have the option to make overpayments. On assessment, this deal keeps its spot as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.

HSBC has launched a new range of buy-to-let fixed rates for landlords this week. One of the offerings is a five-year fixed rate deal at 60% loan-to-value charging an enticing 4.29% for all house purchase customers.

Landlords may notice that there is a large arrangement fee of £3,999, however, this is outweighed by the low rate and attractive incentive package which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.