Best money deals this week - July 10th

Best money deals this week - July 10th
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For squirrelling cash away for 18 months...

  • Charter Savings Bank has launched a new 18-month fixed-rate bond paying 2.15 per cent upon its anniversary or 2.13 per cent monthly. Savers must invest from £1,000 up to a maximum of £250,000. Additions are permitted within 14 days of the account opening but early access to funds is not allowed. This deal is for savers aged 18 and over and can be operated online only.
  • Verdict: Internet investors will be delighted by this new launch from Charter Savings Bank. Priced at 2.15 per cent, this 18-month fixed-rate bond is highly competitive and heads straight into the Moneyfacts Best Buys. However, with no early access to funds, savers will need to be happy locking their money away.

For savers over 50...

  • Saga has launched a new two-year fixed-rate bond paying 2.10 per cent upon its anniversary or 2.08 per cent monthly. Savers can invest from as little as £1 up to a maximum of £10 million. No additions are permitted, but early access to funds is allowed subject to a penalty of up to 180 days’ loss of interest depending on the term remaining. This deal is for savers aged 50 and over and must be operated by post.
  • Verdict: The 2.10 per cent two-year fixed-rate from Saga is highly competitive and sits comfortably within the top 10 of its sector. With a monthly option available and the flexibility of early access to funds (albeit subject to a penalty), this deal will no doubt appeal to over-50s who are looking to supplement their income.

For tracker mortgages... 

  • Coventry Building Society has reduced its variable tracker -  a mortgage which tracks the Bank of England base rate - for term, which is now priced at 1.69 per cent. This deal is for all applicants who borrow at 65 per cent loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation is available for all borrowers, while those remortgaging will also be offered free legal fees. This deal has the flexibility of being able to make unlimited overpayments as well as take payment holidays. It also benefits from no redemption penalty. Coventry’s lending area includes Scotland .
  • Verdict: At 1.69 per cent, this variable-rate tracker for term has been competitively priced and offers the lowest rate available in its sector, while the addition of a generous incentive package means that this deal heads straight into the Moneyfacts Best Buys. Borrowers looking for flexibility will also be pleased that this product has no penalty for early redemption, unlike many other mortgages, which means that borrowers may be able to exit the mortgage quicker than planned. 

For three-year fixed-rate homeloans... 

  • Virgin Money has revamped its three-year fixed rate mortgage, which is now priced at 2.39% to 1.10.18. This deal is for all customers who borrow up to £1 million at 80% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of a £300 cash rebate is available for house purchase customers while those remortgaging will be offered free valuation and free legal fees. This deal has the flexibility of being able to make overpayments of up to 10 per cent of the outstanding balance and take payment holidays. Virgin Money’s lending area includes Scotland.
  • Verdict: Those looking to borrow with a high-street lender will be excited by this latest update from Virgin Money. Priced at 2.39 per cent, this three-year fixed rate is highly competitive and sits towards the top of the market. The addition of a great incentive package means that this is likely to be a popular choice with borrowers.

For 0% credit cards...

  • Virgin Money has lengthened its introductory deal on its All Round Credit Card MasterCard, which now has a 24-month interest-free introductory offer for purchases and balance transfers. An introductory balance transfer fee of 1.00% is charged. Purchases after the initial deal expires will be charged at 18.9% APR. To benefit from the balance transfer deal, customers must make a transfer within 60 days. Applications can be made online or by phone.
  • Verdict: This latest update from Virgin Money sees the All Round Credit Card MasterCard offer the longest ever 0 per cent deal for introductory purchases, heading straight to the top of the Moneyfacts.co.uk Best Buys. This is a great choice for those with a large purchase who are looking for an extra bit of breathing space.

 Thanks to Charlotte Nelson from Moneyfacts.

  • There's more money savers in every issue of Yours magazine, out every fortnight on a Tuesday.