Best money deals this week - July 17th

For easy-access savings…

  • BM Savings has increased the rate on its easy-access account, which now pays 1.60 per cent upon its anniversary including a bonus of 1.10 per cent for 12 months. Savers must invest from £1,000 up to a maximum of £1 million. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: Internet investors will be pleased by this latest update from BM Savings. Paying 1.60 per cent, this deal heads straight to the top of its sector. This will be a great option for those looking to kick-start their savings habit, but a review will be required before the bonus period expires to ensure that competitive returns are maintained.

For fixed-rate ISA savings…

  • Halifax has increased the rate on its two-year fixed-rate ISA, which now pays 2.00 per cent upon its anniversary or 1.98 per cent monthly. Savers can invest from £500. Additions are permitted within 60 days of the account opening while early access to funds is allowed subject to closure of the account and a penalty of up to 180 days’ loss of interest. Transfers in from both cash and stocks & shares ISAs are accepted. This deal is for savers aged 16 and over and can be operated in branch, online and by telephone.
  • Verdict: The 2.00 per cent two-year fixed-rate ISA from Halifax is highly competitive and heads straight into the Best Buys. This is likely to be an attractive option for savers looking to invest their tax-free allowance with a well-known brand.

For five-year fixed-rate mortgages…

  • Nottingham Building Society has reduced the cost of its five-year fixed-rate mortgage, which is now priced at 2.64 per cent until 1.12.20. This deal is for all applicants who borrow from £30,000 at 80 per cent loan-to-value. A fee of £999 is payable, of which £800 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 overpayments of up to 10 per cent of the outstanding balance. Nottingham Building Society’s lending area does not include Scotland .
  • Verdict: Borrowers looking for a longer-term fixed rate mortgage will be delighted by this latest update from Nottingham Building Society. Priced at 2.64 per cent, this deal sits just shy of the market-leader and boasts an impressive incentive package, which will appeal to borrowers looking to keep initial costs down.

For three-year fixed-rate mortgages…

  • Yorkshire Bank has launched a new three-year fixed-rate mortgage priced at 3.49 per cent to 30.9.18. This deal is for first-time buyers only who borrow at 90 per cent loan-to-value. No fee is payable and an incentive package of free valuation and a £250 cash rebate is available. This deal has the flexibility of being able to make regular overpayments. Yorkshire Bank’s lending area includes Scotland.
  • Verdict: Priced at 3.49 per cent, this three-year fixed-rate mortgage is highly competitive and sits within the top 10 of its sector. With a great incentive package of free valuation and a £250 rebate, this is likely to be popular choice among first-time buyers with a modest deposit.

For personal loans…

  • Sainsbury’s Bank has made significant cuts to the lower tiers of its personal loan. Customers can now apply for a loan of £5,000 over one to three years and get a market-leading 4.4 per cent APR loan. Customers must be 18 and over and a Nectar cardholder with a minimum annual income of £7,500. Applications can be made online or by telephone.
  • Verdict: The latest cuts by Sainsbury’s Bank focus on its lower tiers and in turn, make this loan highly competitive with a market-leading rate of 4.4 per cent APR for loans of £5,000 over one to three years. Borrowers will find this Moneyfacts Best Buy very cost-effective so it will be appealing to those looking to consolidate their debts, however, they must be a Nectar cardholder.

Thanks to Charlotte Nelson from Moneyfacts.

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