For balance transfer credit cards...
- Lloyds Bank has lengthened its Balance Transfer Credit Card MasterCard, which now has a joint longest introductory balance transfer deal of 36 months. The card charges an introductory balance transfer fee of 3.00 per cent and purchases will be charged at 18.9 per cent APR after a six-month introductory period expires. Customers must make a transfer within 90 days to benefit from the 0 per cent interest period. Applications must be made online.
- Verdict: Now offering one of the longest balance transfer deals in the market, this deal from Lloyds Bank heads straight for the top of the best buys table. This card will no doubt prove a popular option for borrowers looking to consolidate their debts. However, this card is accompanied by a balance transfer fee of 3.00 per cent, so customers would be wise to compare the upfront fee with others on the market to ensure the best deals is obtained.
For 18-month fixed-rate savings....
- United Trust Bank has launched a new 18-month fixed rate bond, paying 2.00 per cent upon its anniversary. Savers can invest from £500 up to a maximum of £500,000. Additions and early access to funds is not permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.
- Verdict: The 2.00 per cent 18-month fixed rate bond from United Trust Bank is highly competitive and sits towards the top of its sector. This will be a great choice for savers looking to maximise their interest over the shorter term. However, with no early access to funds, savers will need to be happy locking their money away.
For one-year fixed-rate ISAs...
- Nationwide Building Society has increased the rate on its one-year fixed rate ISA, which now pays 1.65 per cent upon its anniversary or 1.60 per cent monthly. Savers can invest from as little as £1. Additions are not permitted, but it is possible to transfer in existing ISA savings. Early access to funds is allowed subject to closure of the account and 90 days’ loss of interest. This deal is for savers aged 16 and over and can be operated in branch and online.
- Verdict: Savers looking for a high-street brand will be excited by this latest update from Nationwide Building Society. Priced at 1.65 per cent, this one-year fixed-rate ISA is highly competitive and heads straight into the best buys. This will be an ideal account for those looking for a home for their tax-free savings.
For two-year discount-rate mortgages...
- Leek United Building Society has reduced its two-year discounted variable rate, which is now priced at 1.59 per cent (3.60 per cent discount). This deal is for all applicants who borrow between £30,000 and £500,000 at 75 per cent loan-to-value. A fee of £199 is payable upfront. An incentive package of refunded valuation fees is available and this deal also has the flexibility to make overpayments. Leek United Building Society’s lending area does not include Scotland.
- Verdict: The 1.59 per cent two-year discounted rate is highly competitive and is a best buy as a result. Not only does this deal offer one of the lowest rates in its sector, but borrowers can also enjoy a low fee and an incentive package of a refunded valuation, which will no doubt prove to be a cost-effective choice for many.
For five-year fixed-rate mortgages...
- Virgin Money has launched a new five-year fixed rate mortgage, priced at 2.94 per cent to September 1, 2020. This deal is for remortgage customers only who borrow up to a maximum of £1m at 80% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and free legal fees is available. 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: Remortgage customers will be delighted by this latest launch from Virgin Money. Priced at 2.94 per cent, this five-year fixed-rate mortgage sits comfortably in the market. With the added bonus of a low fee and a great incentive package of free valuation and free legal fees, this will be a great option for those looking to borrow with a high street lender.
Thanks to Charlotte Nelson from Moneyfacts
- Plus find out more about Renault's new market-beating savings account here.