Best money deals this week - October 16th
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For two-year fixed-rate savings…

  • Paragon Bank has reviewed its two-year fixed-rate bond which now pays 2.30 per cent upon its anniversary or 2.28 per cent monthly. Savers must invest from £1,000 up to a maximum of £100,000. Additions are permitted within five days of the account opening, but no earlier access is allowed. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: Internet investors will be intrigued by this latest update from Paragon Bank, which sees its two-year fixed-rate bond enter the Moneyfacts.co.uk Best Buys. Priced at 2.30%, this deal would make a great choice for anyone looking to maximise their interest over the shorter term.

For five-year fixed-rate ISAs…

  • Julian Hodge Bank has tweaked its five-year fixed-rate ISA, which now pays 2.50 per cent yearly. Savers must invest from £5,000. Additions are not permitted but, early access is allowed subject to closure and the payment of a penalty. 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, by post and by telephone.
  • Verdict: This ISA is highly competitive, sitting within the top five in the market. This deal would make a great choice for anyone who has yet to utilise this year’s tax-free allowance.

For two-year fixed-rate mortgages for first and second-time borrowers…

  • Chelsea Building Society has amended the priced of its two-year fixed-rate mortgage, which now has a price of 1.84 per cent to 31.1.18. This deal is for first and second-time buyers only who borrow between £25,000 and £5 million at 75 per cent loan-to-value. No fee is payable and an incentive package of free valuation and a £250 rebate upon completion of the mortgage. This deal has the flexibility of being able to make overpayments, underpayments and take payment holidays. Chelsea’s lending area includes Scotland.
  • Verdict: This mortgage is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. As well as a great rate, this mortgage also has a fantastic incentive package allowing borrowers to earn £250 upon completion of the mortgage, which when coupled with the absence of any fees, will no doubt make this a popular choice for borrowers who are looking reduce costs.

For two-year fixed-rate mortgages for all borrowers…

  • Leeds Building Society has reduced the rate on its two-year fixed-rate mortgage, which is now priced at 1.90 per cent to 30.12.17. This deal is for all borrowers, with first and second-time buyers being able to borrow between £5,000 and £500,000 and remortgage customers being able to borrow between £25,001 and £500,000 at 75 per cent loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. This deal has the flexibility of being able to make overpayments of up to 10 per cent of the outstanding balance.
  • Verdict: This latest update from Leeds has made this deal highly competitive. Priced at 1.90 per cent, it sits comfortably within the top 10 of its sector and is a great option for those looking to secure low monthly repayments.

 Thanks to Charlotte Nelson from Moneyfacts.

Find out about the new state pension top-up here.