Best money deals this week - October 22nd
redpiggy.jpg

To keep your savings away from the taxman… 

  • West Brom Building Society has launched a new easy-access ISA, which pays tiered rates of interest: 0.75 per cent yearly is paid on deposits of £1,000 up to £4,999, 1.10 per cent is paid up to £15,000 and 1.55 per cent is paid from £15,000 upwards. Additions and unlimited penalty-free withdrawals are permitted at anytime without notice. Transfers in from both cash and stocks & shares ISAs are also accepted. This deal is for savers aged 16 and over and must be operated online.
  • Verdict: Savers looking for a home for this year’s ISA allowance will be delighted by this latest launch from West Brom Building Society. Paying 1.55 pe cent, this deal enters the Moneyfacts.co.uk Best Buys and is great choice for anyone looking to start their ISA savings.

For 0% introductory credit cards… 

  • Sainsbury’s Bank has lengthened its introductory deal on its Nectar Purchase Credit Card, which now has a 25- month interest-free term for purchases. Purchases after the initial deal expires will then be charged at 18.9 per cent APR. An 18-month interest-free balance transfer term is also available, carrying a fee of 3.00 per cent (min £3.00).
  • Verdict: This latest update from Sainsbury’s sees the Nectar Purchase Credit card offer a Moneyfacts.co.uk Best Buy worthy deal of 0 per cent introductory purchases for 25 months. This is a great choice for those planning a large purchase over the Christmas period who want an extra bit of breathing space to make their repayments.

For five-year fixed-rate homeloans… 

  • Coventry Building Society has reduced the rate of its five-year fixed mortgage, which is now priced at 2.34 per cent until 31.12.20. 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 (max £670) is available for all borrowers, while those remortgaging can also benefit from free legal fees. This deal has the flexibility of being able to make overpayments of up to 10 per cent of the outstanding balance. Coventry’s Society’s lending area includes Scotland.
  • Verdict: Borrowers with a 35 per cent deposit will be excited by this latest update from Coventry which enters the market as the lowest deal in its sector and heads straight into the Moneyfacts.co.uk Best Buys as a result. As well as a great rate, this mortgage also has a good incentive package which includes free valuation and free legal fees for remortgage customers, making this a cost-effective choice for many.

For those wanting to remortgage to a cheaper deal… 

  • Skipton Building Society has reduced the rate on its two-year fixed mortgage, which is now priced at 2.59 per cent to 31.3.18. This deal is for remortgage customers only who borrow at 85 per cent loan-to-value. No fee is payable and 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. Skipton’s lending area includes Scotland.
  • Verdict: The 2.59 per cent two-year fixed rate from Skipton is reasonably priced in the market. Benefiting from no fee and a great incentive package of free valuation and free legal fees, this is likely to be a good choice for remortgagors who are looking to minimise upfront costs.

Thanks to Charlotte Nelson from Moneyfacts.

Find out about the new state pension top-up here. Plus how bank customers could be £70 better off here.