Best new money deals - December 4th

For those looking to ditch credit card debt...

  • The Co-operative Bank has launched a new balance-transfer credit card, which has a 24-month interest-free term for balance transfers. An introductory balance-transfer fee of 1.00 per cent is payable and customers must transfer balances within the first 60 days of the account opening. Purchases are charged at 18.0 per cent APR, with the first four months being interest-free. Borrowers must be at least 18 years old and have a minimum income of £10,000. Applications can be made in branch, online and by calling 0345 600 6000.
  • Verdict: This new balance transfer credit card from The Co-operative Bank is likely to attract attention by not only offering a decent interest-free deal of two years for balance transfers but also a low-balance transfer fee. It’s a great option for anyone looking to minimise the cost associated with debt transfers. As always, customers should aim to pay off the debt before the deal ends so that they do not incur any interest.

For those wanting to save for a house...

  • Virgin Money has launched a new easy-access account designed to complement its Help to Buy ISA offering, paying 1.30 per cent yearly or 1.29 per cent monthly. Savers can invest from £1 up to a maximum of £30,000. Further additions and withdrawals can be made at any time without penalty or notice. This deal must be operated online by those aged 16 or over.
  • Verdict: The Saving to Buy easy-access deal from Virgin Money paying 1.30 per cent yearly is highly competitive, earning it a place in the Best Buys as a result. This is likely to be a popular choice for anyone looking for a straightforward account to start building a savings pot.

For borrowers wanting a three-year fixed homeloan...

  • West Brom Building Society has reduced the rate on its three-year fixed-rate mortgage, which is now priced at 3.19 per cent to February 28, 2019. This deal is for house-purchase customers only who borrow between £40,000 and £500,000 at 90 per cent loan-to-value. A fee of £199 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation (maximum of £445) and a £500 cash rebate is available. This deal has the flexibility of being able to make overpayments of up £999 each month. West Brom’s lending area doesn't include Scotland.
  • Verdict: This is a highly-competitive offering. Boasting a great rate and an enticing incentive package of free valuation and a £500 rebate, this is likely to be a cost-effective option for anyone with a 10 per cent deposit, and heads straight into the Best Buys as a result.

For borrowers wanting a two-year fixed homeloan...

  • HSBC has reviewed its two-year fixed rate mortgage, which is now priced at 1.99 per cent until February 28, 2018. This deal is for all applicants who borrow up to £3 million at 80 per cent loan-to-value. No fee is payable and an incentive package of free valuation is available for all customers, while those remortgaging can also benefit free legal fees. This deal has the flexibility of being able to make overpayments of up to 20 per cent. HSBC’s lending area includes Scotland .
  • Verdict: Borrowers looking to take out a mortgage with a high street lender will be intrigued by this latest update from HSBC. This deal sits comfortably within the market and with the added combination of no fee and a great incentive package, this deal heads straight into the Best Buys.

Thanks to Charlotte Nelson at Moneyfacts.