Best new money deals - February 26th

If you haven't yet used your ISA allowance…

  • Kent Reliance has reviewed its one-year fixed rate ISA, which now pays 1.45 per cent on maturity or 1.44 per cent monthly. Savers can invest from £1,000 and transfers in from other ISAs are welcomed. Early access is allowed subject to 180 days’ loss of interest. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online.
  • Verdict: Savers who have yet to invest this year’s tax allowance will have their interest piqued by this latest update from Kent Reliance. Entering the Best Buys, this deal is highly competitive and with the added bonus of early access to funds, albeit subject to a penalty, this deal is likely to be a popular choice for savers looking for some extra flexibility.

If you're looking for a savings boost…

  • Paragon Bank has tweaked its three-year fixed rate bond, which is now pays 2.20 per cent upon its anniversary or 2.18 per cent monthly. Additions are permitted within five days of the account opening; however, early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: The 2.20 per cent three-year fixed rate from Paragon is highly competitive, sitting within the top 10 of its sector and entering the Best Buys as a result. This should prove to be a popular option for savers looking to invest online over the shorter term.

If you're looking to borrow cheaply…

  • Ikano Bank has reduced rates on selected tiers of its unsecured personal loan. Customers can now apply for a competitive loan of £7,500 to £15,000 over one to five years with a rate of 3.4 per cent APR. Customers must be at least 18 and have a minimum income of £10,000 per annum. Applications can be made online.
  • Verdict: Ikano Bank earns an ‘excellent’ Moneyfacts personal loan rating following a reduction to its £7,500 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking for a cost-effective loan over the longer term.

Thanks to Charlotte Nelson at Moneyfacts.

  • There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.