Best new money deals - January 27th

For a competitive savings account…

  • Charter Savings Bank has launched a new 100-day notice account, which pays a variable rate of 1.85 per cent upon its anniversary or 1.83 per cent monthly. Savers must invest from £1,000 up to a maximum of £250,000. Additions are permitted and an unlimited number of withdrawals can be made, provided 100 days’ notice is given. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: Charter Savings Bank has set the market on fire with its highly-competitive 1.85 per cent 100-day notice account. Sitting in the Best Buys, this is a great choice for savers looking for a straightforward account. However, with 100 days notice needed before savers can access funds, they must ensure they are happy to plan their withdrawals in advance.

For a competitive savings bond…

  • Milestone Savings has increased the rate on its five-year fixed rate bond, which now pays 3.20 per cent upon its anniversary. Savers must invest from £10,000 up to a maximum of £1 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated by post, by phone and online. This account is Sharia’a compliant and the rate displayed is the expected profit rate.
  • Verdict: Investors looking for a long-term home for their savings will be delighted by this latest update from Milestone Savings. Paying 3.20 per cent, this deal enters the top of the Best buys. However, as early access to funds is not permitted, savers need to ensure they have enough funds leftover for life's little emergencies.

For a low-cost 10-year mortgage…

  • Woolwich from Barclays has reduced the rate of its 10-year fixed-rate mortgage, which is now priced at 2.99 per cent to March 31, 2026. This deal is for all applicants who borrow between £5,000 and £1 million at 80 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 for those remortgaging of free valuation and free legal fees is available. This deal has the flexibility of being able to make overpayments of up to 5 per cent. Woolwich from Barclays’ lending area includes Scotland.
  • Verdict: Borrowers looking for a long-term mortgage deal will be surprised by this latest offer from Woolwich from Barclays. At 2.99 per cent, this deal is highly competitive and enters the Best Buys as a result. With the extra bonus of the incentive package for remortgage customers, this deal will be a popular choice for borrowers who are looking for the extra security a 10-year fixed rate provides.

For those looking to clear debt cheaply…

  • Halifax has temporarily increased the 0 per cent interest balance transfer term on its Balance Transfer Credit Card MasterCard. This deal now has a 40-month interest-free term for balance transfers with an introductory fee of 2.95 per cent (after a partial refund). Borrowers must be at least 18 years old and applications must be made online. This offer lasts until February 15, 2016.
  • Verdict: With many looking to get their finances in order for the start of the new year, it is great to see a highly-competitive balance transfer deal up for grabs. Offering 40 months interest-free, this deal sits comfortably at the top of the Best Buys and is likely to be a popular choice among borrowers looking to clear their credit-card debts over the longer term. However, customers considering this deal will need to act fast as this offer will end on February 15.

Thanks to Charlotte Nelson at Moneyfacts.

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