Best new money deals this week - May 7th
pigglasses.jpg

For fixed-rate savings...

  • Kent Reliance has increased the rate on its one-year fixed-rate bond, which now pays 1.85% on maturity or 1.83% monthly. Savers must invest from £1,000. Additions are not permitted but early access to funds is allowed subject to 180 days’ loss of interest. This account can be operated in branch, by post and online.
  • Verdict: This 1.85% one-year fixed rate is highly competitive, sitting within the top five of the market. This product is ideal for savers looking for a straightforward fixed rate over the shorter tem.

For fixed-rate ISAs...

  • Skipton Building Society has increased the rate on its two-year fixed rate ISA, which now pays 1.80% upon its anniversary or 1.79% monthly. Savers can invest from £500. Additions are permitted while the issue remains open and early access to funds is allowed subject to closure of the account and 180 days’ loss of interest. 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 online.
  • Verdict: Savers looking to make the most of their tax-free allowance will be excited by this latest update from Skipton Building Society. Paying 1.80%, this deal heads into the Moneyfacts.co.uk Best Buys. Unlike many fixed rate ISAs, customers will be able to benefit from the flexibility of early closure and additions.

Plus don’t forget Pensioner Bonds are on sale until May 15th. You can find out more about them here.

For two-year fixed-rate mortgages...

  • Woolwich from Barclays has reduced its two-year fixed rate mortgage, which is now priced at 1.75% to 30.6.17. This deal is for all customers who borrow between £5,000 and £1 million at 75% 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 available. This deal has the flexibility to make overpayments of up to 10% of the outstanding balance. Woolwich from Barclays’ lending area includes Scotland .
  • Verdict: Borrowers looking for a well-known high street lender will be excited by this latest update by Woolwich from Barclays. Priced at 1.75% for two-years, this deal is reasonably priced for the market. With a great incentive package for remortgage customers, this will no doubt be a cost-effective choice for many.

For three-year fixed-rate mortgages...

  • Leeds Building Society has launched a new three-year fixed rate mortgage, priced at 3.19% to 31.7.18. This deal is for all applicants who borrow up to £500,000 at 85% loan-to-value. A fee of £199 is payable. An incentive package of free valuation up to a maximum of £560 is available to all borrowers, while remortgage customers can also receive free legal fees. This deal has the flexibility of making overpayments of up to 10% of the outstanding balance. Leeds Building Society’s lending area includes Scotland.
  • Verdict: The 3.19% three-year fixed rate from Leeds Building Society sits comfortably in the market. The added benefits of a low fee of £199 and a great incentive package of free valuation and free legal fees for those remortgaging will make this a great option for those looking to keep initial costs down.

Thanks to Charlotte Nelson from Moneyfacts