Best new money deals - December 18th
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For those looking to borrow cheaply…

  • HSBC’s personal loans have been made available to new customers. You can now apply for a competitive loan of £7,000 to £15,000 over one to five years with a rate of 3.7 per cent APR. Customers must be 18 and over and have a minimum annual income of £10,000. Applications can be made online or by telephone.
  • Verdict: By opening up its personal loans to new customers HSBC has entered the Moneyfacts.co.uk Best Buys with its competitive deal of 3.7 per cent APR for loans between £7,000 and £15,000 over one to five years. This is a cost-effective choice for any borrower looking for a loan from a well-known brand.

For those wanting instant access to savings…

  • Shawbrook Bank has launched a new easy-access account, which pays 1.45 per cent yearly or 1.44 per cent monthly. Savers can invest from £1,000 up to a maximum of £50,000. Further additions and withdrawals can be made at any time without penalty or notice. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: Savers looking to kick-start a savings habit will be delighted by this latest launch from Shawbrook. Paying 1.45 per cent, this deal is highly competitive and enters the Moneyfacts.co.uk Best Buys. It is likely to be a popular choice for anyone looking to build an emergency nest egg.

For those wanting to lock away savings for three years…

  • Axis Bank UK has increased the rate of its three-year fixed bond, which now pays 2.55 per cent upon its anniversary or 2.52 per cent monthly. Savers must invest from £1,000 up to a maximum of £200,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated in branch or by post.
  • Verdict: This bond is highly competitive and subsequently cements its position within the Moneyfacts.co.uk Best Buys. This is a great choice for a saver looking for a straightforward fixed-rate bond; however, you must be comfortable tying up your money for the full term.

For those wanting to fix their mortgage repayments for two years…

  • Chelsea Building Society has launched a new two-year fixed-rate deal, which is priced at 3.64 per cent until January 31, 2018. This mortgage is for first and second-time buyers who borrow between £50,000 and £500,000 at 95 per cent loan-to-value. A fee of £1,675 is payable, of which £1,545 can be added to the advance of the mortgage. This deal has the flexibility to make overpayments of up to 10 per cent of the mortgage advance, make underpayments and take payment holidays. Chelsea Building Society’s lending area includes Scotland.
  • Verdict: The 3.64 per cent two-year fixed rate from Chelsea Building Society is highly competitive and enters the market as the lowest deal at 95 per cent loan-to-value. This is great option for any borrower with a modest deposit of 5 per cent who is looking to minimise their monthly repayments.

For mortgage borrowers looking to keep set-up costs low...

  • Newcastle Building Society has launched a new two-year fixed-rate mortgage, which is priced at 3.35 per cent to January 31, 2018. This deal is for all customers who borrow from £10,000 at 90 per cent loan-to-value. No fee is payable and an incentive package of free valuation and free legal fees are included. This deal has the flexibility of being able to make overpayments of up to £499 every month.
  •  Verdict: Borrowers with a 10 per cent deposit will be intrigued by this latest launch from Newcastle. This deal sits comfortably within the market, and with no fee payable and a great incentive package, this should be a popular choice for borrowers who are looking to keep initial costs down. Newcastle Building Society’s lending area includes Scotland.        

Thanks to Charlotte Nelson at Moneyfacts.

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