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Moneyfacts Weekly Product News 16'/05/19

Moneyfacts Weekly Product News 16'/05/19

Category: Articles
Author: Nigel Woollsey
Date: 16/05/2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Tesco Bank

Tesco Bank has amended the rate on its easy access Internet Saver this week, which now pays 1.36% yearly. A bonus of 0.81% is included for the first 12 months on deposits up to £1 million, with this interest added at the end of the bonus term and not included with the annual interest paid. Savers can invest from £1 and withdrawals are permitted, albeit limited to a maximum of £10,000 to a non-Tesco Bank account and £100,000 to a Tesco Bank account. This deal, which must be opened online but can then be managed via its app as well, is for savers aged 18 or over.

This week, Tesco Bank reduced the rate paid on its easy access Internet Saver, but it remains one of the top rates in its sector, paying 1.36%. Savers who are looking for flexibility will be delighted by this deal, however they should bear in mind that the rate does carry a bonus, so they would be wise to make a note to review the account before this expires. This easy access deal comfortably sits within the Moneyfacts.co.uk Best Buy charts and earns an Outstanding product rating in the process.

Sainsbury’s Bank

Sainsbury’s Bank has increased the rate on its easy access Cash ISA, which now pays a variable rate of 1.45% on its anniversary on deposits of £500 or more. Savers can invest from £1, although a lower rate of 0.75% variable will be paid on deposits of less than £500. Further additions, withdrawals and transfers in from cash and stocks and shares ISAs are all permitted without restriction, with transfers out similarly allowed on a penalty-free basis. This account, which is for savers aged 18 or older, can be both opened and operated online or by telephone.

Now paying a variable rate of 1.45% yearly on balances of £500 or more, the Cash ISA from Sainsbury’s Bank is highly competitive, sitting comfortably towards the top of its sector. Savers who have been waiting to take advantage of their annual ISA allowance and are looking for flexibility will be delighted by this deal. This ISA takes a place in the Moneyfacts.co.uk Best Buys and earns an Outstanding product rating in the process.

HSBC

HSBC has reduced the rate on its three-year fixed rate mortgage, which is now priced at 2.09% to 31.7.22. This deal is available to all borrowers who wish to borrow from £10,000 up to £400,000 at 90% loan-to-value. A product fee of £999 is payable, but it includes an incentive package of free valuation, as well as free legal fees for remortgagors. This product allows overpayments of up to 20% of the mortgage payment each month.

This week, HSBC has reduced rates on several of its products, including this three-year fixed mortgage priced at 2.09% to 31.7.22. Unlike most deals, this product allows the option to overpay by up to 20% of the mortgage payment every month, adding some welcome flexibility for those borrowers who have the required 10% deposit/equity to secure this mortgage.

HSBC’s lending area does include Scotland.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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