Moneyfacts Finance Expert Rachel Springall looks at some of the latest products and rate changes to hit the UK consumer finance market in January 2020.
With the murmurings of a possible base rate cut in 2020, finding the best deals could be a stressful and challenging task. Fortunately, Rachel Springall, a Finance Expert at Moneyfacts.co.uk, is on hand to help.
Rachel has uncovered the following products that could help to get your finances on track as we begin 2020:
Best Savings Deal
Cynergy Bank – Online Easy Access Account – Issue 27
Commenting on the deal, Rachel says: “Cynergy Bank has reduced the rate paid on its Online Easy Access Account by 0.05% this week but still holds a prominent position in the market. Now paying 1.31%, this deal may entice savers looking for some flexibility with their cash and have as little as £1 to start up a savings pot.
As this rate includes a 0.56% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.75%. The deal earns an Excellent Moneyfacts product rating in the process.”
Key product details:
- Rate: 1.31% gross/1.31% AER, payable on its anniversary
- Notice/term: No notice
- Minimum opening amount: £1
- Maximum investment amount: £1 million
- Access: Unlimited withdrawals and access permitted
- Further additions: Permitted
- Opening account: Online
- Managing account: Online
- Other information: Minimum applicant age 18, rate includes an introductory bonus of 0.56% for 12 months.
Best Mortgage Deals
West Brom Building Society – Five-year fixed-rate mortgage, 95% loan-to-value
Rachel says: “West Brom Building Society has reduced the rate on its five-year fixed-rate mortgage this week, which is available to house purchase customers. Now priced at 2.89%, the deal comes with an incentive of free valuation and does not charge a product fee. As a result, this package may appeal to borrowers who have the required 5% deposit and are aiming to keep their initial costs down.”
Key product details:
- Rate: 2.89% fixed to 31.3.25
- Product fee: None
- Maximum loan-to-value: 95%
- Available to: House purchase customers
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: England and Wales.
Principality Building Society – Three-year fixed-rate mortgage, 85% loan-to-value (via selected intermediaries)
Rachel says: “This week, Principality Building Society has made various changes to selected fixed rates in its range, with its three-year fixed deal reducing by 0.03%. Now priced at 2.05%, the deal carries an incentive package and does not charge a product fee, which may attract borrowers looking to save on the upfront cost of their deal.
All borrowers will receive a free valuation, but remortgage customers will be offered a free legal fees incentive. The deal earns an Outstanding Moneyfacts product rating in the process.”
Key product details:
- Rate: 2.05% fixed to 30.4.23
- Product fee: None
- Maximum loan-to-value: 85%
- Available to: All borrower types
- Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
- Flexible features: Allows overpayments
- Lending area: England and Wales.
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