Product Spotlight: One-year fixed rate ISAs
As the end of the tax year approaches, it’s time to use your ISA allowance if you haven’t already done so. Here are the top one-year fixed rate ISAs that could be the ideal short-term home for your money.
• Monmouthshire Building Society takes the top spot with 1 Year Fixed Rate Cash ISA Issue 13 paying a market-leading fixed rate of 0.49% AER paid on maturity. It requires a minimum investment of £3,000 and accepts further additions and transfers in while the issue remains open, with earlier access only possible on closure of the account and the loss of 90 days’ interest. Transfers away from the account will incur the same penalty. It must be opened in branch, after which it can be managed online and by post as well.
• Next up is Paragon Bank, with 1 Year Fixed Rate Cash ISA paying 0.45% AER on its anniversary. It requires a minimum investment of £500, with further additions welcome for 15 days from initial deposit, and transfers in permitted. Early access is subject to 90 days’ loss of interest, the same penalty as applies to transfers away from this post and internet-operated account.
• Completing the top three is Yorkshire Building Society, with Fixed Rate Cash e-ISA until 30 April 2022 paying 0.45% on maturity. This internet-operated account requires a minimum investment of £100, with further additions welcome while the issue remains open. Transfers in are permitted, as are transfers away from the account, though access will only be possible on closure and a 60-day loss of interest penalty. A version of the account that accepts branch and postal applications is also available.
Product Spotlight: Five-year fixed remortgages
If you’re looking to remortgage and want long-term repayment certainty, a five-year deal could be for you. Here are the top five-year remortgage deals available direct.
• First up is HSBC, with a rate of 1.26% (2.8% APRC) that’s fixed to 31 May 2026 before reverting to 3.54% variable for term. It’s available at up to 60% loan-to-value (LTV) and has a fee of £1,499, with incentives of free valuation and legal fees.
• Next is NatWest, with a rate of 1.29% (2.8% APRC) fixed to 30 June 2026 before reverting to 3.59% variable for the remaining term. It’s available at up to 60% LTV and has a fee of £995, which is somewhat offset by the incentive package of free valuation and legal fees. This mortgage is also available through Royal Bank of Scotland.
• Santander completes this overview with a rate of 1.29% (2.6% APRC) that’s fixed to 2 July 2026, after which it will revert to 3.35% variable for term. Available at up to 60% LTV, it has a product fee of £999 and incentives of free valuation in England, Wales and Northern Ireland (or £95 towards fees in Scotland) and either £250 cashback on completion or free legal fees.
You can find more five-year remortgage deals by heading to our chart, or get a more personalised overview by speaking to our preferred mortgage broker, Mortgage Advice Bureau. Just follow this link or call 0808 149 9177.
What are the best ISA investment funds in March 2021?
For those looking for an alternative to cash saving, investing in a stocks & shares ISA could be a solution. Doing so opens up plenty of investment options, with opportunities to invest directly in the stock market and potentially earn far higher returns than saving in cash (though there’s also the potential of being left with less than you put in, so make sure to weigh up the risks). For many, investment platforms – such as that offered by interactive investor – can offer a convenient way to invest; you can find out more about this form of investing here, or read on to see the best investment funds in March 2021.
Remortgaging could help homeowners lower monthly repayments
One in three mortgage borrowers who have faced financial hardship due to the pandemic are planning to revert to their lender’s standard variable rate (SVR) when their mortgage term ends, according to research from Legal & General, which could see their monthly repayments increase at a time when many are looking to reduce outgoings. Instead, homeowners coming to the end of their fixed rate mortgage term, or who are already on their lender’s SVR, should consider remortgaging as a way to potentially reduce their monthly costs. Those thinking of going down this route should consider speaking to a mortgage broker for tailored advice and support, thereby ensuring they get the best deal for their needs.
How to spring clean your finances
Spring is officially here and, especially after the financial impact of the past 12 months, this is the perfect time of year for consumers to take stock and give their personal finances a spring clean. This is easy to do and could save money each month by switching to lower repayment options and evaluating existing deals, such as by remortgaging or switching savings accounts. Yet one of the most beneficial things to do could be to focus on debt – checking credit scores and making changes to improve things should be high on the list of priorities, and for those looking for ways to more effectively manage their debt, consolidating could be a solution (such as via a personal loan or by speaking to a secured loan broker). To find out more, here are the key areas to look at when taking stock of personal finances.
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