Product Spotlight: Online easy access accounts
Looking for an easy access savings account that can be managed online? Here are the top deals currently available.
• ICICI Bank UK tops the chart with its SuperSaver Savings Account paying 0.60% AER monthly. It requires a minimum investment of just £1 with unlimited further additions and withdrawals permitted, though savers must have or open a HomeVantage Current Account to qualify.
• Next up is Nationwide Building Society, with its 1 Year Triple Access Online Saver 10 paying a rate of 0.50% AER on its anniversary from a minimum investment of £1. Further additions are permitted without restriction, though it should be noted that only three penalty-free withdrawals are allowed during the one-year term, with a lower rate paid if this limit is exceeded. The account will revert to a Triple Access Online Saver after 12 months.
• Completing this overview is Virgin Money with its Instant Savings account paying 0.50% AER on a quarterly basis. It requires a minimum investment of £1 and permits unlimited further additions and withdrawals via a Virgin Money Current Account or nominated account. Savers must be new or existing Virgin Money Current Account customers to apply.
You can find more online easy access deals by heading to our chart.
Product Spotlight: Two-yr remortgage at 60% LTV
Looking for repayment certainty for the next two years? Here are the top two-year remortgage deals at 60% loan-to-value (LTV).
• Skipton Building Society comes out on top with its two-year deal priced at 1.14% (3.9% APRC) to 30 April 2023, before reverting to a discounted variable rate of 3.64% to 30 April 2026 then 4.64% variable for term. It comes with a fee of £995, while incentives include free valuation as well as free legal fees for remortgagors.
• Halifax is next with a rate of 1.17% (3.2% APRC) that’s fixed to 31 May 2023, before reverting to 3.59% variable. The deal is exclusively available to remortgage customers, and the fee of £995 is somewhat offset by the incentives of free valuation and legal fees.
• Lloyds Bank also has a two-year deal priced at 1.17% (3.2% APRC) to 31 May 2023, which reverts to 3.59% variable thereafter. The fee is £999 and it offers free valuation and legal fees as an incentive, while Club Lloyds members can benefit from £200 cashback, too.
Equity release rates at record low
Homeowners looking to release equity from their home through a lifetime mortgage will be pleased to learn that rates are at a record low, while the choice of products is at an all-time high. The research, which was carried out by Moneyfacts.co.uk, found that the average rate across all equity release products stands at 3.95%, the lowest it has been since Moneyfacts’ records began. Not only that, but the number of deals available currently stands at an all-time high of 488, offering more choice than ever before. So, is now the time to consider such a product?
How savers can get the best short-term fixed saving rates
Fixed rate bonds have long been popular with savers as they not only offer a fixed rate for the duration of their term, but also tend to offer the best savings rates overall. Indeed, today the top savings rate is available on a five-year fixed rate bond, but with rates across the charts at record lows, many are reluctant to lock in for that long. This is why many savers are considering short-term bonds instead.
A one-year or 18-month fixed bond offers the chance to secure higher rates than with easy access accounts, but also the ability to move their funds into a higher-paying account at the end of the term if rates have risen. Yet savers still need to ensure that they lock into the best possible rate now, in which case it may be prudent to choose a challenger or Sharia bank, as these banks are currently dominating the fixed bond charts.
Mastercard to increase European fees – how will this impact you?
Online shoppers buying from a Europe-based company could see an increase in prices if businesses decide to pass Mastercard’s planned European fee rise onto consumers, which is set to come into force on 15 October 2021. This will see Mastercard credit card transaction fees increase to 1.5%, up from its current rate of 0.3%, while the debit card transaction fee will rise to 1.15% from 0.2%. Although this is the fee charged to traders, some predict that companies will pass the charges onto consumers by increasing prices. How will this impact UK shoppers, and are there alternatives for those who still need to buy from the continent, such as travel credit cards or international money transfer? We take a look.
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