Product Spotlight: 12-month fixed rate bonds
A 12-month bond could be the ideal short-term home for your money, and with competition ramping up in the sector, now’s a great time to see what’s out there. Here are the top 12-month bonds currently available.
Gatehouse Bank leads the way with its Fixed Term Green Saver paying a market-leading expected profit rate of 1.10% AER on maturity. This account requires a minimum investment of £1,000, after which no further deposits can be made and there is no access to funds prior to maturity, and savers must both apply for and manage the account online.
Next up is UBL UK, with its 1 Year Fixed Term Deposit paying 1.06% AER on maturity from a minimum investment of £2,000. No further additions will be allowed, but unusually, earlier access is possible, though this is at the bank’s discretion and will result in 90 days’ loss of interest. The account can be opened online, in branch, by post or via mobile app, after which it can be managed by phone as well. You can find out more on the provider’s website. Alternatively, if you’re seeking a Sharia-compliant account, there’s a version available (1 Year Islamic Fixed Term Deposit) that pays the same rate on an expected profit basis.
Zopa also pays 1.06% AER on its 1 Year Fixed Term Savings, a 12-month bond that requires a minimum investment of £1,000 and pays interest monthly. Further additions are welcome within 14 days of account opening but earlier access won’t be possible, with the full term always having to be served. The account must be applied for online and can then be managed via mobile app as well.
To find more of the best 12-month fixed rate bonds head to our chart.
Product spotlight: 10-year fixed rate remortgages
If you’re looking to remortgage and want repayment certainty for the next decade, a 10-year deal is where to turn. Here are the top options currently available.
Taking the top spot is Virgin Money, with a rate of 1.95% (2.7% APRC) that’s fixed to 1 October 2031, before reverting to 4.09% variable for term. Exclusively available to remortgagors with a 35% deposit (65% loan-to-value), it has a fee of £995 as well as incentives of free valuation and legal fees, and it permits overpayments and payment holidays, too. Speak to the provider to find out more.
Next up is Barclays Mortgage with a rate of 1.99% (2.6% APRC) fixed to 31 August 2031, after which it reverts to 3.59% variable. It’s available at up to 60% LTV and has a fee of £999, while its incentives for remortgagors include a free valuation as well as free legal fees or £250 cashback. Overpayments are also permitted. Speak to a broker for more information.
Completing the top three is Nationwide Building Society with a rate of 1.99% (2.6% APRC) that’s fixed for 10 years before reverting to 3.59% variable for the remaining term. Available at up to 60% LTV, it’s got a fee of £999 and incentives of free valuation and either free legals or £500 cashback, with underpayments and payment holidays also permitted. Find out more by speaking to our broker partner.
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How to maximise your monthly budget
A combination of rising inflation and increased spending as lockdown restrictions ease means that many consumers who saw a rise in disposable incomes during the pandemic could start to see their finances being squeezed. Indeed, inflation is expected to exceed 3% in the coming months, and although the Bank of England is expecting above-target inflation to only be temporary, many consumers will be looking for ways to cut back on their monthly spending. Others who were able to save more during lockdowns may be keen to continue the habit and as such may be looking for ways to realise their savings goals. Either way, these tips on how to maximise monthly budgets – from finding the best 0% credit card and remortgage deals, to shopping around for insurance and comparing energy providers – should help.
How to save money on your next remortgage
With remortgage rates from as low as 0.94% in the charts, borrowers could save thousands of pounds by locking into a new mortgage deal. Here we look the best ways homeowners can save money by remortgaging in 2021, highlighting the recent mortgage rate war while encouraging consumers to look beyond rate alone and consider the total cost of the mortgage – as well as any early repayment charges – before they take the plunge, and find out why speaking to a mortgage broker could be invaluable.
Time is running out to get cashback switching deals
Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks. For example, first direct’s 1st Account switching offer of £125 cashback is due to end on 12 July, and it’s thought that HSBC’s similar perk of £125 cashback on its Advance or Premier Account may not be around for much longer, as although only launched on 10 June, its previous switching offer was only available for five weeks. Yet although such offers may be tempting, Rachel Springall, finance expert at Moneyfacts.co.uk, warns that consumers should carefully compare different accounts to ensure they’re getting the best deal, particularly if they’re seeking overdraft facilities.
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Deal of the week
Your pet is part of the family, and you’ll want to be confident that their medical bills can be covered should the need arise. But that doesn’t mean you want to spend a fortune, which is why seeking the right pet insurance is key – and if you’re looking for an affordable yet five-star rated option, Bought By Many could be the insurer for you. With lifetime policies and cover of up to £15,000 available, as well as free unlimited video calls with a qualified vet 24/7, multi-pet discounts, and even policies that can pay back 20% of your premium each year if you don’t make a claim, it’s easy to see why they’re award-winning. Find out more and get a quote today.