Pick of the week

Check out this week’s best new financial deals

Savings

Hampshire Trust Bank has increased the rate on its two-year fixed-rate bond, which is now 2.35%. Savers can invest between £1,000 and £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated by post.

It’s good because: This might be a popular choice for those looking for a straightforward account with a competitive rate.

 

OakNorth Bank has launched a 12-month fixed-rate bond, which pays 2% on maturity. Savers can invest between £1,000 and £100,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated by post, by telephone and online.

It’s good because: This is a highly competitive rate from the newest bank on the market, and it sits comfortably within the top 10 of its sector.

 

Mortgages

HSBC has reduced its five-year fixed rate, which is now priced at 2.88% until the end of 2020. This deal is available to all applicants who borrow up to £400,000 at 90% loan-to-value (LTV). There is a fee of £1,499. Remortgage customers can benefit from free legal fees, while all borrowers have the flexibility to be able to make regular overpayments up to 20%.

It’s good because: Borrowers with modest deposits might like this update, which is the lowest priced offering in its sector.

 

Post Office Money has reduced its two-year fixed-rate mortgage, which is now priced at 1.85% until the end of 2017. This deal is for customers who borrow from £25,001 at 75% LTV. There is no fee, and remortgage customers can enjoy a free valuation and free legal fees. There is the flexibility to make overpayments of up to 10% of the outstanding balance.

It’s good because: The competitive rate coupled with no fee and good incentives for remortgage customers should make this a cost-effective option for many borrowers.