State Bank of India has launched a two-year fixed-rate Isa, which pays 2% a year. Savers can invest from £5,000. Early closure is permitted subject to 30 days’ notice being given, with a 1% loss of interest. Transfers in from cash and stocks & shares Isas are accepted. This deal is for savers aged 18 and over and can be operated in branch, by post and online.
It’s good because: This enters the sector as a joint market-leader and heads straight into the best buys.
Close Brothers Savings has increased the rate on its two-year fixed-rate bond, which now pays 2.25% on its anniversary. Savers can invest between £10,000 and £1m. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated by post and online.
It’s good because: Savers looking for a straightforward fixed-rate bond might like this update.
Nationwide Building Society has reduced the rate of its two-year fixed mortgage, which is now priced at 3.89%. This deal is for first-time buyers only who borrow between £25,000 and £250,000 at 95% loan-to-value (LTV). A fee of £999 is payable, all of which can be added to the advance of the mortgage. A free valuation and a £500 cash rebate is available. Borrowers who hold a Flex current account with Nationwide will receive an additional £250 cash rebate. Overpayments of up to 10% of the mortgage advance per year and underpayments are allowed.
It’s good because: First-time buyers with small deposit might be attracted to this. As well as a competitive rate, it has a fantastic incentives package.
Skipton Building Society has launched a variable-rate mortgage priced at 1.49% (0.99% plus base rate) for two years. This deal is for customers who borrow at 60% LTV. There is a fee of £995, which can be added to the loan advance. Remortgage customers can enjoy a free valuation and free legal fees. Overpayments of up to 10% of the outstanding balance and payment holidays are allowed.
It’s good because: This is reasonably and has great incentives for remortgage customers.
Virgin Money has launched a 38-month balance transfer Mastercard. Balance transfers have an introductory fee of 2.79% (minimum of £3). Purchases are charged at 18.9% APR. Borrowers can also enjoy 38 months interest-free money transfers, with a 4% fee. Applicants must be at least 18 years old, and applications can be made online and by phone.
It’s good because: This deal sits comfortably in the best-buy tables and is likely to be a popular choice for borrowers looking to clear their credit-card debts over the longer term. The 38-month interest-free term on money transfers is the longest available.