Coventry Building Society has launched an easy-access Isa paying 1.4% a year. Savers can invest as little as £1. Additions and early access to funds are permitted, but transfers in are not accepted. This deal is for savers aged 16 and over and can be operated in branch, by post, by telephone and online.
It’s good because: Savers who are looking to kick-start their savings habit might be excited by this. It is reasonably priced, and the lack of withdrawal restrictions means it is likely to be a popular choice for those who have yet to invest this year’s tax-free allowance.
BM Savings has increased the rate on its easy-access Online Extra account, which now pays 1.6% (including a bonus of 1.1% for 12 months) on its anniversary. Savers can invest between £1,000 and £1m. Additions and early access to funds are permitted. This deal is for savers aged 18 and over and can be operated online only.
It’s good because: This is highly competitive and heads straight to the top of the market. It is one of a few easy-access accounts that beats inflation and should prove to be extremely popular.
West Bromwich Building Society has reduced its five-year fixed-rate mortgage, which is now priced at 3.14% until the end of 2019. This deal is for those who borrow between £25,001 and £500,000 at 75% loan-to-value (LTV). There is a fee of £499, which can be added to the advance. There is the flexibility of being able to make overpayments of up to £999 a month.
It’s good because: This is highly competitive and is among the five lowest rates in its sector. Unlike other low rates, there is a low fee, which will make this deal a cost-effective choice for many.
Tesco Bank has launched a two-year fixed-rate deal priced at 3.49% until the end of November 2016. It is for applicants who borrow from £40,000 at 90% LTV. There is a fee of £995 is payable, of which £800 can be added to the mortgage advance. Remortgage customers can enjoy a free valuation and free legal fees. Tesco Clubcard holders will receive one point for every £4 made in mortgage repayments, and there is the flexibility to make overpayments of up to 20% of the outstanding balance and take payment holidays.
It’s good because: Borrowers with small deposits of 10% will be delighted by this launch. It sits among the top five in its sector.