The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Skipton Building Society

Skipton Building Society has launched a new 160-day fixed rate bond paying 2.25% on maturity, with a monthly option paying 2.23%. Savers can invest from £500 up to a maximum of £5,000. Whilst no early access is permitted, additions are allowed while the issue remains open. This deal is available to savers aged 16 and over and can be operated in branch only.

To celebrate Skipton Building Society’s 160th anniversary it has launched the 160-day celebration bond. Paying 2.25%, this deal is highly competitive and is currently paying the highest rate in its sector. A competitive monthly option is available for those looking to supplement their income. This deal is likely to prove popular for those looking for a short-term account; however, savers will have to act fast as the account is only available until the 6th July.

Aldermore

Aldermore has re-launched its popular no notice account paying 1.50% upon its anniversary, with a monthly option paying 1.49%. Savers can invest from £1,000 up to a maximum of £1 million. The rate on this account is guaranteed to pay at least 1.00% above base rate until 1.11.13. Funds can be accessed without giving any notice, although all withdrawals must be made via a nominated account. This deal is available to savers aged 18 and over and can be operated by post, telephone and online.

Savers looking for an easy access account will be excited by this latest launch from Aldermore. Paying 1.50%, this deal sits in the top ten in its sector. The guarantee to pay at least 1.00% above base rate until 1st November is a bonus particularly in an unstable savings market.

Mortgages

Hinckley & Rugby Building Society

Hinckley & Rugby Building Society has reviewed its discounted variable rate for term, now priced at 3.19%. This deal is available to all borrowers who borrow from £50,000 at 80% loan-to-value. No fee is payable and an incentive package of free valuation for properties valued up to a maximum of £1 million and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments, underpayments, take a payment holiday, an offset facility and no early repayment charges.

Borrowers will not be disappointed by this latest deal from Hinckley & Rugby Building Society, which is now the market-leading rate in its sector. Not only does this deal offer no arrangement fee and a great incentive package, it also offers no penalty payable for early redemption giving borrowers the flexibility to exit the mortgage quicker than planned.

Yorkshire Bank

Yorkshire Bank has launched a new three-year fixed rate mortgage priced at 4.49% to 31.7.16. This deal is available to all borrowers who borrow from £25,000 at 90% loan-to-value. No fee is payable. An incentive package for remortgage customers of free valuation and free legal fees is available. This deal also has the added flexibility of being able to make overpayments.

The new 4.49% three-year fixed from Yorkshire Bank is reasonably priced for the market. This deal not only offers a good rate but borrowers can enjoy a great combination of no fee payable and an incentive package for remortgage customers, which is likely to be a popular choice for those who are looking to keep upfront costs to a minimum.

A typical school term now sets parents back around £4,765, that’s the equivalent of £14,295 a year, although this average grows to around £10,054 per term in the London area.

A number of schemes are available, however, to assist parents with the ever-rising cost of independent education.

Many schools accept payments in advance to save parents falling foul of price rises later in the school year, whilst payments can also be made via a monthly direct debit system, rather than paying a lump sum every term.

Consulting with a specialist independent financial adviser (IFA) to explore your various financial options can provide guidance and peace of mind, whilst it is worth checking out the savings market to plan ahead with school costs.

Despite rates in the savings market taking a hit of late, a range of savings accounts pay competitive rates, particularly in the fixed-rate market.

Fixed-rate bonds can be a good way of achieving the best rate, in return for leaving money untouched for between six months and five years.

Virgin Money leads the long-term fixed-rate savings market with its Fixed Rate E-Bond Issue 43. Paying a rate of 3.00% on 20.5.18, this account requires minimum investments of just £1. Access to funds is not permitted during the five-year term.

Parents looking to invest £1,000 or more may be tempted by FirstSave’s 5 Year Fixed Rate Bond 2nd Issue, paying 2.90% on its anniversary. Further additions and early access are not allowed, so you must be willing to invest as much as possible upon opening the account.

Using your annual ISA allowance can also be a beneficial way to save for your child’s education. Up to £11,520 can be invested tax-free over the 2013-14 tax year, £5,760 of which can be used in a cash ISA.

The ISA Saver (Issue 3) from Cheshire Building Society pays the highest cash ISA rate, with a tax-free return of 2.30%. It is important to remember, however, that 1.80% of the overall rate is offered as an introductory bonus until 31.10.14, meaning the rate will revert to just 0.50% once the bonus expires.

Regular savings accounts, often overlooked due to their strict terms and conditions, can also reward savers with competitive returns.

West Brom Building Society’s Fixed Rate Regular Saver pays a market-leading fixed rate of 4.10% over one year, in return for ten monthly payments between £10 and £250.

What next?

Compare the best savings rates
1 year fixed rate bonds
2 year fixed rate bonds
3 year fixed rate bonds
4 & 5 year fixed rate bonds
Find all the best cash ISAs with our Savings Search
Download your free guide to ISAs

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Sainsbury’s Bank

Sainsbury’s Bank has launched a new three-year fixed rate bond paying 2.35% upon its anniversary with a monthly option paying the same rate. Savers can invest from £5,000 up to a maximum of £250,000. No further additions or early access is permitted with this account. This deal is available to savers aged 18 and over and can be operated by telephone and online.

Sainsbury’s Bank has launched yet another great fixed rate bond. Priced at 2.35% for three years this is highly competitive sitting within the top ten in its sector. With the monthly option paying the same rate, this is a great deal for those looking to supplement their income. However, with no early access or additions permitted, investors must be comfortable with their initial deposit.

Derbyshire Building Society

Derbyshire Building Society has reviewed its two-year fixed rate ISA now paying 2.10% yearly. Savers can invest from £100. Additions are permitted whilst the issue remains open, early access is also allowed subject to 180 days’ loss of interest. A transfer in from another ISA is also permitted. This deal is available to savers aged 16 and over and can be operated in branch only.

This two-year fixed rate ISA from Derbyshire Building Society pays a competitive 2.10% and sits within the top ten in its sector. This deal also benefits from the added flexibility of additions whilst the issue remains open and early access subject to a loss of interest. For those looking to benefit early from their tax free allowance, this account should prove a popular choice.

Mortgages

Dudley Building Society

Dudley Building Society has launched a new two-year fixed rate mortgage priced at 2.49%. This deal is available to all borrowers who borrow between £25,000 and £300,000 at 75% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

The new 2.49% two-year fixed mortgage from Dudley Building Society is highly competitive and is amongst the lowest rates available in its sector. With a low fee this deal is likely to be a popular choice for those who are looking to keep upfront costs to a minimum.

Barnsley Building Society

Barnsley Building Society has launched a new two-year fixed rate mortgage priced at 3.99% to 30.6.15. This deal is available to all borrowers who borrow between £75,000 and £500,000 at 90% loan-to-value. A fee of £475 is payable, of which £345 can be added to the advance of the mortgage. An incentive package of free valuation and free legal fees for remortgage customers and £500 rebate on completion for first and second-time buyers is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance, make underpayments and take payment holidays.

Borrowers with a smaller deposit of 10% will not be disappointed by this latest deal from Barnsley Building Society. On rate alone this deal sits within the top ten in its sector. This deal also offers a great incentive package for all customers; which will make this straightforward mortgage an attractive option.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Vanquis Bank

Vanquis Bank has increased its two-year fixed rate bond now paying 2.31% upon its anniversary with a monthly option paying 2.29%. Savers can invest from £1,000 up to a maximum of £250,000. No further additions or early access to funds is permitted with this account. This deal is available to savers aged 18 and over and can be operated online only.

Vanquis Bank has bucked the recent trend with an increase to its two-year fixed rate bond. Now paying 2.31% this deal sits amongst the market leaders in its sector. With an attractive monthly option also available, this account is a great choice for those looking to supplement their income.

Virgin Money

Virgin money has launched a new one-year fixed rate ISA to its range paying 2.20% yearly. Savers can invest from as little as £1 up to a maximum of £2 million. Additions are allowed within 30 days of the account opening and early access is also allowed subject 120 days’ loss of interest. A transfer in from another ISA is also permitted. This deal is available to savers aged 16 and over and can be operated via branch, post and online.

This new one-year fixed rate ISA paying 2.20% from Virgin Money is highly competitive and is currently the market leader in its sector. For those looking to benefit early from their tax free allowance this straight forward deal should prove a popular choice.

Mortgages

Coventry Building Society

Coventry Building Society has launched a new variable tracker rate for term priced at 3.25%. This deal is available to all borrowers at 80% loan-to-value. A fee of £999 is payable of which £800 can be added to the advance of the mortgage. An incentive package of free valuation up to a maximum of £670 and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments, take payment holidays and has no penalty payable for early redemption.

The new 3.25% variable tracker rate for term is highly competitive and is amongst the lowest rates available in its sector. Accompanying this deal is a great incentive package of free valuation and free legal fees for remortgage customers. With no penalty payable for early redemption this package offers borrowers the added flexibility to exit their mortgage quicker than planned.

Halifax

Halifax has launched a new seven-year fixed rate priced at 4.99% to 31.8.20. This deal is available for first-time buyers only who borrow up to a maximum of £1 million at 90% loan-to-value. No fee is payable. An incentive package of 100% of the stamp duty being paid on properties with a purchase price between £125,001 and £250,000 or £250 rebate for properties £125,000 and under. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% per year and take payment holidays.

First-time buyers looking for a long-term mortgage deal will be surprised by this latest deal from Halifax. Offering a combination of a reasonable rate of 4.99% and no arrangement and  a great incentive of 100% of the stamp duty being paid on  properties with a purchase price over £125,000 to a maximum of £250,000 or £250 rebate for properties £125,000 and under; could make this deal a popular choice for those looking to minimise any upfront costs.

Combining a market-leading rate of 3.99% to 30 June 2023, this mortgage also boasts an upfront arrangement administration fee of just £130 and the flexibility to make overpayments of up to 10% of the outstanding balance.

Whilst the majority of mortgage borrowers have traditionally preferred to fix their term for at least two years, a growing number are turning to the long-term market in the current financial climate.

Offering an alternative to the usual two and five year terms, ten-year home loans provide peace of mind to borrowers seeking long-term mortgage security during continued uncertain economic times.

Product manager at Yorkshire Building Society, Brendan Gilligan, claimed the mutual had created its latest deal in response to increased demand from borrowers.

“We’ve seen strong demand for our 10-year fixed rate mortgages in the past so we’re pleased to be able to offer this option once again,” he said.

Research from Moneyfacts.co.uk found that two years ago, just 3 ten-year fixed-rate mortgages featured in the market, two of which, incidentally were offered by the aforementioned lender. Today, that number has grown to 13 deals.

It is common knowledge that mortgage rates have dropped dramatically following the launch of the Government’s £80 billion Funding for Lending Scheme last summer. Lenders appear to be taking full advantage issuing headline-grabbing rates as a result of lower funding costs, whilst borrowers clamber to apply for the most competitive rate.

Whilst two and five-year fixed-rates have been cut to record lows, the lesser-talked about long-term market has also witnessed significant changes.

The average ten-year fixed-rate stands at 4.35% today, 1.14% less than in 2011, whilst the top rate offered in the sector has fallen over the same two-year period from 4.99% to 3.99%.

Of course, the long-term mortgage market clearly still has some way to go before it can come even close to competing against the popular short-term sector. However, product launches such as those by Yorkshire Building Society, along with improving rates and product numbers, certainly suggest that lenders are beginning to sit up and take notice of the growing demand from borrowers who are committed to fixing their mortgage term for a decade.

What next?
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The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Vanquis Bank

Vanquis Bank has reviewed is three-year fixed rate bond now paying 2.51% upon its anniversary with a monthly option paying 2.48%. Savers can invest from £1,000 up to a maximum of £250,000. No further additions or early access to funds is permitted with this account. This deal is available to savers aged 18 and over and can be operated via the internet only.

The three-year fixed rate bond from Vanquis Bank pays a highly competitive 2.51% and is now the market leader for its sector. With an attractive monthly option also available, this account should prove a popular choice for those who are looking for a straightforward fixed rate.

Bank of Scotland

Bank of Scotland has amended its Young Saver account now paying 2.97% per quarter up to £20,000, with 0.50% being paid on any portion over this amount. Savers can invest from as little as £1.  The account must be held by an adult on behalf of their child and can be operated in branch only.

The Young Savers account paying 2.97% from Bank of Scotland is very competitive and now sits amongst the market leaders in the children’s account sector. This account is likely to prove a popular choice for parents who are looking to kick-start their child’s savings habit.

Mortgages

Nottingham Building Society

Nottingham Building Society has launched a new five-year fixed rate mortgage priced at 3.64% to 1.8.18. This deal is available to all borrowers who borrow from £30,000 at 80% loan-to-value. A fee of £999 is payable of which £800 can be added to the advance of the mortgage. An incentive package of free valuation fees and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

Borrowers will not be disappointed by this attractive offer from Nottingham Building Society. This deal offers a highly competitive rate of 3.64% and great incentive package of free valuation fees and free legal fees for remortgage customers. This deal will prove a popular choice for those looking for a great overall package.

Norwich & Peterborough Building Society

Norwich & Peterborough Building Society has launched a new three-year fixed rate mortgage priced at 2.49%. This deal is available to all borrowers who borrow from £25,001 at 60% loan-to-value. A fee of £295 is payable all of which can be added to the advance of the mortgage. An incentive package of free valuation, £200 rebate for house purchase customers and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments, make underpayments and take payment holidays.

The new 2.49% three-year fixed rate mortgage from Norwich & Peterborough Building Society is highly competitive sitting in the top ten in its sector. A low fee of £295 is payable and borrowers will benefit from a great incentive package of free valuation, free legal fees for those remortgaging and £200 rebate for house purchase customers; which will help keep initial costs to a minimum.

Discussing research by Moneyfacts.co.uk, which revealed the average mortgage fee now stands at a record high of £1,522, Sylvia explains how mortgage lenders have inflated their fees at the same time as offering up highly competitive mortgage rates.

Sylvia Waycot on BBC Radio 5 Live discussing mortgage arrangement fees by Moneyfacts

Transcription:

Stephen Nolan: Now, your fees for new mortgages have risen to a record high. The average has risen by £112 since the start of the year to £1,522, with most of the increase appearing this month. The figures have been compiled by the financial information firm, moneyfacts.co.uk. Their editor is Sylvia Waycot. Morning to you Sylvia.

Sylvia Waycot: Good morning.

SN: Good morning. This kind of flies in the face of what the government certainly has been trying to do. They have been trying to reduce the cost of borrowing, to encourage the property market to be buoyant again.

SW: Yeah. They’ve lent a lot of their banks and building societies money to do just that; to get the mortgage market kick-started again. And one of the things that they’ve been doing is they’ve been bringing out these new lower rates, which is great. We all want that. The problem is a lot of them are going out, sort of shouting about the fact that it’s their lowest rate ever or whatever, but the truth is that a lot of these products have got really high fees and the fees are just going up, at the same time that the rates are coming down.

SN: Why?

SW: Well, that’s the question. The fees are administrative costs and they have increased by 8% since January. So, there is no logic to it, apart from the fact that it’s an upfront charge. So, everybody that takes the mortgage pays it.

SN: Yeah. The average fee for a five-year fixed rate mortgage, for which a buyer can only get a 10% deposit, has doubled since last month, doubled. £746 according to your figures to £1,433.

SW: Yeah, it’s that particular band of the market, where all the really low rates have come out. So, it’s interesting, it’s really interesting to see that quietly the fees have gone up. And that’s really what we’re saying, that the message I’m trying to get people to take onboard is: “Don’t just look at the rate, make sure that you look at the fee as well.” Because if you add the two together, it can make what looks a great deal to start off with mediocre or actually not as good.

SN: Current fee levels are the highest recorded by Moneyfacts in 25 years.

SW: I know. They’ve never been as high as they are now and nothing much has changed.

SN: Okay.

SW: So, justify that.

SN: Interesting stuff. Thank you very much, indeed.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Sainsbury’s Bank

Sainsbury’s Bank has launched a new two-year fixed rate bond paying 2.30% upon its anniversary. A monthly option is also available paying the same rate. Savers can invest from £5,000 up to a maximum of £50,000. No further additions or early access to funds is permitted with this account. This deal is available to savers aged 18 and over and can be operated via the internet only.

The two-year fixed rate bond from Sainsbury’ Bank pays a highly competitive 2.30% and heads straight to the top ten in its sector. This account should prove a popular choice for those who are looking for a straightforward fixed rate account. However, with no early access or additions permitted savers must be comfortable with the amount they invest from the outset.

Skipton Building Society

Skipton Building Society has reviewed its one-year fixed bond now priced at 2.05% upon its anniversary with a monthly option paying 2.03%. Savers can invest from £500 up to a maximum of £1 million. Further additions are permitted whilst the issue remains open; however, no early access is allowed. This deal is available to savers aged 16 and over and can be operated by branch or via the internet.

The one-year fixed rate bond paying 2.05% from Skipton Building is very competitive sitting in the top ten of its sector. For those looking to supplement their income a monthly option is also available at a slightly reduced rate.

Mortgages

The Co-operative Bank

The Co-operative Bank has reviewed selected fixed rates across its range including the popular five-year fixed rate now priced at 3.69% to 30.6.18. This deal is available to all borrowers who borrow from £25,000 at 85% loan-to-value. A fee of £999 is payable; however, those who hold a current account with the bank will benefit from not being charged an arrangement fee. An incentive package of free valuation and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance, make underpayments and take payment holidays.

Borrowers will be excited by this latest five-year fixed rate from The Co-operative Bank. Priced at 3.69%, this deal sits comfortably towards the top of its sector. A great incentive package for remortgage customers of free valuation and free legal fees is available, helping keep any upfront costs to a minimum. Those who hold a current account with The Co-operative Bank will receive the added benefit of no arrangement fees payable.

Coventry Building Society

Coventry Building Society has launched a two-year fixed rate offset mortgage priced at 2.75% to 30.6.15. This deal is available to all borrowers who borrow at 65% loan-to-value. A fee of £499 is payable, of which £300 can be added to the advance of the mortgage. An incentive package of free valuation up to a maximum of £670 and free legal fees for remortgage customers is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance and take payment holidays.

The new 2.75% two-year fixed rate offset mortgage from Coventry Building Society is highly competitive sitting in the top ten in its sector. A low fee of £499 is payable and borrowers will benefit from an incentive package of free valuation and free legal fees for remortgage customers. With savings rates currently low this deal is likely to be a popular choice.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Nationwide Building Society

Nationwide Building Society has launched Easy Saver ISA..This no notice ISA pays 2.25% yearly and includes a bonus of 1.75% until 31.10.14. Savers can invest from as little as £1. This deal is available to savers aged 16 and over and can be operated by branch and internet only.

The Easy Saver ISA from Nationwide Building Society pays a competitive 2.25% sitting within the top ten for its sector. With penalty-free no notice withdrawals, this account offers great flexibility for investors. This deal should appeal to savers looking to make the most of their tax free allowance early. However, the rate will need to be reviewed before the bonus period ends to ensure competitive returns are maintained.

FirstSave

FirstSave has reviewed its five-year fixed rate bond which now pays 2.90% upon its anniversary on a minimum investment of £1,000. For those looking to supplement their income a monthly option is available paying 2.86%; however, the minimum investment required for this is £5,000. No early access or additions are permitted with this account. This deal is available to savers aged 18 and over and can be operated via internet only.

This latest update from FirstSave sees its five-year fixed rate bond now pay 2.90%. This deal maintains its market-leading position within its sector. For those looking to supplement their income and who have a minimum investment of £5K, a monthly option is also available at a slightly reduced rate. Offering no earlier access or additions, investors will need to be able to lock away their funds for the whole term.

Mortgages

Post Office

Post Office has revamped its mortgage range including its two-year fixed rate now priced at 3.49% to 31.5.15. This deal is available to all borrowers who borrow from £25,001 at 80% loan-to-value. No fee is payable. An incentive package of free valuation and free legal fees for remortgage customer is available. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance (minimum £500 per year).

Borrowers will not be disappointed by this latest two-year fixed rate from the Post Office. Priced at 3.49%, this rate is reasonably competitive in the market. The combination of no fee and great incentives of free valuation and free legal fees for remortgage customers; will help borrowers to ensure upfront costs are kept as low as possible.

Loughborough Building Society

Loughborough Building Society has launched a new discounted variable rate for two years priced at 2.89% (2.10% discount). This deal is available for remortgage customers only who borrow between £25,000 and £300,000 at 80% loan-to-value. A fee of £99 is payable, all of which can be added to the advance of the mortgage. Help towards legal fees is also available as an incentive with this deal. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

The new 2.89% two-year discounted variable for remortgages only from Loughborough Building Society is reasonably competitive. The low fee and the added incentive of help towards legal fees should keep set up costs low, appealing to those who are looking to switch deals.

What Next?

Find the best savings rates for you – Compare savings accounts

Find the best mortgage rate – Compare the best mortgage

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are all up there with the best deals in their respective fields.

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Savings

Sainsbury’s Bank

• Sainsbury’s Bank has re-entered the fixed rate bond market with the launch of a three-year option paying 2.40% upon its anniversary or a monthly option paying the same rate.
• Savers can invest from £5,000 up to a maximum of £50,000.
• No early access or additions are permitted with this account.
• This deal is available to savers aged 18 and over and can be operated by internet and telephone only.

Paying 2.40%, this new three-year fixed rate bond from Sainsbury’s Bank is highly competitive and sits comfortably within the top ten of its sector. Savers who are looking to supplement their income will be pleased to see that the monthly option pays the same rate. In common with many fixed bonds, no earlier access or additions are permitted so investors need to be certain they can commit funds from the outset.

West Brom Building Society

• West Brom Building Society has launched a new no notice account paying 2.05% yearly, including a 0.55% bonus until 31.5.14, or a monthly option paying 2.03%.
• Savers must invest from £10,000 up to a maximum of £100,000.
• Although no notice is required to access funds, a 90 days’ loss of interest penalty will apply to those who make more than four withdrawals a year.
• This account is available to savers aged 16 and over and can be operated by post and telephone only.

This new no notice account paying 2.05% from West Brom Building Society is extremely competitive and currently is the market leader in its sector.  This account should appeal to those looking for quick and easy access to funds. Although only four penalty-free withdrawals are permitted, this is unlikely to deter those who are aiming to maintain their savings. A review will be required before the bonus period expires to ensure competitive returns are maintained.

Mortgages

Tesco Bank

• Tesco Bank has reduced selected rates across its range, including the three-year fixed rate now priced at 2.79% to 30.6.16.
• This deal is available to all borrowers who borrow from £40,000 at 75% loan-to-value.
• A fee of £195 is payable.
• An incentive package is available for remortgage customers of free valuation and free legal fees.
• Tesco Clubcard holders will also receive 1 Clubcard point for every £4 made in mortgage repayments.

This deal also has the added flexibility of being able to make overpayments up to a maximum of 20% of the outstanding balance per year as well as make underpayments and take payment holidays. Borrowers will not be disappointed by this latest three-year fixed rate from Tesco Bank. Priced at 2.79%, this rate is reasonably competitive in the market. Offering a low fee of £195 and great incentives for remortgage customers of free valuation and free legal fees, this deal represents good value for money. Alongside this, Clubcard holders will receive the added benefit of extra points to spend in store.

Furness Building Society

• Furness Building Society has reduced its three-year discounted variable rate to 3.04% (2.04% discount).
• This deal is available to all customers who borrow between £20,000 and £500,000 at 80% loan-to-value.
• A fee of £999 is payable, all of which can be added to the advance of the mortgage.
• The incentive package for remortgage customers includes a free valuation up to a maximum of £335 and free legal fees or £150 towards legal fees.
• This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the mortgage advance per year.

The 3.04% three-year discounted variable rate from Furness Building Society is highly competitive in its sector, sitting in the top ten in the market. Remortgage customers can enjoy a great incentive package of free valuation up to a maximum of £335 and free legal fees or £150 towards legal fees, which should make this deal a popular choice.

What Next?

Find the best savings rates for you – Compare savings accounts

Find the best mortgage rate – Compare the best mortgage