A bank account offering customers £200 has been hailed as 'excellent' by a financial expert. Moneyfactscompare has unveiled its Pick of the Week, highlighting what it considers to be the finest financial products currently available. This week's selections include savings accounts, mortgages, and current accounts, each rated with explanations as to why they've made the cut.
Moneyfactscompare Pick of the Week
Savings: Chip – Chip Easy Access Account
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: 'The latest update from Chip sees it increase the rate on its Chip Easy Access Account. The boost to 5.01% AER sees it take the market-leading position when compared to its peers.' However, she noted that the rate includes a six-month 1.51% AER bonus, so savers should review their deal once this expires. The account has no minimum deposit and allows further additions at any time. While access is permitted, savers are limited to penalty-free withdrawals; making four or more reduces the rate to 2.91% AER. Overall, this account receives an Excellent Moneyfacts product rating.
Mortgages: TSB – Five-Year Fixed Rate Mortgage, 85% Loan-to-Value
Caitlyn said: 'This week TSB has reduced a large selection of its fixed rates by up to 0.25%. One deal for remortgage customers is the five-year deal at 85% loan-to-value, now priced at a competitive 4.89% until August 31, 2031.' Borrowers should note that while this deal includes a £995 fee, it is offset by a generous incentive package including free valuation and either £300 cashback or free legal fees. Overpayments and payment holidays are permitted, subject to conditions. This deal earns an Excellent Moneyfacts product rating.
Buy-to-Let: HSBC – Two-Year Fixed Rate Mortgage, 60% Loan-to-Value
Caitlyn said: 'HSBC has reduced a selection of its fixed rate deals for landlords by up to 0.12%. The two-year option at 60% loan-to-value for second-time buyers is now priced at an attractive 4.86%.' The drop strengthens its position as a Moneyfacts Best Buy. In addition to being fee-free, landlords can enjoy a free valuation incentive, making this a great option for saving on upfront costs. The deal earns an Outstanding Moneyfacts Product Rating.
Credit Cards: Virgin Money – 36 Month Balance Transfer Credit Card Mastercard
Caitlyn said: 'Virgin Money has reduced the introductory balance transfer fee to 3.10% on its 36 Month Balance Transfer card.' This is one of the longest balance transfer terms available. However, the fee rises to 5% after the first two months. The card also offers 0% on purchases for the first three months, after which the standard rate of 24.9% applies. This card sits towards the top of the Moneyfacts Best Buy tables and earns an Outstanding product rating.
Banking: Barclays Bank – Bank Account
Caitlyn said: 'This week Barclays Bank has launched a new £200 switching offer on its Bank Account. Consumers must switch using the Current Account Switch Service (CASS) and meet other criteria to be eligible.' While the account does not offer credit interest or rewards, it provides a £15 interest-free buffer on arranged overdrafts. Separate to the offer, consumers can earn cashback through Barclays Cashback partners via Blue Rewards, at an extra cost. Overall, the account earns an Excellent Moneyfacts product rating. On top of this, the account also includes an Apple TV+ subscription, valued at £9.99 per month.
