Nationwide 'outstanding' deal where customers get 'extra £500'

A deal from Nationwide where customers could earn up to £1,000 has been highlighted as 'outstanding'.

It comes as Moneyfactscompare.co.uk reveals its Pick of the Week, which showcases the best of the latest products or rate changes to hit the consumer finance market. It covers savings accounts, mortgages and current accounts this week.

In the savings market, the UBL UK – 1 Year Fixed Rate Cash ISA was marked out by the experts.

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk , said: “ This week, UBL UK has increased the rates on a handful of its Fixed Rate Cash ISAs. The one-year option fares best and takes the market-leading position paying 4.71%. Savers looking to make the most of their tax-free earnings may find this an enticing deal.

"They will need to invest at least £2,000 but, adding to its appeal, further additions are permitted for 10 days from account opening. Like many fixed ISAs earlier access is permitted, but it should be considered carefully as savers will be subject to account closure and a 90 days’ loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

The Principality Building Society Online Bonus Triple Access ISA was also highlighted.

Caitlyn said: “Principality Building Society has increased the rate on its Online Bonus Triple Access ISA this week. The boost to 4.25% sees it take a competitive position as a Best Buy and may appeal to tax-savvy savers looking to maintain a small degree of flexibility.

"However, this rate is inclusive of a generous 12-month 1.90% bonus, so it’s crucial that savers review their rate once it expires, otherwise they will see their returns drop significantly. Savers can open this account with as little as £1, and further additions are permitted at any time via a nominated account.

"While withdrawals are permitted, savers are limited to three per tax year, so they should be considered carefully. Overall, this earns an Excellent Moneyfacts product rating.”

Turning to mortgages, the Nationwide Building Society's two-year fixed rate mortgage, 95% loan-to-value was called 'outstanding' in the round-up.

Caitlyn said: “Nationwide Building Society has reduced the majority of its fixed rate offerings with cuts of up to 0.15%. One deal to see a slightly smaller reduction of 0.10% is now priced at 5.34%, taking the lead position as a Best Buy for first-time buyers.

"This deal may be an attractive option for buyers with a limited deposit and for those looking to save on upfront costs, as there is no product fee and a generous incentive package which includes a free valuation incentive and £500 cashback.

"For borrowers with qualifying properties, they could also receive up to an extra £500. Overall, this product earns an Outstanding Moneyfacts product rating.”

In the buy-to-let market, HSBC's five-year fixed rate mortgage with a 65% loan-to-value was selected.