‘Outstanding’ Santander deal gives customers £250

An ‘outstanding’ deal from Santander giving customers £250 cashback has been marked out by a financial expert among her picks of the week.

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. They include mortgages and savings this week. The first deal highlighted is the Atom Bank five-year fixed saver.

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Climbing its way to the top Best Buy spot, this week Atom Bank has increased the rate on its five-year fixed saver to a market-leading 5%. The deal can be opened with as little as £50, however, further additions can be made for seven days from the account opening which may boost its appeal for some.

“As is the case with many fixed bonds, earlier access is not permitted meaning savers should be comfortable locking away their cash for the full term before committing. Savers looking to guarantee their returns will be pleased to see the return of 5% fixed bonds. On assessment, this account receives an Excellent Moneyfacts product rating.”

Also marked out was the Oxbury Bank Easy Access Summer Account.

Caitlyn said: “Oxbury Bank has launched a new Easy Access Summer Account this week, taking a competitive position as a Best Buy. The account pays an inflation-busting 4.22% AER, and as interest is paid monthly this may appeal to savers looking to give a boost to their income. While savers must deposit at least £1,000, they can benefit from unlimited penalty-free withdrawals as well as making further additions at any time, however, all transactions must be made via a nominated account.

“This account suits anyone searching for maximum flexibility. Overall, the deal earns an Excellent Moneyfacts product rating and is a Moneyfacts Best Buy.”

Turning to mortgages, the Santander 10-year fixed rate mortgage with a 90% loan-to-value scored highly.

Caitlyn said: “Among the many lenders to increase fixed rates this week, Santander has made rises of up to 0.19% across its range. One deal to see a slightly smaller rise is the 10-year fixed rate option at 90% loan-to-value, which is now priced at 5.74% until November 2, 2036.

“Despite the rise, this deal remains an Outstanding option for borrowers, particularly to those with smaller deposits. As part of the package, borrowers can benefit from an attractive incentive package, which includes a free valuation and £250 cashback, offsetting its £999 fee.

“The longer term may give borrowers much-needed peace of mind and may be an ideal option for those prioritising stability. On assessment this deal earns an Outstanding Moneyfacts product rating and a position as a Moneyfacts Best Buy.”

In the buy-to-let market, the HSBC two-year fixed rate mortgage with a 75% loan-to-value was mentioned.

Caitlyn said: “HSBC has increased a selection of its fixed deals by up to 0.14% this week. The two-year deal at 75% loan-to-value has seen a slightly lower rise of 0.11% to 4.70%. Despite the increase in rate, this deal continues to take a prominent position as a Best Buy and is an enticing option for landlords thanks to its free valuation incentive, which offsets the £1,999 fee. Overall, the deal earns an Excellent Moneyfacts Product Rating.”