Moneyfacts.co.uk – weekly product update 16/07/2008
Moneyfacts.co.uk team comments on:
- Savings for Rugby fans
- Saga launches internet account
- New players top the charts
- Nationwide withdraws its PPI products
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:
Savings for Rugby fans
“With the start of the Rugby World Cup just weeks away, rugby fans may be pleased to see the launch of three new affinity accounts from Chelsea BS.
“The selection of accounts which donate to rugby clubs is much smaller than those available to football fans, with only a total of only six accounts to choose from. Fans of Bristol Rugby Club, Warrington Wolves, Bath Community Foundation and Bradford Bulls will find specialist accounts from Britannia, Chelsea BS, Stroud & Swindon and Yorkshire BS whereas as the new Chelsea accounts Call – Direct, Regular Saver and Mini Rugby saver will donate to the RFU.
“You won’t find a best buy rate, but the account do pay an decent rate and importantly, make a 1% to your chosen club or the RFU. You may also be able to bag yourself some freebies or discounts into the bargain. The Chelsea accounts offer two free tickets to the next Emirates Sevens held at Twickenham, and with their children’s saver an England Piggybank too.
“Loyal rugby followers can provide additional financial support to their club just by choosing a rugby linked savings account.”
Saga launches Internet savings account
“Saga has expanded its range of over 50s accounts with the launch of a new internet account Online Savings, paying a best buy rate of 6.20%. While this rate is very competitive, savers would be wise also to check out the Northern Rock account, which pays 0.10% more and doesn’t include a bonus, like the Saga deal. For those aged over 60, the Coventry Sixty-Plus eSave offers the top-paying rate of 6.40%.
“However, it must be remembered that other internet accounts are available to everyone, paying slightly higher rates, such as 6.26% from Bradford and Bingley and 6.25% from Sainsbury's Bank.
“Savers should not assume that specialist accounts will always offer the best rates. Better rates can often be found on accounts available to the whole market. ”
Company |
Account |
Gross |
AER |
Notice |
Age min |
Min |
Introductory Bonus |
Coventry BS |
Sixty-Plus eSave |
6.40% |
6.32% |
None |
60 |
£1 |
Rate includes 0.65% bonus until 30.06.2008 |
Northern Rock |
Silver Savings Online |
6.30% |
6.30% |
None |
50 |
£1 |
None |
SAGA |
Online Savings |
6.20% |
6.20% |
None |
50 |
£1 |
Rate includes 0.70% bonus for 12 months, then 0.25% bonus for 12 months |
Market Harborough BS |
onthedot Sixty+ Surfer |
6.10% |
6.10% |
None |
60 |
£1 |
None |
Moneyfacts.co.uk – the money search engine |
|||||||
Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk – the money search engine, comments:
New players top the charts
“With the average adult owing around £8,000 in unsecured debt, demand for personal loans may still be high. But with rising interest rates and bad debt levels, the last year has seen the rates increasing, so much so that the sub six percent loan is something we are unlikely to witness in the near future.
“This week Your Personal Loan.co.uk, a subsidiary of
Co-operative Bank, tops the moneyfacts.co.uk charts with a new proposition offering 6.3% APR on loans between £5K and £25K. The rate offered is not dependent on credit scoring.
“It’s pleasing to see that the loan market remains competitive, and with new players topping the charts, let’s hope it will force other providers to raise their game and lower their rates.
Company |
APR |
Without insurance |
With insurance |
Your Personal Loan.co.uk |
6.3% |
£152.39 |
£173.98 |
Moneyback Bank |
6.3%* |
£152.48 |
£178.57 |
Masterloan |
6.5%* |
£152.93 |
£175.43 |
Bradford & Bingley |
6.7%* |
£153.35 |
£180.17 |
Royal Bank of Scotland |
7.9% |
£155.93 |
£178.82 |
Direct Line |
8.4% |
£156.98 |
£181.69 |
Moneyfacts.co.uk – the money search engine |
|||
Nationwide withdraws PPI products
“Today Nationwide BS has announced it will be withdrawing its Personal Loan Protection Insurance and Credit Card Protection Insurance from sale, with its website stating that insurance is available from other insurers and directing customers to look at the FSA’s Moneymadeclear website. It has informed us that this is only a temporary move, and that the sale of PPI will be reinstated in the future.
“This is an unusual move, as PPI is known to be a highly lucrative product. The only other provider not to charge PPI in single premium format is the Post Office, which offers stand alone insurance payable by monthly instalments.
“There must be a very good reason why Nationwide would be prepared to withdraw such a profitable product, is it ducking out of the market before PPI receives too much scrutiny from the regulators, and undoubtedly will be forced to act? Or is there some other reason? Whichever is the case, this move is unexpected and rather baffling. It will be interesting to see the pricing and conditions of the insurance as and when it is relaunched.”
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349