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4 Jul 2020

News

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
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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
wef: Sep 1 2007

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
£5K / 3 years

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. 

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