£200 cash and free TV subscription with ‘excellent’ UK bank account

Several deals have been highlighted this week

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, while this is an attractive headline rate, savers should take note of the six month 1.51% AER bonus, so it’s crucial they review their deal once this expires. The account has no minimum deposit and savers can make further additions at any time.

“While access is permitted, savers are limited to the amount of penalty-free withdrawals they can make. If they make four or more the rate will drop significantly to just 2.91% AER so savers may need to plan carefully. 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 to see a slightly smaller cut is the five-year deal at 85% loan-to-value which is now priced at a competitive 4.89% until August 31, 2031.

“Borrowers may note that while this deal includes a £995 fee, this is offset by its generous incentive package, which includes a free valuation and either £300 cashback or free legal fees. Adding to its appeal, borrowers are also offered some flexibility with their monthly payments as overpayments and payment holidays are permitted, subject to conditions. On assessment, 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 has seen a slightly smaller cut and is now priced at an attractive 4.86%. The drop strengthens its position as a Moneyfacts Best Buy and, in addition to being fee-free, landlords can also enjoy a free valuation incentive, which may make this deal a great option for those looking to save on upfront costs. Overall, the deal earns an Outstanding Moneyfacts Product Rating.”

Credit cards

Virgin Money – 36 Month Balance Transfer Credit Card Mastercard

Caitlyn said: “The latest update from Virgin Money sees it reduce the introductory balance transfer fee to 3.10% on its 36 Month Balance Transfer card. The deal is already one of the longest balance transfer terms available and the cut may make this an even more enticing option for borrowers looking to transfer existing balances interest-free.

“However, it’s important borrowers note this is an introductory rate for the first two months, after which the fee rises to 5%. Further adding to its appeal, borrowers needing to make a big purchase may be pleased to note that this card also offers 0% on purchases for the first three months, but the standard rate rises to 24.9% thereafter so it’s important that they can afford to make the repayments. On assessment, 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 Bank Account doesn’t offer any credit interest or reward, adding to its appeal the card offers a £15 interest-free buffer on arranged overdrafts. Separate to the offer, this may be a good option for consumers wanting to maximise the overall value of their bank account because they can earn cashback on operating with Barclays Cashback partners through Blue Rewards, but this comes at an extra cost. Overall, the account earns an Excellent Moneyfacts product rating.”

On top of this, the account also throws in an Apple TV+ subscription, valued at £9.99 a month.