The Sunday Times June 24, 2018 15 MONEY Best Buys CURRENT ACCOUNTS FOREIGN MORTGAGES MONEY CREDIT INTEREST CURRENCY 2-YEAR FIXED RATES Provider Account name Account fee Interest rate 1 Balance Contact Lender Rate Scheme Deposit Fee Notes Contact MADE EASY These are the interbank TSB Classic Plus None 5% £1-£1,500 0345 975 8758 Yorkshire BS 1.39% Fixed to 30.9.20 40% £495 CV 0345 166 9510 BA CANCELS rates at 5pm on Friday, 2 Nationwide FlexDirect None 5% £0.01-£2,500 0800 302 010 which show where the 1.64% Fixed for 2 years 20% £490 LV 0800 482 448 ‘ERROR’ TICKETS Reward None £3 a month £1+ 0345 720 3040 market is trading. HSBC 1.99% Fixed to 31.8.20 10% £0 LV 0800 494 999 They are not indicative British Airways has said OVERDRAFTS * 3-YEAR FIXED RATES of the rate you will be customers can claim Provider Account name Account fee Interest rate 3 0% overdraft limit Contact able to get. Lender Rate Scheme Deposit Fee Notes Contact compensation for out-of- First Direct 1st Account £10 a month 4 15.9% £250 0800 242 424 Yorkshire BS 1.63% Fixed to 30.9.21 25% £995 CV 0345 166 9510 pocket expenses after it M&S Bank M&S Current Account None 15.9% £100 0345 900 0900 EURO HSBC 1.89% Fixed to 31.8.21 15% £999 LV 0800 494 999 cancelled tickets to the Post Office Money Standard Account None 14.9% £0 0345 266 8977 GBP>EUR Virgin Money 2.18% Fixed to 1.9.21 10% £995 BR 0345 605 0500 Middle East because fares were wrongly priced. 1 Based on funding of £1,000 a month. 2 Introductory rate for one year, then 1%. 3 Equivalent annual rate. 4 Fee waived if minimum funding of £1,000 is met. * Based on overdraft of £500 for 15 days a month. LONG-TERM FIXED RATES BA refunded tickets on Some accounts require minimum funding/direct debits to open or receive rates shown. Source: Moneyfacts.co.uk Lender Rate Scheme Deposit Fee Notes Contact some flights to Tel Aviv Sainsbury’s 1.89% Fixed to 30.9.23 40% £995 LV 0345 111 8010 and Dubai after what it called an “exceptionally HSBC 2.04% Fixed to 31.8.23 20% £999 LV 0800 494 999 1.14 rare” pricing error, where AMERICA First Direct 2.19% Fixed for 5 years 10% £490 LV 0800 482 448 some fares were CREDIT CARDS GBP>USD Coventry 2.19% Fixed to 30.9.25 35% £999 LV 0800 121 8899 advertised for £1 (plus taxes, which can cost INTRODUCTORY RATES TRACKERS */ DISCOUNTS hundreds of pounds). Provider Card type Introductory purchase APR 1 Reward Contact Lender Rate Scheme Deposit Fee Notes Contact MBNA All Round 30/30 Visa 0% for 30 months 19.9% No 0345 606 2062 0.99% SVR -3.96% to 31.8.20 40% £1,449 LV 0800 202 122 What went wrong? Post Office Money Platinum Mastercard 0% for 28 months 18.9% No 0345 607 6500 1.33 HSBC 1.69% Tracker +1.19% for 2 years 10% £999 ELV 0800 494 999 The incorrect prices were Clubcard Purchase Mastercard 0% for 28 months 18.9% Yes 0345 300 4278 Nationwide 1.89% Tracker +1.39% for 5 years 40% £999 AELV 0800 302 010 available for a few hours SWITZERLAND overnight and available GBP>CHF Coventry 1.74% Variable for term 35% £999 ELV 0800 121 8899 BALANCE TRANSFERS only through third-party Provider Card type Introductory purchase Transfer fee 2 APR Contact FIRST-TIME BUYER / LOW DEPOSIT travel agents. One site, TravelUp, said the cheap MBNA Platinum 36-month Visa 0% for 36 months 1.99% 19.9% 0345 606 2062 Lender Rate Scheme Deposit Fee Notes Contact tickets — which usually 3 Marsden 2.89% Fixed to 31.10.20 5% 0.5% LMV 0800 801 645 Halifax Online 36-month Mastercard 0% for 36 months 2.68% 19.9% 0345 944 4555 cost £200 — were on sale Tesco Bank Clubcard Mastercard 0% for 36 months 2.69% 18.9% 0345 300 4278 1.31 Sainsbury’s 3.59% Fixed to 30.9.23 5% £0 CD 0345 111 8010 between 5.45pm on June 2.75% Fixed to 31.7.21 0% £0 FP 0333 202 7580 11 and 11am on June 12. CASHBACK CARDS AUSTRALIA More than 2,000 of its GBP>AUD BUY TO LET Provider Card type APR 1 Cashback Contact customers were affected. Lender Rate Scheme Deposit Fee Notes Contact American Express Platinum Cashback 28.2% 1%-1.25%. Intro 5% for 3 months 0800 917 8047 Coventry 2.05% Variable for term 35% £1,999 LV 0800 121 8899 What has BA said? American Express Platinum Cashback Everyday 22.9% 0.5%-1%. Intro 5% for 3 months 0800 917 8047 Ipswich 3.15% Fixed to 31.7.20 20% £1,149 R 0330 123 0773 BA has not revealed how Santander All in One Mastercard 21.7% 0.5% 0800 389 9905 Virgin Money 2.17% Fixed to 1.9.23 40% £1,995 D 0345 605 0500 many wrongly priced 1 APR = annual percentage rate, dependent on credit rating. 2 Fee charged on the amount of each balance transfer during the introductory period. 1.79 tickets were sold but 3 Partially refunded Source: Moneyfacts.co.uk Early repayment charge applies unless otherwise stated. * Most deals track Bank of England base rate. Notes: SVR = Standard variable rate; Source: timescurrencyservices.co.uk A = £500 cashback for first-time buyers; = £300 cashback for purchases; C = £250 cashback; D = £500 cashback; E = No early repayment confirmed they have all 020 7294 7970 charge; F = Family Springboard, 10% deposit must be in a Barclays Helpful Start account; L = Free legal work for remortgages; M = £299 booking fee; P = Purchases only; R = Free valuation and legal work for remortgages; V = Free valuation. been refunded, with each Source: landc.co.uk — 0800 373 300 traveller given a £100 BA voucher to be used with their travel agent. SAVINGS ACCOUNTS The airline insists it is INSTANT ACCESS unable to honour the prices as by law there was Provider Account name Min deposit Interest rate Contact CASH ISAS “no binding contract Post Office Money 1 Online Saver Issue 31 £1 1.33% postoffice.co.uk INSTANT ACCESS between the parties”. Shawbrook Bank Easy Access — Issue 12 £1,000 1.3% shawbrook.co.uk Provider Account name Min deposit Interest Transfers in Contact RCI Bank Freedom Savings Account £100 1.3% rcibank.co.uk What are your rights? Shawbrook Bank Easy Access — Issue 4 £1,000 1.3% Yes shawbrook.co.uk It depends on a retailer’s Virgin Money 1 Double Take E-Isa Issue 1 £1 1.3% Yes uk.virginmoney.com NOTICE ACCOUNTS terms and conditions, but 1 Maximum two easy access withdrawals a year. a binding contract usually Provider Account name Notice period Min deposit Interest rate Contact FIXED RATE exists once you have paid 2 180-day Notice Account 180 days £1,000 1.77% securetrustbank.com Provider Account name Term Min deposit Rate Transfers in Contact for the goods. However, it Secure Trust Bank 2 120-day Notice Account 120 days £1,000 1.72% securetrustbank.com could be in place only at Charter Savings Bank Cash Isa 1 year £1,000 1.52% Y chartersavingsbank.co.uk Secure Trust Bank 2 90-day Notice Account 90 days £1,000 1.67% securetrustbank.com the point of delivery. Shawbrook Bank Cash Isa Bond Issue 23 2 years £5,000 1.7% Y shawbrook.co.uk BA did not clarify at FIXED-RATE BONDS Source: Savingschampion.co.uk — 0808 178 5354 what point it considers a Provider Account name Term Min deposit Interest rate Contact ticket sale to be a “binding 3 Fixed Saver 1 year £50 2.05% atombank.co.uk contract”. It could argue Secure Trust Bank Fixed Rate Bond (15.07.20) 2 years £1,000 2.16% securetrustbank.com the fares were a “unilateral mistake”, so there was no RCI Bank Fixed Term Savings 3 years £1,000 2.31% rcibank.co.uk legal agreement. Affected 1 Rate includes 1.07% bonus for first 12 months. 2 Maximum of three capital withdrawals a year, subject to required notice. 3 Atom Bank accounts are available only via an app, which can be CHILDREN’S ACCOUNTS passengers can take BA to downloaded from the Apple App Store or Google Play Store. Provider Account name Account type Min deposit Interest rate Contact the small claims court. DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT Source: Savingschampion.co.uk — 0808 178 5354 Halifax Kids’ Monthly Saver Regular saver £10 4.5% halifax.co.uk Can you claim Santander 1 123 Mini Current Account Current account £300 2.96% santander.co.uk compensation? Cambridge 3-year Fixed Rate Bond Fixed-rate bond £1,000 2% cambridgebs.co.uk BA says it will “discuss 1 Interest rates are tiered: 1% on balances of £100-£199; 1.98% on £200-£299; 2.96% on £300-£2,000. reimbursement”, so JUNIOR ISAS anyone who booked ENERGY DEALS Supplier Average annual bill Rate Contact Provider Account name Min deposit Interest rate Rate Contact hotels, car hire or airport transfers and has been left Table shows the cheapest tariff from the 3 cheapest People’s Energy £864 V 0131 285 5510 Coventry Junior Cash Isa (1) £1 3.5% V coventrybuildingsociety.co.uk suppliers.Excludessuppliers. Excludes fixed fixed tariffs tariffs of of less less than than 12 12 out of pocket should months’ duration. Excludes tariffs that do not have Together £872 F 0333 150 1699 Nationwide Smart Junior Isa £1 3.25% V nationwide.co.uk contact the airline. national coverage. Excludes tariffs where payments Nabuh Energy £883 F 0330 041 4902 are taken in advance of the customer coming on Tesco Bank Junior Cash Isa £1 3.15% V tescobank.com Kate Palmer supply. F=Fixed ratesrate V=Variable V=Variable rate rates Source: TheEnergyShop.com — 01259 220 270 V = variable rate. Source: Savingschampion.co.uk — 0808 178 5354 ICONS BY JAMIE JONES JAMIE BY ICONS Retired people go to Rio for new lease of life Thousands hit by web upgrade

New mortgages let Unlike standard home the loan-to-value criteria of a mortgages. Derrick Hinds, 71, when the property is sold. As glitch at Sainsbury’s bank loans, Rio mortgages are not deal, they may not have had a retired police constable, no interest payments are you hurdle the age for a set number of years and £150,000 worth of equity.” decided to go down this route made, the debt can build up age is no disqualification. At present, however, there to raise funds to help his quickly, meaning there will be Ruth Emery card on 20/6. No funds are barrier to borrow Most lenders require the debt are just four Rio lenders: the daughter, Sharon Finnegan, little or nothing left to pass on showing either at my bank or against a property, to be repaid by the time a Bath and Tipton & Coseley 47, buy a property. to descendants. Thousands of Sainsbury’s on Sainsbury’s bank website.” customer is 85. building societies, Hodge He released £80,000 from The rates are also high, bank credit card customers Sainsbury’s bank said it writes Ali Hussain The deals also have less Lifetime and Vernon. his previously mortgage-free typically 4%-6%. At 4%, a debt have suffered problems with was not aware of payment or onerous checks for Rates are high compared home in Cromer, Norfolk, in a can double in about 18 years, their online banking after a transaction issues with its Jean and Roger Farrell are affordability, which is with conventional mortgages: 15-year deal with the Family Boulger warned; at 6%, this web upgrade — only to find credit cards. It apologised for among the first people in normally assessed by lenders Tipton’s five-year fix costs building society. It is fixed for would take only 12 years. The they could not contact the the telephone delays but said Britain to take advantage of a on the basis of whether a 3.58%, and you can borrow the first two years at 2.39%, deals do come with a negative bank by phone due to a these had been resolved, and new-style mortgage aimed at borrower will be able to repay up to 60% of the value of the costing him £529 a month. equity guarantee, however, technical glitch. customers could call the bank older borrowers, with no the capital — even if they want property, while Hodge “Unless I helped, Sharon meaning the loan will never Some have also for their transaction history. defined term or age an interest-only deal. Rio Lifetime charges 3.99% for a would have had to move be worth more than the value complained of difficulties Launched in 1997, restriction. Their debt can be deals are assessed on an five-year fix. Bath only offers further away, which would of the property. trying to settle credit card Sainsbury’s bank was the first repaid when their property is interest-only basis. a variable-rate product, not have been great for the The maximum you can bills. The issues arose after banking arm opened by a big sold — typically when they die With a standard mortgage, currently 4.29%, up to 25% family,” said Hinds, who borrow is also relatively the supermarket bank carried UK supermarket. It offers or move into a care home. lenders also make the loan-to-value. plans to pay off the loan well small, especially for the out some web updates last mortgages, loans, insurance The deals, known as assumption that you will want With Nationwide, one of before the end of the term. younger borrowers in this age weekend, which meant The Sainsbury’s problems and savings accounts as well retirement interest-only to trade down at some point, Britain’s largest lenders, due As with Rio products, category. At 55, you can customers could not see their were likened to those at TSB as credit cards, and has 1.9m mortgages (Rios), have so you must show you have to launch deals later this year, Hinds’s deal required an typically borrow up to 25% of recent transactions. The bank customers. become possible after a rule enough funds to do this. That David Hollingworth of the affordability test to ensure he your property’s value — rising prompted them to call its card transactions online, and Some credit card users change in March by the usually means about broker London & Country could make the repayments, to 50% by the time you hit 85. credit card centre instead for the bank said it did not know took to Twitter to liken the Financial Conduct Authority, £150,000 of “spare” equity in expects the rates to improve. although his final salary However, equity release is the information. But an issue when this would be rectified. Sainsbury’s bank issues to the which has made it easier to your home after taking out the “As the retirement interest- police pension means he a good solution for those who with the telephone system More worryingly, several chaos at TSB. Roger Williams lend to those in retirement. loan. Rio lenders do not have only market grows, there will could easily do so. do not want to reduce their meant customers struggled to customers claimed they were said: “I believe my statement Previously, lenders would to consider this. be an increasing number of A third option is an equity- disposable income. get through, with some unable to pay their credit may be wrong but can’t check have been reluctant to extend “This will be good news for products enabling this type of release loan, also known as a Helen Gale, 73, went for hearing an engaged tone or card bills. Gareth McConnell, cos of ‘upgrade’. Another deals to older borrowers, those who have been unable borrowing to become much lifetime mortgage. Here, this option, borrowing the line going dead. 28, from Glasgow, said he TSB?”, while “The Lone even those able to show they to borrow against their home more competitive,” he said. unlike the options above, you £85,000 against her property Glynn Lumb from Syston, tried paying it online as Raiser” tweeted: “First TSB, could easily afford the before,” said Ray Boulger of Meanwhile, some older do not have to repay any of the in Broadstairs, Kent, to help Leicestershire, said he could normal with his debit card on now Sainsbury’s? Problems repayments. the broker John Charcol. borrowers continue to opt for loan or interest. The charges her son Nick and his wife not log into his account last Thursday and Friday, but affecting using card, seeing Jean, 69, a part-time legal “While many may have met traditional repayment instead roll up and are paid Michaela, both 37, put down a Sunday and had no luck the each time it was declined. transactions and, worryingly, secretary, and Roger, 67, a deposit on a property a few following day either. He tried “I spoke to my bank [which paying credit card bill”. retired sales representative, miles away. Her home was phoning Sainsbury’s bank issued the debit card] and it TSB customers have borrowed £35,000 against SHOULD YOU JUMP ON THE RIO BANDWAGON? previously mortgage-free and but, after choosing “option 2” confirmed the debit card was endured a catalogue of errors their £250,000 home in Advantages Disadvantages worth about £220,000. for credit cards, there was an working fine. It actually after a new IT system Stockport, Greater After talking to the adviser engaged tone. authorised the payment, but installed in April went Manchester, after paying off Retirement Less onerous High rates Key Retirement Solutions — Lumb, 60, added: “When I it was cancelled at spectacularly wrong. Last their previous mortgage. The interest only affordability checks Limited choice such advice is a legal called on Tuesday, I was Sainsbury’s end. I also tried week a report by the software deal, from Vernon building (Rio) No age restrictions requirement — she took out a warned that lines were using my girlfriend’s debit firm IBM suggested TSB had society, has a rate of 3.7% lifetime mortgage with Hodge extremely busy — I wonder card but got the same error not carried out proper tests fixed for five years. Lifetime at a rate of 5.65%. why! — and there would be a message,” he said. before transferring its 5m Some of the money will be Standard Cheaper deals Maximum age “By releasing funds from my 20 minute wait. It begs the McConnell added that the customers. used for home improvement, over-50s Larger sums can restrictions home and giving it to them, I question of what lessons were payment is due by July 2, and Andrew Hagger, a financial but the rest will go towards an mortgage be borrowed Onerous can enjoy seeing them live learnt after the TSB fiasco.” if he failed to make it by then expert, said the Financial extended holiday in Thailand affordability checks and grow nearby, rather than Another customer, Alistair it would affect his credit Conduct Authority was and Australia at the end of the watch them struggle as they Jardine, said he was on hold score, which was particularly keeping a close eye on IT year. “Unlocking the value in Lifetime No monthly Debt can quickly spend years trying to put for 50 minutes before getting worrying as he wanted to banking problems, “so banks our house seems a great way mortgage payments required mount up together a deposit,” she said. through to an adviser. apply for a mortgage soon. will feel the full force of the to raise the money,” said Jean. “There may be less to pass on As Money went to press on “Denilson” also tweeted on regulator as well as customer (Equity release) Fixed rate for life Amount you can “We may as well use it while when I die, but what’s the Friday, customers were still Friday: “I made a payment to outrage on social media if borrow is limited we are able to.” Source: John Charcol point of waiting?” unable to see recent credit my credit card from my debit these outages continue”.