14 The Sunday Times July 12, 2020 MONEY Best Buys CURRENT ACCOUNTS FOREIGN MORTGAGES CREDIT INTEREST CURRENCY 2-YEAR FIXED RATES Provider Account name Account fee Interest rate 1 Balance Contact Lender Rate Scheme Deposit Fee Notes Contact These are the interbank Halifax Reward Current Account None £5 a month – 0345 720 3040 HSBC 1.14% Fixed to 30.09.22 40% £999 LV 0800 494 999 rates at 5pm on Friday, Co-operative Bank Current with Everyday Rewards None £4 a month – 0345 721 2212 which show where the Leeds 1.24% Fixed to 31.10.22 25% £999 LV 0345 045 4049 Virgin Money Current Account None 2.02% £0.01-£1,000 0800 678 3654 market is trading. West Brom 1.59% Fixed to 30.09.22 15% £999 BSV 0800 298 0008 They are not indicative OVERDRAFTS * 3-YEAR FIXED RATES of the rate you will 2 Lender Rate Scheme Deposit Fee Notes Contact Provider Account name Account fee Interest rate 0% overdraft limit Contact be able to get. Starling Current Account None 15% £0 starlingbank.com Barclays 1.29% Fixed to 31.07.23 40% £999 LV 0333 202 7580 M&S Bank Current Account None 39.9% £250 0800 756 7777 EURO HSBC 1.39% Fixed to 30.09.23 25% £999 LV 0800 494 999 Smile Current Account None 18.9% £0 0345 721 2212 GBP>EUR Nationwide 1.94% Fixed for 3 years 15% £999 RS 0800 302 010 FUND FOCUS 1 Based on funding of £1,500 a month. 2 Equivalent annual rate. * Based on overdraft of £500 for 7 days a month. LONG-TERM FIXED RATES LAW DEBENTURE Some accounts require minimum funding/direct debits to open or receive rates shown. Source: Moneyfacts.co.uk Lender Rate Scheme Deposit Fee Notes Contact Barclays 1.38% Fixed to 31.07.25 40% £999 LV 0333 202 7580 What it is A £655 million investment 1.12 HSBC 1.49% Fixed to 30.09.25 25% £999 LV 0800 494 999 trust that aims to combine Nationwide 1.94% Fixed for 5 years 15% £999 RS 0800 302 010 AMERICA steadily rising income CREDIT CARDS GBP>USD Barclays 1.99% Fixed to 31.07.30 40% £999 LV 0333 202 7580 with long-term capital growth. The yield is INTRODUCTORY RATES TRACKERS */ DISCOUNTS 5 per cent and the annual 1 Lender Rate Scheme Deposit Fee Notes Contact Provider Card type Introductory purchase APR Reward Contact charge is 0.5 per cent. M&S Bank Shopping Plus Mastercard 0% for 20 months 19.9% Yes 0800 997 996 Barclays 1.24% Tracker +1.14% for 2 years 40% £999 LV 0333 202 7580 TSB Platinum Purchase Mastercard 0% for 20 months 19.9% No 0345 835 3846 Nationwide 1.84% Tracker +1.74% for 2 years 15% £999 AELV 0800 302 010 What it invests in 1.27 Newbury 1.59% 2.36% discount for 5 years 30% £850 LV 0163 555 5777 It invests 80 per cent of its Lloyds Bank Platinum 0% Purchase & BT Mastercard 0% for 18 months 19.9% No 0345 606 2191 SWITZERLAND First Direct 2.09% Tracker +1.99% for term 25% £490 ELV 0800 482 448 money in the UK with BALANCE TRANSFERS GBP>CHF 22 per cent in financials FIRST-TIME BUYER / LOW DEPOSIT and 21 per cent in Provider Card type Introductory purchase Transfer fee 2 APR 1 Contact Lender Rate Scheme Deposit Fee Notes Contact industrials. The biggest M&S Bank Transfer Plus Mastercard 0% for 28 months 2.85% (min £5) 19.9% 0800 997 996 HSBC 2.44% Tracker +2.34% for 2 years 10% £999 ELV 0800 494 999 individual holdings are in TSB Platinum Mastercard 0% for 28 months 2.95% (no min) 19.9% 0345 835 3846 HSBC 2.14% Fixed to 30.09.22 10% £999 LV 0800 494 999 the pharmaceutical firm Tesco Bank Clubcard Mastercard 0% for 26 months 2.98% (no min) 19.9% 0345 300 4278 Glaxo Smith Kline, the oil 1.19 Nationwide 1.84% Fixed for 5 years 25% £999 AHPV 0800 302 010 giant Royal Dutch Shell CASHBACK CARDS BUY TO LET and Ceres Power Provider Card type APR 1 Cashback Contact AUSTRALIA Lender Rate Scheme Deposit Fee Notes Contact Holdings, a world leader GBP>AUD in fuel cell technology. American Express Platinum Cashback 27.3% 1%-1.25%. Intro 5% for 6 months 0800 917 8047 TSB 1.94% Tracker +1.84% to 30.09.22 25% £995 ELV 0800 056 1088 American Express Platinum Cashback Everyday 22.2% 0.5%-1%. Intro 5% for 6 months 0800 917 8047 Virgin 1.77% Fixed to 01.11.22 25% £995 LV 0345 605 0500 Performance Santander All in One Mastercard 21.7% 0.5% 0800 389 9905 Leeds 1.79% Fixed to 30.09.25 40% £999 LV 0345 045 4049 The trust has lost 1 APR = annual percentage rate, dependent on credit rating. 2 Fee charged on the amount of each balance transfer during the introductory period. Early repayment charge applies unless otherwise stated. * Most deals track Bank of England base rate. 4.6 per cent over one Source: Moneyfacts.co.uk Notes: SVR = Standard variable rate; A = £500 cashback for first-time buyers; B = £500 cashback; D = £250 cashback; E = No early repayment year, putting it third of the 1.82 charge; H = Help to Buy scheme; L = Free legal work for remortgages; P = Purchases only; R = Free valuation and legal work for remortgages; S = Remortgage only; V = Free valuation. 25 trusts in its sector. Over Source: landc.co.uk — 0800 373 300 five years it has returned 23.5 per cent, which puts it fifth out of 25. SAVINGS ACCOUNTS INSTANT ACCESS What the manager says Katie Thorpe, the chief Provider Account name Min deposit Interest rate Contact CASH ISAS financial officer, said: NS&I Income Bonds £500 1.15% nsandi.com INSTANT ACCESS “In the past ten years NS&I Direct Saver £1 1% nsandi.com Provider Account name Min deposit Interest Transfers in Contact Law Debenture’s Leeds Building Society Limited Issue Online Access (Issue 13) £1,000 0.85% leedsbuildingsociety.co.uk NS&I Direct Isa £1 1% No nsandi.com Professional Services business, IPS, has funded Ford Money Flexible Cash Isa £1 0.65% Yes fordmoney.co.uk NOTICE ACCOUNTS about 35 per cent of FIXED RATE dividends. The managers Provider Account name Notice period Min deposit Interest rate Contact Provider Account name Term Min deposit Rate Transfers in Contact invest in companies with BLME 90-day Notice (Issue 3) 90 days £10,000 1.1% blme.com Leek United BS 1-year Cash Isa 1 year £1,000 0.75% Yes leekunited.co.uk strong advantages where Allica Bank 95-day Notice Personal Savings (Issue 1) 95 days £1,000 1.1% allica.bank the valuation does not UBL UK 2-year Cash Isa 2 years £2,000 0.9% Yes ubluk.com UBL 35-day Notice 35 days £1 1% ubluk.com reflect growth prospects. For the past 41 years the FIXED-RATE BONDS Source: Savingschampion.co.uk — 0808 178 5354 trust has increased or Provider Account name Term Min deposit Interest rate Contact maintained its dividend.” Allica Bank 12-month Fixed-Term Savings (Issue 4) 1 year £1,000 1.05% allica.bank What the experts say Allica Bank 24-month Fixed-Term Savings (Issue 2) 2 years £1,000 1.2% allica.bank Mick Gilligan from the UBL UK 3-year Fixed Term Deposit 3 years £2,000 1.3% ubluk.com stockbroker Killik & Co, CHILDREN’S ACCOUNTS said: “The trust’s DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT Provider Account name Account type Min deposit Interest rate Contact professional services Source: Savingschampion.co.uk — 0808 178 5354 Halifax Kids’ Monthly Saver Regular saver £10 4% halifax.co.uk businesses tend to be more resilient than Santander 1 123 Mini Current Account Current account £1,500 2.96% santander.co.uk conventional equity Saffron BS 2-year Fixed-rate Bond Fixed-rate bond £500 1.65% saffronbs.co.uk income. There is also 1 Interest paid on balances between £1,500 and £2,000 more than a year’s worth JUNIOR ISAS of dividend in revenue ENERGY DEALS Supplier Average annual bill Rate Contact Provider Account name Min deposit Interest rate Rate Contact reserves. Last month Table shows the cheapest tariff from the 3three cheapest EBICo £821 Fixed 0800 028 6699 NS&I Junior Isa £1 3.25% Variable nsandi.com the trust said the dividend suppliers.Excludescheapest suppliers. fixed Excludes tariffs fixed of less tariffs than of 12 would be at least as months’less than duration. 12 months’ Excludes duration, tariffs tariffs that that do not have Yorkshire Energy £829 Fixed 0113 451 0700 Tesco Bank Junior Cash Isa £1 3.15% Variable tescobank.com high as last year’s.” nationaldo not have coverage. national Excludes coverage tariffs and tariffswhere payments Tonik Energy £833 Fixed 0333 344 2686 arewhere taken payments in advance are takenof the in customer advance coming of on Coventry BS Junior Cash Isa (1) £1 2.95% Variable coventrybuildingsociety.co.uk Mark Atherton supply.the customer F=Fixed coming rates V=Variableon supply. rates Source: TheEnergyShop.com — 0800 448 0205 Source: Savingschampion.co.uk — 0808 178 5354

Millennial gamers Fixed mortgages that now let Putting the lid pay big bucks to on property relive their youth you bail out half way through fund fire sales

Ali Hussain OutRun is attracting David Byers Mark Atherton open-ended funds, where customers willing to pay money is coming in and going Although the new Xbox and £190. Although prices do not Mortgage lenders are THE GET-OUT CLAUSES The City watchdog has out daily, is unsuited to PlayStation 5 gaming always reach such levels, removing or lowering the Bank Rate Fee Term Early exit penalty moved a step closer to ending illiquid investments that are consoles have attracted products in good condition early repayment charges Rigid deals daily dealing in commercial valued monthly or quarterly plenty of interest, many can sell for much more. (ERCs) on fixed-rate and Santander 1.59% £649 5 years 5% property unit trusts, which and impossible to sell in a 30-somethings are seeking Worms Armageddon for tracker loans, saving are suspended because the hurry — such as property. a bit of nostalgia — and are Nintendo 64 has been known borrowers thousands of Barclays 1.55% £999 5 years 3% coronavirus crisis has made it When there is a rush to sell willing to pay for it. to change hands for £500. pounds if they switch deals Nationwide 1.59% £999 5 years 5% decreasing to 1% during term. impossible to value the property funds, as there was People in their 30s and Brand new and unused, this before the end of their term. Flexible deals buildings they hold. after the Brexit vote in 2016, early 40s lived through a game is worth almost £1,000, TSB’s new Fix and Flex TSB 2.14% £0 5 years 5% year one, 4% year two, 3% year 3, then 0% Christopher Woolard, the the fund managers may not golden age in computer the website said. mortgage allows customers TSB 2.59% £0 10 years 5% reducing by one percentage point a year interim chief executive of the have enough cash in hand to games with the launch of The analysis highlights to break a five-year fixed-rate Financial Conduct Authority meet redemptions. Instead consoles such as the a growing trend among term after three years Key: £300,000 remortgage, 75% LTV, fixed rate. Source: Private Finance (FCA), said the suspensions they have to close funds until Nintendo 64, the first 30-somethings to seek out without penalty. The loan is had shown up a fundamental they can raise sufficient cash PlayStation and the colour vintage gaming products available to homeowners building societies are also with a £499 fee while its deposits or less reliable mismatch at the heart of unit to meet sale orders. This version of the Game Boy. despite the industry forever with deposits of at least offering mortgages with standard five-year loan rate income streams, wary of trusts (known as open ended- leaves worried investors Many of the devices and making new games and 20 per cent. The bank also flexible ERCs. Brokers said is 1.44 per cent with a fee of redundancies and house funds) held by many savers. unable to access savings. games will be stored in an improving graphics to make offers a ten-year Fix and Flex that they expected more £999. It does not offer a price falls in the pandemic. He told an online meeting The problem of a liquidity attic room, gathering dust. consoles more impressive. deal that you can end without products to be introduced ten-year fixed rate. This has hit first-time arranged by the Investment mismatch is not confined to However, lockdown A spokesman for The charge after five years. as long-term fixed-rate deals Many banks and building buyers hard. HSBC is the only Association, the fund property funds. The same has given their owners an Money Pig said: “You might The ERC on TSB’s standard become harder to sell. societies have removed large mainstream lender to industry trade body: “This thing happened in June last opportunity to declutter, and be surprised to learn that five-year fixes starts at 5 per “Product innovation is ERCs from tracker mortgages. offer mortgages to people crisis, like the aftermath of year to Neil Woodford’s there has also been a surge in there are hundreds, if not cent of the loan amount and critical for lenders trying to Barclays and Nationwide have with 5 per cent or 10 per cent the Brexit referendum [when Equity Income fund. It had to demand for them on online thousands, of collectors decreases by a percentage attract consumers during this ERC-free trackers at 1.24 per deposits and Halifax now funds had to close because be suspended and the fund is marketplaces such as Ebay looking for the classic video point each year for five years. period of economic cent while HSBC offers one at allows borrowers to declare they didn’t have enough cash now being liquidated. and Gumtree, according to games that they might have If you paid off the mortgage uncertainty,” said Chris Sykes 1.34 per cent. Unlike with only 30 per cent of their to meet sell orders] shows the Woolard said that the FCA the comparison website The played as a child. after three years, you would from the mortgage broker fixed-rate mortgages, the bonus or overtime income in difficulty for these funds of would consult on the matter Money Pig. “Prices are quite high in be liable for a penalty of 2 per Private Finance. interest on trackers changes its affordability assessments — maintaining a promise of this summer and examine A rare copy of the 2001 general, so it looks like many cent. Someone who had The disadvantage of in line with the Bank of down from 60 per cent. daily liquidity to investors whether long term investor game Resident Evil Gaiden on people didn’t waste their taken out a 25-year £400,000 flexible mortgages is that England base rate. The interest rates on fixed when their assets are interests would be better Game Boy Colour was teenage years after all. Like loan at TSB’s cheapest non- the interest rates tend to be Hinckley and Rugby mortgages are at historic inherently illiquid. There has served if funds’ liquidity recently sold for £160. A with most things, the rarer flexible five-year fix of higher than on traditional Building Society is offering lows, however, after Bank of been considerable discussion promises were “better 2006 original Xbox version the game, the better — and 1.44 per cent would pay a loans. TSB’s ten-year Fix and “split loan” mortgages, which England rate cuts took the about how to ensure aligned with the liquidity of of the classic racing series the rewards can be huge.” charge of £6,972 if they paid it Flex loan has a fixed rate of allow you to divide a loan into base rate to 0.1 per cent at the redemption arrangements fund assets” — a statement off after three years, 2.44 per cent if you have a repayment and interest-only start of the Covid-19 crisis. offer a fair deal to to those which sounds like the death Used copies according to Nick Morrey 40 per cent deposit while it segments, and apply different Moneyfacts, a data remaining in the fund as well knell for daily dealing. of Worms from the mortgage broker offers a standard ten-year loan terms to each part. analytics company, says that as those who wish to exit.” Moira O’Neill from Armageddon John Charcol. mortgage, with an ERC, at a “This is designed to fit in the average interest rate on a Many industry experts Interactive Investor, a fund sell for £500 “People often have to rate of 2.19 per cent. The best around times when you may ten-year fixed-rate mortgage argue that the structure of platform, said: “There is a make changes to their rate on its five-year Fix and need more flexibility,” said went from 3.01 per cent on perfectly good structure for long-term plans, and often get Flex loan is 1.99 per cent, but Mark Harris from SPF Private July 1 last year to 2.61 per cent investing in illiquid assets — stuck paying high exit fees,” it offers a standard five-year Clients, a mortgage broker. now. The average rate on five- investment trusts. They are said Aaron Strutt from equivalent at 1.44 per cent. Flexible products are year fixes went down from traded on the stock exchange Trinity Financial, another Coventry Building Society’s generally available only to 2.85 per cent a year ago to so there is a ready market mortgage broker. “Opting for cheapest five-year fixed borrowers with considerable 2.25 per cent and the average which buyers and sellers can a more flexible mortgage Flexx mortgage, for those equity in their homes. Banks two-year fix is now 1.99 per Seven access and the trusts could save you a fortune.” with at least 50 per cent are tightening lending to cent compared with 2.49 per property funds suspended themselves don’t have to sell Coventry and Leeds deposit, charges 1.65 per cent customers with small cent this time last year. earlier this year assets to meet redemptions.”