14 The Sunday Times April 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 Co-operative Current with Everyday Rewards None £4 a month – 0345 721 2212 1.26% Fixed to 31.07.22 40% £999 LV 0333 202 7580 rates at 5pm on Friday, 2 Nationwide FlexDirect None 5% £0.01-£2,500 0800 302 010 which show where the HSBC 1.44% Fixed to 30.06.22 20% £999 LV 0800 494 999 Reward None £2 a month – 0345 720 3040 market is trading. HSBC 1.79% Fixed to 30.06.22 10% £999 LV 0800 494 999 They are not indicative * 3-YEAR FIXED RATES of the rate you will be Provider Account name Account fee Interest rate 3 0% limit Contact able to get. Lender Rate Scheme Deposit Fee Notes Contact Starling Current Account None 15% £0 starlingbank.com HSBC 1.34% Fixed to 30.06.23 40% £999 LV 0800 494 999 M&S Bank Current Account None 39.9% £250 0800 756 7777 EURO Principality 1.97% Fixed to 30.06.23 20% £0 LV 0800 678 1000 Current Account None 18.9% £0 0345 212 212 GBP>EUR HSBC 2.14% Fixed to 30.06.23 10% £0 LV 0800 494 999 FUND FOCUS 1 Based on funding of £1,000 a month. 2 Introductory rate for one year, then 1%. 3 Equivalent annual rate. * Based on overdraft of £500 for 15 days a month. LONG-TERM FIXED RATES ARTEMIS Some accounts require minimum funding/direct debits to open or receive rates shown. Source: Moneyfacts.co.uk Lender Rate Scheme Deposit Fee Notes Contact STRATEGIC Nationwide 1.44% Fixed for 5 years 40% £999 RS 0800 302 010 BOND FUND 1.14 BS 2.12% Fixed to 31.05.25 15% £0 CRS 0345 166 9510 AMERICA HSBC 2.19% Fixed to 30.06.25 10% £999 LV 0800 494 999 What is it? CREDIT CARDS GBP>USD 2.08% Fixed to 31.07.30 35% £999 LV 0345 045 4049 A £1.6bn fund that invests in bonds to produce a INTRODUCTORY RATES TRACKERS */ DISCOUNTS combination of income Provider Card type Introductory purchase APR 1 Reward Contact Lender Rate Scheme Deposit Fee Notes Contact and capital growth. It MBNA 0% Transfer and Purchase Mastercard 0% for 26 months 20.9% No 0345 606 2062 Nationwide 1.29% Tracker +1.19% for 2 years 40% £999 AELV 0800 302 010 currently has a yield of UK Matched Mastercard 0% for 24 months 19.9% No 0800 085 0444 Leek United 1.90% 3.79% discount for 2 years 10% £199 V 0808 169 6680 2.8% and the annual 1.25 charge is 0.6%. M&S Bank Shopping Plus Mastercard 0% for 20 months 19.9% Yes 0800 997 996 Newbury 1.39% 2.56% discount for 5 years 40% £850 LV 0163 555 5777 SWITZERLAND 2.09% Tracker +1.99% for term 40% £490 ELV 0800 482 448 BALANCE TRANSFERS GBP>CHF What it invests in FIRST-TIME BUYER / LOW DEPOSIT It holds a mixture of Provider Card type Introductory purchase Transfer fee 2 APR 1 Contact Lender Rate Scheme Deposit Fee Notes Contact government and MBNA Long 0% Mastercard 0% for 29 months 2.75% (no min) 20.9% 0345 606 2062 HSBC 2.84% Fixed to 30.06.22 5% £0 PV 0800 494 999 corporate bonds with a Halifax Longest 0% Mastercard 0% for 29 months 3% (no min) 19.9% 0345 944 4555 heavy emphasis on the UK Hanley Economic 2.14% 2.65% discount for 2 years 5% £299 PV 01782 255 000 Virgin Money 29-month Mastercard 0% for 29 months 3% (no min) 21.9% 0800 389 2875 and US, along with some 1.20 Nationwide 1.84% Fixed for 5 years 25% £999 AFPV 0800 302 010 European bonds. CASHBACK CARDS BUY TO LET 1 Performance Provider Card type APR Cashback Contact AUSTRALIA Lender Rate Scheme Deposit Fee Notes Contact American Express Platinum Cashback 28.2% 1%-1.25%. Intro 5% for 3 months 0800 917 8047 GBP>AUD Over one year the fund Leek United 1.3% 3.89% discount for 2 years 35% £199 V 0808 169 6680 has returned 0.4%, which American Express Platinum Cashback Everyday 22.9% 0.5%-1%. Intro 5% for 3 months 0800 917 8047 Leeds 1.52% Fixed to 30.06.22 40% £999 LV 0345 045 4049 compares with an average Santander All in One Mastercard 21.7% 0.5% 0800 389 9905 Skipton 2.09% Fixed to 31.05.25 25% £1,995 RS 0345 850 1755 loss for the sector of 0.5%, 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. and puts it 23rd out of 68 Source: Moneyfacts.co.uk Notes: SVR = Standard variable rate; A = £500 cashback for first-time buyers; C = £300 cashback; E = No early repayment charge; F = Help to funds. Over five years it 1.97 Buy or shared-equity scheme; L = Free legal work for remortgages; P = Purchases only; R = Free valuation and legal work for remortgages; S = Remortgage only; V = Free valuation. has returned 16%, placing Source: landc.co.uk — 0800 373 300 it ninth out of 60. Investors who bought this fund as a safe haven SAVINGS ACCOUNTS have been shielded from INSTANT ACCESS the heavy losses incurred recently by many funds Provider Account name Min deposit Interest rate Contact CASH ISAS focused on stock markets. Marcus Online £1 1.3% marcus.co.uk INSTANT ACCESS Saga 1 Easy Access Savings £1 1.3% saga.co.uk Provider Account name Min deposit Interest Transfers in Contact What the managers say Easy Access (Issue 11) £1,000 1.25% aldermore.co.uk Penrith BS Cash Isa (Issue 3) £1 1.25% Yes penrithbuildingsociety.co.uk “The word strategic in our title means we move Family BS Market Tracker Isa (2) £500 1.18% Yes familybuildingsociety.co.uk NOTICE ACCOUNTS between different types of FIXED RATE bonds as conditions Provider Account name Notice period Min deposit Interest rate Contact Provider Account name Term Min deposit Rate Transfers in Contact change,” say James Foster Investec Notice Plus (95 days) 95 days £100,000 1.6% investec.com 1-year Fixed-rate Isa (Issue 34) 1 year £1,000 1.35% Yes kentreliance.co.uk and Alex Ralph. “We 90-day Notice (25.03.2020) 90 days £1,000 1.48% securetrustbank.com typically have between Kent Reliance 2-year Fixed-rate Isa (Issue 33) 2 years £1,000 1.45% Yes kentreliance.co.uk Wyelands Bank 95-day Notice 95 days £5,000 1.47% wyelandsbank.co.uk 100 and 130 different holdings and we aim FIXED-RATE BONDS Source: Savingschampion.co.uk — 0808 178 5354 to preserve capital in Provider Account name Term Min deposit Interest rate Contact difficult times and make Vanquis Fixed-rate Bond 1 year £1,000 1.6% vanquissavings.co.uk good returns when conditions improve.” Wesleyan Bank Fixed-rate Deposit 2 years £1,000 1.67% wesleyan.co.uk Vanquis Fixed-rate Bond (28.04.2023) 3 years £1,000 1.8% vanquissavings.co.uk What the experts say 1 Rate includes 0.2% bonus for first 12 months. CHILDREN’S ACCOUNTS Eduardo Sanchez from DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT Provider Account name Account type Min deposit Interest rate Contact Square Mile Investment Source: Savingschampion.co.uk — 0808 178 5354 Halifax Kids’ Monthly Saver Regular saver £10 4.5% halifax.co.uk Consulting & Research Santander 1 123 Mini Current Account Current account £300 2.96% santander.co.uk said: “The fund has been run since its launch by the Cambridge 3-year Fixed-rate Bond Fixed-rate bond £1,000 1.85% cambridgebs.co.uk same two experienced 1 Interest rates are tiered: 1% on balances of £100-£199; 1.98% on £200-£299; 2.96% on £300-£2,000. managers . . . In the past JUNIOR ISAS 12 months they have cut ENERGY DEALS Supplier Average annual bill Rate Contact Provider Account name Min deposit Interest rate Rate Contact their holding in higher- Table shows the cheapest tariff from the 3three cheapest Tonik Energy £776 Fixed 0333 344 2686 Coventry Junior Cash Isa (1) £1 3.6% Variable coventrybuildingsociety.co.uk yield, higher-risk suppliers.Excludescheapest suppliers. fixed Excludes tariffs fixed of less tariffs than of 12 corporate bonds from months’less than duration. 12 months’ Excludes duration, tariffs tariffs that that do not have Yorkshire Energy £792 Fixed 0113 451 0700 NS&I Junior Isa £1 3.25% Variable nsandi.com 60% to 18%.” nationaldo not have coverage. national Excludes coverage tariffs and tariffswhere payments Scottish Power £809 Fixed 0800 027 0072 arewhere taken payments in advance are takenof the in customer advance coming of the on Junior Cash Isa £1 3.15% Variable tescobank.com Mark Atherton supply.customer F=Fixed coming rates on supply.V=Variable rates Source: TheEnergyShop.com — 01259 220 270 Source: Savingschampion.co.uk — 0808 178 5354 ICONS BY JAMIE JONES

Lockdown means high energy bills, so switch now

they need to and are likely to standard variable rate. The on to new customers. The energy usage based on this. see costs balloon further. cap was reduced this month average price of the top 20 Remember that the cheapest Rising bills will worry by an average of £17 to £1,162 energy tariffs is now £799.20, deal isn’t always the best, as many families already seeing a year for customers on a down from £831.80 at the end some more costly providers a squeeze on their finances standard variable tariff. of February. might offer perks such as an Katherine Denham under the lockdown. Self- The best dual-fuel deal is Peter Earl from Compare option to offset your carbon isolation could be a chance to from the renewable energy the Market said: “While it has footprint. With millions now working make sure that you are on a specialist Outfox the Market. taken some time for cheaper Switching gas or electricity from home, household bills cheap energy deal. Medium annual energy usage wholesale prices to filter to a cheaper supplier need may get even more expensive If you are one of the costs £750, with no exit fees. down, the sustained period not mean you will be for the 15 million people on millions on a default tariff, For a gas-only deal, British of lower prices has resulted in compromising customer default energy tariffs. you could switch to the Gas is cheapest at £342 a year. some very competitively service, so check the reviews. Despite the lower energy cheapest fixed-rate deal for It has an exit fee of £30. For priced tariffs for consumers. It is worth looking out for price cap from April 1, both gas and electricity and electricity only, Symbio “At a time when many fixed-term deals that do not families spending more time save about £412 a year on Energy costs £398 with no households are worried have exit fees in case you at home will have higher gas energy, according to the exit fees. about the cost of energy, this want to leave early. and electricity costs. comparison site uSwitch. Consumers should get may offer a helpful way for Once you have chosen According to energy If you are one of the four some relief because the people to reduce their your provider, simply agree regulator Ofgem, about two- million households on a cheapest energy tariffs on the monthly outgoings.” to the new deal online and thirds of UK households are default tariff paying via a market have fallen £33 since your new supplier will on their energy supplier’s pay-as-you-go meter, you the start of February, How to switch communicate with your old standard variable tariff — the could save about £174 a year according to Compare the Comparison websites make it one to arrange the switch on “default” rate consumers go on a fixed-term deal. Market. A good supply of easy. You usually enter your behalf. The system is on once their fixed deal ends. Price caps are designed to wholesale gas has driven information about the largely automated, so your This means millions are protect consumers from down prices and energy property you live in and the ability to switch should not already paying more than paying too much on a suppliers are passing them website will estimate your be affected by the lockdown. This small print is longer than Romeo and Juliet . . .

Kenza Bryan average platform’s Ts and Cs terms, for example, was people can read it. In the required a reading age of about 14½, while bank foundation’s latest platform Investment platforms have about 18. AJ Bell’s needed a accounts came in at about 15. ratings, published exclusively been shamed for having the reading age of about 22, Fairer Finance analyses on The Times Money Mentor longest and hardest to read equivalent to postgraduate Ts and Cs across the financial website, the average terms and conditions of any level. services sector as part of its transparency score was 51%. financial companies. Reading-age calculations customer experience ratings, In spite of its impenetrable Fairer Finance, a look at the average lengths of published every six months. Ts and Cs, AJ Bell earned consultancy that rates sentences and the words in Its criteria include design Fairer Finance’s best score for customer service, said that them. Documents with high elements, such as text size, customer experience. Aviva the average length of reading ages tend to be full of Star-crossed: Lily James which contribute to its was in second place. platforms’ small print was jargon, making them difficult and Richard Madden transparency ratings for Barclays said: “We 24,579 words, about the same to understand even for businesses. For example, recognise that our terms and as Shakespeare’s Romeo and people who are well Fidelity, Halifax and conditions are too long and Juliet. educated. THE TIMES Hargreaves Lansdown have know we need to do much Barclays had the longest at While most financial MONEY 7-point text in parts of their more to simplify the more than 42,000 words — a services’ Ts and Cs are hard to MENTOR documents, yet the Royal language. We will be re- similar length to Henry read, the investment platform National Institute of Blind writing to create a shorter James’s novel The Turn of the sector was significantly worse company People recommends a version that helps customers Screw. than others. The average ratings at minimum of 9 to 12 points to clearly understand their Fairer Finance said that the reading age for pet insurance thetimes.co.uk/money-mentor ensure that partially sighted investment account.”