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Product launches of the week

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Virgin Money launches a range of savings products; M&S Bank celebrates 25 years in the loan business with special rates; A new app from Tesco takes on international calls.


Virgin Money has launched new one, two, three and five year fixed-rate ISAs paying between 1.55 per cent AER and 2.75 per cent AER.

It has also launched a range of fixed rate bonds, offering customers a guaranteed rate equal to the rates available on its new ISAs. These bonds can be opened with a deposit of as little as £1.

In addition Virgin Money has introduced the Easy Access Saver account, which pays a variable rate of 1.30 per cent and has a maximum balance of £100,000.

Sainsbury’s Bank has re-launched its eSaver Special Savings Account, which will pay 1.30 per cent interest annually. Customers can save between £1,000 and £100,000 in the account.


Virgin Money is launching a range of new mortgages – available through registered intermediaries – including a two year fixed rate mortgage with a rate of 2.05 per cent with fees of £995.

Virgin Money has also cut its rates on selected fixed rate and tracker buy-to-let mortgages by up to 0.50 per cent.

Nationwide is now a part of the Ministry of Defence Forces Help to Buy scheme. The scheme aims to encourage home ownership amongst eligible armed forces personnel, who can apply for a loan of up to £25,000 or 50 per cent of their salary – whichever is lower – through the Ministry of Defence on an interest-free repayment basis for up to 10 years.

The loan must be used as a deposit for a house. Once approved, customers can choose to apply for products from Nationwide’s standard residential mortgage range. Standard lending criteria will apply.


M&S Bank is celebrating 25 years in the lending industry by launching its lowest-ever loan rate. Existing customers will be able to take a loan between £7,500 and £15,000 with an interest rate of 4.1 per cent. New customers will pay 4.2 per cent interest.

In addition, M&S Bank has introduced its lowest ever mid-value loan rates, with exclusive rates of 5.5 per cent APR on loans between £5,000 and £7,499 for existing M&S current account, credit card and loan customers, and a rate of 5.6 per cent for new customers.


Threadneedle UK has launched the Threadneedle (Luxembourg) Global Corporate Bond fund, which aims to generate a total return from income and capital appreciation by investing mainly in diversified investment grade bonds, money market instruments and cash across global markets. It will be managed by Alasdair Ross.


ASDA Money is offering £15 off UK Breakdown and European Breakdown cover with the purchase of tyres. There are three levels of cover available, starting at £25 per year for roadside cover. Comprehensive breakdown cover – which includes vans, motorbikes and motorhomes – is available for £70. European breakdown cover is £130 per year.


Pop Telecom is offering broadband starting at just £1 per month with a line rental of £13.99 per month through MoneySuperMarket. The offer includes 40GB of usage and a free wireless router. Unlimited broadband is available for £2.50 a month plus £13.99 line rental.


Tesco has launched a smartphone app which allows customers to save on mobile roaming charges by connecting to hotel Wi-Fi and using the app to make calls back to the UK for 2p a minute. The app is free to download and available now on the Apple App Store and Google Play.

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