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Product launches of the week

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Written by:
04/10/2013
EDF launches fixed price energy plan; Halifax reduces balance transfer fees; NatWest to shun brokers and only offer Help to Buy products direct to consumers.

UTILITIES

EDF Energy has launched Blue+Price Freeeeze March 2017, the joint-longest fixed price tariff to the market which guarantees prices will be frozen for four winters. It will replace Blue+Price Freeeeze November 2016.

Based on a national average of regional prices, the annual dual fuel bill for a typical customer on Blue+Price Freeeeze March 2017 paying by direct debit would be £1,340 a year.

SAVINGS

Tesco Bank has launched four and five-year fixed rate saver products offering 2.65% and 3.05% dross/AER (annual interest) respectively.

Coventry Building Society has launched a medium term fixed rate Cash ISA, paying a rate of 2.75% tax-free p.a. /AER until 31st May 2017. It is available to new and existing customers and no partial withdrawals are permitted.

Saga Savings has launched a new three year fixed rate savings account, rewarding savers with balances of £1 or more with an AER of 2.55%. The new account is available to all UK residents aged 50 or over and savers can choose to have their interest paid monthly or annually.

CREDIT CARDS

Halifax has reduced the balance transfer fee on its All in One credit card to 0.8% – matching the Lloyds platinum card. However the Halifax All in One card offers a 15 month interest free period for purchases compared to Lloyd’s three months.

MORTGAGES

Tesco Bank has cut rates across its two- and three-year mortgage range while raising rates on its five-year products.

The supermarket giant will now offer a two-year fix at 70% LTV for 1.99%, with a £1,300 product fee and £195 booking fee, while the low-fee equivalent is on offer at 2.39%. However, the lender has upped rates across all its five-year products with Tesco’s headline 70% LTV product jumping from 2.79% to 2.99%.

NatWest will shun brokers and only offer Help to Buy mortgage guarantee products through direct channels when the lender launches its range of 95% LTV mortgages later this month.

Coventry Building Society has launched a new residential range with 2 year fixed rates from 2.09%, available with a choice of fee structures and some with no early repayment charges.

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