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Product launches of the week

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Written by:
01/11/2013
Tesco Bank increases rates on savings accounts; AXA Wealth launches new passive funds; Leeds Building Society unveils new mortgage product range.

SAVINGS

Sainsbury’s Bank is increasing the interest rate for new eSaver Special accounts opened from Friday 1 November to 1.55% Gross AER (variable) on balances between £1,000 and £100,000.

The account offers unlimited withdrawals with no notice period, and it can be opened and managed online.

Tesco Bank has increased the interest rates available across its Fixed Rate Saver range.

Rates will increase on the one-year (to 1.9%), 18-month (to 2.05%), two-year (to 2.25%), three-year (to 2.55%) and four-year accounts (to 2.75%).

Leeds Building Society has unveiled a Regular Saver account paying 3.05%. Minimium investments are £50 a month.

The lender has also launched a ‘Flexible Regular Saver’ that requires a single minimum monthly payment of between £20 and £1,000, and pays a rate of 1.50% gross p.a./ AER including a 0.25% bonus.

INVESTMENT

AXA Wealth Specialist Products has launched a new series of risk-profiled passive portfolios, called the AXA Wealth Elite Diversified Market Range.

The new Elite Diversified Market Range is primarily built from a portfolio of different passive funds that aim to track a range of market indices.

Each fund within the new range, available through AXA Wealth’s standalone products – the Retirement Wealth Account, Investment Bond and Trustee Investment Plan – has a different asset allocation, based on its risk profile.

MORTGAGES

Virgin Money has introduced a raft of new interest rates including a 90% LTV fixed rate at 4.29%.

The lender has reduced its 90% loan-to-value (LTV) two-year fixed rate mortgage to 4.29% with a £995 fee. Virgin Money has also cut the cost of its 75% LTV two-year fixed rate deal to 2.29 with a £995 product fee, and reduced the rate on its 75% LTV tracker to 1.89% with a £995 fee.

Leeds Building Society has launched a new product range for larger loans of up to £750,000, with flat fees and rates starting from 2.14%. The mutual will offer 2 and 3 year fixed rate mortgages up to 80% loan-to-value (LTV), with a minimum loan of £500,000.

The new range includes a 2 year fix at 2.14% up to 75% LTV, and at 2.29% between 75.01% and 80% LTV. The Society has also unveiled a 3 year fix at a rate of 2.74% up to 80% LTV. All the new mortgage offers have a flat completion fee of £1,800 for loans between £500,000 and £750,000.

Santander has launched a range of large loan mortgage products as the lender looks to increase its presence in this area of the market. The bank’s new range will contain loans worth up to £2.5m at 70% LTV while the maximum loan on some existing products will rise to £1.5m.

The new large loans range includes a two-year fix at 70% LTV with a 2.34% rate and £1,995 fee (£1.5m to £2.5m), a five-year fix at 70% LTV with a 3.24% rate and £1,995 fee (£1m to £2.5m) and a lifetime tracker at 70% LTV with a 2.59% rate and £1,995 fee.

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