Product launches of the week
Tesco Bank has launched its first current account giving customers Clubcard points wherever they use their debit card. Account holders will receive one Clubcard point for every £4 of debit card spend in store and every £8 elsewhere. A £5 monthly fee applies to customers who deposit less than £750 per month but the account is fee-free for anyone depositing more than this amount. Learn more here.
Barclaycard has launched a new balance transfer card giving eligible customers zero per cent interest for up to 33 months. A 2.99 per cent handling fee applies. The card also comes with zero per cent interest on purchases for six months and will have a representative APR of 18.9 per cent.
British Loans Limited will offer graduates personal loans to help them onto the property ladder. Following the news that student loan debt will be considered under new mortgage lending rules, British Loans will offer former students loans for a deposit with “a competitive APR” and the option to use parents as a guarantor.
HNW Lending – which allows individuals to take out loans between £60,000 and £1m against private jets, fine wines and jewellery – will now provide this service against residential homes worth over £1m. The loan to value (LTV) will be up to 80 per cent and the process should take no longer than 10 days to complete.
Sainsbury’s Bank is offering a rate sale on small and medium personal loans, reducing interest rates by between 0.1 per cent and 0.2 per cent. The “sale” prices will be available until Monday 30 June at 3pm.
Online investment management service Nutmeg will offer new “NISA” customers free portfolio management for new customers investing £15,000 or more before the end of June. Nutmeg will build and manage their personal investment portfolio completely for free until 2015.
F&C Investments is re-launching its Responsible Investment capability. Some 30 years after launching Europe’s first responsible investment fund, F&C will rename the range of ethical funds and appoint an advisory council.
Fine wine specialist Cult Wines has launched an online portfolio management service for wine investors in the UK and Europe. Free of charge and available through the Cult Wines website, the service allows users to access and track the value of their holdings against current market prices. Users can sign up for ‘alerts’ should there be a holding in their portfolio that another user is looking to purchase.