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Product launches of the week

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Written by:
04/07/2014
Ocean Finance enters the credit card business; HSBC offers students a £3,000 interest-free overdraft; A raft of providers increase their NISA rates.

Credit Cards

Nationwide has introduced new repayment options for their credit card customers. In addition to the 26 month interest-free balance transfer periods available on both Nationwide credit cards all new customers will be able to choose an alternative offer – either a 0.55 per cent fee with a 0% balance transfer period of 15 months (minimum £5) for the Select Credit Card, or a 0.65 per cent fee with a 0% balance transfer period of 15 months (minimum £5) for the Nationwide Credit Card.

Ocean Finance‘s first credit card, launched in partnership with Capital One, has been designed specifically to help people mend their credit rating. The card comes with a limit of £200 to £1,500, and a rate of 34.9% APR representative (variable).

Loans

Balmoral Financial now offers an instalment loan product – available exclusively to Ffrees customers – with an interest rate of 5.9% per month. New borrowers are limited to a £500 maximum loan of two to 12 months.

HSBC has reduced its personal loan rate to 3.9 per cent on loans between £7,000 and £15,000 for existing current account customers and up to £25,000 for Premier account customers.

Investments

Nationwide has launched a new investment service allowing customers to take advantage of the higher ISA allowance that came into force last week. The four available funds consist of three mixed asset funds and a FTSE all-share tracker and are managed by Legal & General. The minimum investment is £20.

BNY Mellon Investment Management has launched the BNY Mellon Absolute Insight Fund, managed by Insight Investments. The fund invests across a range of absolute returns strategies, aiming to achieve positive returns on a rolling 12-month basis.

Architas‘s range of active, passive and blended risk-rated investment funds and its income range are now available on the Skandia retail platform.
Aviva Investors will launch a range of three new funds: Target Return, Target Income and Target Inflation. They will all be made of up between 20 and 30 holdings. The new funds will be managed by Peter Fitzgerald, head of multi-asset, and Dan James, CIO of fixed income. The launches are subject to regulatory approval.

Ashmore has launched the Ashmore Emerging Markets Short Duration Fund, which seeks to access the returns available from short term Emerging Market debt securities and other instruments denominated in US dollars and other G7 currencies.

Savings

Clydsdale and Yorkshire Banks have introduced a new fixed rate cash ISA with an interest rate of 2.45 per cent. The product matures at the end of October, 2017.

Paragon Bank has introduced a two year fixed rate savings account paying 2.10 per cent interest AER.

Skipton has increased the rates on its one-year NISA, which now pays 1.45 per cent interest.

Halifax is offering new rates on three of its ISAs. The Halifax ISA Saver Variable will now offer 1.45% (from 1.25%), the Halifax ISA Saver Online 1.5% (from 1.3%) and the Halifax Saver Fixed 1 year at 1.55% (from 1.5%).

Saga Savings will launch a one year fixed-rate ISA paying 1.55 per cent interest.

AA has also launched a two per cent AER ISA to coincide with increased limits.

TopCashback is offering up to £147 cashback for some savers opening a NISA through the site.

Current Account

Post Office will double the number of branches where their current account is on offer to 239 nationwide. The roll-out will is expected to be complete by the end of September.

HSBC is offering students an interest-free overdraft of up to £3,000 and an Amazon voucher. The new HSBC Student Bank Account is available from 14 August.

Retirement

Skipton has launched a free retirement advice service. Read more here.

Tax

HMRC has introduced a new online service for tax credit claimants to submit their tax credit renewal.

Mortgages

The Mortgage Works (TMW) has introduced a range of Buy-to-Let products, including products with rates starting from 2.49% up to 60 per cent LTV and 2.89% up to 75 per cent loan to value (LTV). 

Virgin Money has announced a number of changes across its residential and buy-to-let mortgage range. This includes a two-year fixed rate product at 3.48% up to 85% LTV with a £995 product fee and a competitive two-year fixed rate at 2.99% up to 80% LTV with a £995 product fee.

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