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Product launches of the week

Your Money
Written By:
Your Money
Posted:
Updated:
05/12/2014

Nationwide increases interest free purchase offer; TSB offers current account customers cashback for remortgaging; Tesco reduces mortgage rates.

CREDIT CARDS

Nationwide Building Society has increased its interest free purchase offer on both the Select Credit Card (available to main current account customers) and Nationwide Credit Card for all new customers.

Anyone opening a Nationwide Select Credit Card online, in branch or via the telephone will be able to take advantage of an interest free purchase offer of 15 months, along with an interest free balance transfer offer of 26 months, with a balance transfer fee of 2.4% (minimum £5). For the Nationwide Credit Card, new customers will have the option of taking out an interest free purchase offer of 15 months or an interest free purchase offer of three months that will be combined with an interest free balance transfer offer of 26 months with a transfer fee of 2.4% (minimum £5).

United Airlines’ subsidiary MileagePlus and MBNA have launched a new MileagePlus® Credit Card Account for eligible new customers in the UK.
The MileagePlus® Credit Card Account comes with no annual fee and offers new customers the opportunity to build MileagePlus® bonus award miles on all of their spending. The account also offers zero percent interest on all United Airlines transactions for 12 months from the date the account is opened.

MORTGAGES

Customers who open or hold a TSB current account will be able to benefit from £500 cashback upon completion of their remortgage to TSB.

Cashback is offered to all existing TSB current account holders or customers choosing to open a current account alongside their new TSB mortgage, as long as at least £1,000 per month is credited to their TSB current account.

Newcastle Building Society has pared the interest rate charged on its 95% loan-to-value (LTV) two-year fixed rate from 5.95% to 5.59% and dropped the Early Repayment Charge.

There is no completion fee, but applicants have to pay a £195 reservation fee for the product.

Tesco Bank has reduced rates on a number of mortgage products across its range.

Tesco, which launched its range of mortgages in August 2012, has continued to strengthen its offering in the higher LTV bands by cutting its two-year 85% LTV fix to 2.79% and the three-year equivalent to 2.99%.

The direct-only lender will also offer two-year and three-year fixed rate 80% LTV products at 2.29% and 2.69% respectively. These products come with a £1,300 product fee, although the lender does offer fee-free equivalents.

All products reward borrowers with Tesco Clubcard points as they make repayments.