Key eligibility criteria as Santander customers 'get £250' in deal

Key eligibility criteria as Santander customers 'get £250' in deal It's one of several highlighted by financial experts A Santander deal is offering customers £250. It is one of several financial deals currently on offer highlighted by experts in the latest Moneyfactscompare.co.uk Pick of the Week, which showcases the best of the latest products or rate changes to hit the consumer finance market. The latest rundown, published on Friday, saw head of consumer finance at Moneyfactscompare.co.uk, Adam French, analyse deals in current accounts, mortgages and savings. Firstly, the Kroo Bank Current Account was chosen. Adam said: "While many savings accounts offer more competitive returns, the app-based account from Kroo Bank may be ideal for those in the habit of holding larger sums in their current account. It pays 3% AER interest on balances of up to £500,000 – but only for new customers. "Interest is paid monthly, but it includes a 2% AER bonus that applies for the first 12 months, which should be taken into consideration by anyone planning to use the account over a longer term. The easy-to-open app-based account also offers fee-free transactions abroad, making it a tempting proposition for anyone who regularly spends or withdraws money overseas.” Mortgage deals selected by expert Turning to mortgages, the Yorkshire Building Society three-year fixed-rate house purchase mortgage was selected. Adam said: "In some positive news for borrowers, Yorkshire Building Society has cut most of its fixed mortgage rates this week. Its three-year fixed-rate house purchase deal at 80% loan-to-value has been reduced to 5.15%, with the rate fixed until January 31, 2030. Ideal for homebuyers looking for certainty in what they will be paying over the next few years. "The mortgage comes with a £1,495 fee, although a free valuation is also included. Buyers should therefore consider the total cost of the deal alongside the headline rate, particularly when comparing it with mortgages carrying different fees or incentive packages." The Santander two-year fixed-rate mortgage was also highlighted Adam said: "Santander has cut rates across much of its residential mortgage range, ending a series of incremental increases. Its two-year fixed-rate mortgage at 60% loan-to-value has been cut by 0.14% to 4.99%, fixed until January 2, 2029. It is one of very few sub-5% fixed rate deals available, but it is only an option for second-time buyers with a sizeable deposit or significant equity. "It comes with a £999 fee, but borrowers can benefit from a free valuation and £250 cashback. As ever, borrowers should look beyond the headline rate and consider the fee and incentives alongside the monthly mortgage cost when choosing a deal." Two ISA accounts picked out Looking at savings, the Chip Smart Cash ISA was picked out. Adam said: "Chip has increased the rate on its Smart Cash ISA to a market-leading 4.72% AER. The higher rate could make the account worthy of consideration for savers looking for a competitive variable return while keeping their savings within a Cash ISA. "However, the headline rate includes a 1.22% AER bonus for the first 12 months, after which the rate will fall. Savers should therefore consider what rate they will receive once the bonus expires and review their options at that point to ensure their money continues to earn a competitive return." The Tandem Bank two-year fixed rate cash ISA was also chosen. Adam said: "Tandem Bank has increased rates across its Fixed Rate Cash ISA range this week, with its two-year cash ISA now paying a market-leading 5.08% AER. This is a strong guaranteed return for savers looking to make use of their ISA allowance, particularly those who are comfortable committing their money for the fixed term. "One useful feature is that additions can be made for 14 days from account opening, providing some additional flexibility for savers who may need a little more time to transfer their intended funds. However, investors should consider whether a fixed-term ISA fits their circumstances before committing their money." [Image text:] 9 Santander