Santander customers 'paid £240' as 'excellent' deal relaunched

Santander customers 'paid £240' as 'excellent' deal relaunched It was highlighted alongside other deals this week A Santander deal that pays customers £240 has been highlighted by a money expert. It was chosen as part of the Moneyfactscompare.co.uk Pick of the Week, which showcases the best of the latest products or rate changes to hit the consumer finance market. It typically looks at savings, mortgages, credit cards and current accounts and gives them ratings, with reasons why. Savings account with 'attractive' interest rate This week, starting with savings, the Afin Bank One-Year Fixed Term Account (Issue 8) was chosen. Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Afin Bank has increased the rates on selected Fixed Term Accounts, including its one-year option, which boosts the account to the market-leading position. Now paying an attractive 5.15%, savers can guarantee their returns over the next year and it may appeal to those looking for certainty. "The account requires at least a £1,000 deposit, but further additions are permitted for 14 days via a nominated account for savers who wish to amend their initial investment, which may add to its overall appeal. However, as is the case with many fixed bonds, withdrawals are not permitted, so consumers should be comfortable with losing access for the full term and it may be worthwhile having a separate flexible pot to cover emergency expenses. On assessment, this account receives an Excellent Moneyfacts product rating.” ISA has 'market-leading' interest rate Turning to tax-free accounts, the Castle Trust Bank Two-Year Fixed Rate e-Cash ISA was picked. Caitlyn said: “Castle Trust Bank has increased the return on its Two-Year Fixed Rate e-Cash ISA and now pays a joint market-leading rate at 5.10%. The account may be an ideal option for savers looking to maximise and guarantee their tax-free returns over the next two years. "Savers will need to invest at least £1,000, but if the minimum investment is not met within 14 days then their balance will be refunded and no interest will be paid. Those with larger balances may be pleased to note that further additions are permitted for 14 days and can invest as much as £500,000. "It’s important savers are comfortable with locking away their cash for the full term, otherwise they could face a 180-day loss of interest penalty and the closure of the account, so this should be carefully considered. On assessment, this receives an Excellent Moneyfacts product rating.” Credit card with 35 months interest-free Looking at credit cards, Moneyfacts.co.uk chose the Barclaycard – Platinum 35 Month Balance Transfer Visa this week. Caitlyn said: “The latest update from Barclaycard sees it reduce the 0% introductory balance transfer term to 35 months on the newly named Platinum 35 Month Balance Transfer Visa. While borrowers will have slightly less time to pay off existing balances, it retains a competitive position in the Best Buys despite the reduction. "Part of the reason why this card may still be an appealing option for borrowers is the three months 0% on purchases, which can be useful for big purchases. However, borrowers should be cautious not to spend more than they can afford to repay as the purchase APR rises to 24.9% thereafter. "Adding to its appeal, borrowers can expect to receive a range of lifestyle perks, including exclusive presale tickets on selected festivals with 10% off ticket prices and up to 15% cashback from selected retailers with Barclaycard Cashback Rewards. On assessment, the card earns an Excellent Moneyfacts product rating.” Current account pays customers £240 Finally, looking at banking deals, the Santander Everyday Current Account was highlighted. Caitlyn said: “Customers looking to switch bank accounts may be pleased to see that Santander has relaunched its £240 switching offer for new and existing customers who move to its Everyday Current Account, subject to depositing at least £1,500 and meeting other eligibility criteria within 60 days. Further adding to the account’s appeal, it is also offering 0% on arranged overdrafts for switched accounts for the first four months, which will be particularly helpful for households as we come into the expensive Christmas and New Year period. "However, customers should be aware that after the four months, the rate on overdrafts rises to 39.49% EAR. Overall, the account earns an Excellent Moneyfacts product rating.”