Weekly rate watch: Two-year drops while other fixes rise mortgagestrategy.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagestrategy.co.uk Daily Mail and Mail on Sunday newspapers.
READ MORE: Money Talk: Should you be switching between savings deals?
The Bank of England recently kept the base rate at 0.1 percent and as a result, savers are losing out as their cash is growing at a slower rate than inflation, creating negative real returns.
This low base rate has, according to Salisbury House Wealth, suppressed interest rates offered by providers, meaning savers will struggle to find competitive interest rates even when shopping around.
Salisbury House Wealth detailed: “The lowest cash ISA interest rates are offered by instant access accounts at an average of just 0.25 percent, down from 1.08 percent last year.
The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market for the week commencing 8.3.21.
The Best ISA Rate This Week 04 03 21 | moneyfacts co uk moneyfacts.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyfacts.co.uk Daily Mail and Mail on Sunday newspapers.
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Although locking into a new mortgage deal can reduce monthly repayments, especially if the borrower is currently on the lender’s standard variable rate (SVR), it can result in having to pay additional costs. Mortgage borrowers looking to reduce the cost of locking into a new mortgage deal may want to consider a mortgage that does not charge a product fee, which on some deals, can add over £1,000 to the mortgage.
To help borrowers find the best mortgage deal that does not charge a product fee, below we’ve highlighted the lowest rates available on two and five year fixed deals that do not have any product fees in our remortgage, moving home and first-time buyer charts.