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This week, TSB has amended the rates on selected tiers of its Personal Loan. This update sees the rate for borrowing over terms of 61 months to seven years rise on amounts of £7,500 to £20,000 (now priced at 6.9% APR) and for amounts of £20,001 to £25,000 (now priced at 5.9% APR). Despite these increases for longer terms, those looking to raise amounts of £7,500 to £25,000 will find this loan still offers some of the most competitive rates available at 2.8% APR for maximum terms of up to five years. There is an option to apply for repayment holidays (subject to conditions) and loan top-ups are also available, the flexibility of which may be appealing to some borrowers. Overall, this loan earns an Excellent Moneyfacts product rating.
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In a week where challenger bank Marcus by Goldman Sachs® made headlines by re-entering the easy access savings chart with its Online Savings Account, challenger banks continue to dominate the savings charts. In fact, our research has found that challenger banks offer the highest average rates in both the easy access savings account and fixed rate bond charts, meaning that savers who have stayed with a high street bank may likely be missing out on the best rates.
Average easy access rates
For example, the average rate being offered by a challenger bank on an easy access saving account was 0.39% AER on the 1 January 2021, this compares to an average rate of just 0.15% AER being offered by high street banks on the same day. This means that a saver who had put £5,000 into a high street savings account, for example, would get an average return of £7.50 per year, whereas those who had put their savings into a challenger bank would get an average of £19.50 per year. Meanwh
BANK account interest rates have not been favourable recently, however, a new offering has been reopened by popular bank Marcus, providing a safe haven for savers.