Santander customers 'can get £250 in account' with 'outstanding' deal

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A financial expert has looked at this week's products

A Santander deal that gives customers the choice of having £250 paid back to them has been called 'outstanding' by a financial expert.

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. It often covers savings, current accounts and mortgages.

The experts then explain the reasons why a product has been chosen. The pros and cons are looked at as well.

This week, it started with savings, picking out the Kent Reliance 1 Year Fixed Rate Cash ISA – Issue 9 as a good deal.

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Kent Reliance has increased the rates on a handful of its fixed rate cash ISAs this week, including its 1 Year Fixed Rate Cash ISA – Issue 9. The account is just shy of the leading Best Buy position; however, the boost improves its standing in the top 10 and now pays a highly competitive 5.02% on its anniversary.

"Savers also have the option of choosing monthly interest. This deal may be an enticing option for those looking to make the most of their ISA allowance and guarantee their returns for the next year.

"Savers must invest at least £1,000, but further additions are permitted for 30 days from opening via a nominated account and those with larger balances may be pleased to see that they can deposit as much as £900,000. As is the case with many fixed rate ISAs, investors who wish to access their cash early can do so via nominated account, however, this is subject to a 90-day loss of interest penalty which should be considered by savers. On assessment, this deal earns an Excellent Moneyfacts product rating.”

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Turning to mortgages, the Santander two-year fixed-rate mortgage with a 60% loan-to-value was chosen.

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