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Although there has been little change at the top of the ISA charts this week, savers will note that a new, slightly higher rate is now available at the top of the one year fixed ISA chart. As well as this, competition within the easy access ISA chart has increased this week, with two providers now offering the second-best rate of 0.41% AER.
Savers should note that the rates below are the best rates available at 12pm on Thursday 13 May 2021 and, although correct at the time of publishing, providers may reduce or withdraw rates at any time. As well as this, the rates highlighted are only those available to new customers, and as such there may be higher rates on ISAs available to existing customers only – to compare these ISAs, visit our ISA charts and, using the refine button, filter the results to show ISAs only available to existing customers.
New Business Total new business lending increased by 2.4% in the quarter and 7.1% compared to Q1 2020. Volumes reflected a combination of lower activity due to the continuation of lockdowns and the commencement of a phased return to pre-pandemic lending criteria in Motor Finance. Lending The loan book contracted by 1%. Business Finance and Consumer Finance combined lending remained static, with the reduction predominately a result of the amortisation of the closed Asset Finance and Consumer Mortgage books. Credit performance remained benign. Deposits Customer deposits continue to be managed in line with funding requirements and effective management of the product mix contributed to a further reduction in the cost of funds.
The best rate in the fixed rate savings chart overall came from Gatehouse Bank, with its Fixed Term Green Saver paying an expected profit rate of 1.40% gross on anniversary on a five-year term. This account requires a £1,000 minimum deposit to open. It has the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded. It must be opened and managed online.
New to the top of the three year fixed rate bond chart this week was Zopa’s 3 Year Fixed Term Savings account, which pays 0.99% gross monthly, although savers should note that interest is only available on maturity. To open this account, a £1,000 minimum deposit is needed. It must be opened online and can then be managed online and via mobile app.
V12 Vehicle Finance (V12VF) - powered by Secure Trust Bank - has bolstered its financial offering with the launch of its new Prime Hire Purchase (HP) product.
The Solihull-based company is a used vehicle finance solution that works with a range of strategic business partners to help independent and franchised dealers across the UK buy, sell and finance used vehicles more efficiently and more often.
This new HP product will provide financing between £3,000 - £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement. V12VF offers a digital-first service with a full suite of software that facilitates quick decision making and fast payouts for both dealers and customers.