Moneywise's top product pick pages
- Best savings rates this week - Whether it's for a rainy day or for a one-off big purchase, it's crucial to make your savings work hard for you. Moneywise reveals the best accounts on the market.
- Best cash Isa rates this week - If you're a UK taxpayer it's always worth considering a cash Isa, even though most people can now get some savings interest tax-free.
- This week's best current accounts - When it comes to our day-to-day banking, many of us overlook how important it is to have a current account that suits your needs.
- Personal loans of the week - Personal loan providers are jostling for position at the top of the best buy tables. Here's our roundup of this week's cheapest deals, whether you're looking to do up the house, get a new car or consolidate existing debts.
- Best credit cards for overseas spending - If you want to escape to the sun most debit and credit cards will charge hefty commissions on overseas transactions or cash withdrawals, but a handful of cards have no or low fees, making them one of the cheapest ways to spend money when abroad.
- Best credit cards for rewards and cashback - The world of credit cards can seem like a confusing place. We can't do without them, but how do you know which is the best one for you and your needs?
- Best balance transfer and 0% purchase cards - The best value balance transfer and 0% interest purchase credit cards available this week.
- Best mortgage deals for buy-to-let investors - If you’re looking to invest, or rearrange a mortgage on a buy-to-let property, how do you pick the right mortgage?
- Remortgage to cut your monthly payments - Cut your mortgage payments with our weekly guide to the best remortgaging deals.
- Best mortgage deals for first-time buyers - Buying your first property can be a daunting task. The sheer variety of mortgage products means it can be hard to compare your options to find the best offers.
- Deal of the week - Every week our product researcher Tom Wilson picks out his favourite deal. You can see his choices below, sorted by the newest first.
Changing mortgages without moving home. Property owners chiefly remortgage to get a better deal but some do so to release equity in their homes or to finance home improvements, the costs of which are added to the new mortgage. Even though you’re not moving house, you still need to engage solicitors, conveyancing and the new lender will require the property to be surveyed and valued.
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.
The catch-all term applied to investors who buy properties with the sole intention of letting them to tenants rather than living in them themselves, with the proceeds from the let usually used for the repayment of the mortgage. Buy-to-let investors have to take out specialised mortgages that carry higher interest rates and require a much bigger deposit than a standard mortgage. Other expenditure can include legal fees, income tax (on the rental profits you make), capital gains tax (if you sell the property) and “void” periods when the property is unlet.
Moving money from one account to another, whether switching bank accounts or more likely transferring the outstanding balance on your credit card to another card that charges a lower – or 0% – rate of interest. Some card providers may charge a transfer fee that can be a percentage of the balance transferred.
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.