Santander borrowers can secure a £250 cashback incentive as part of an "Outstanding" 10-year fixed-rate mortgage, according to personal finance experts at Moneyfactscompare.co.uk. The deal, now priced at 5.74% for those with a 10% deposit, remains a top pick despite a recent rate rise of up to 0.19% across the bank's range.
Santander's 10-year fixed deal stands out
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, highlighted the Santander offer in the latest Pick of the Week. "Among the many lenders to increase fixed rates this week, Santander has made rises of up to 0.19% across its range. One deal to see a slightly smaller rise is the 10-year fixed rate option at 90% loan-to-value, which is now priced at 5.74% until November 2, 2036," she said.
Despite the increase, Eastell emphasised the deal's appeal: "Despite the rise, this deal remains an Outstanding option for borrowers, particularly to those with smaller deposits. As part of the package, borrowers can benefit from an attractive incentive package, which includes a free valuation and £250 cashback, offsetting its £999 fee."
Long-term stability for borrowers
The 10-year term offers borrowers peace of mind in an uncertain rate environment. "The longer term may give borrowers much-needed peace of mind and may be an ideal option for those prioritising stability. On assessment this deal earns an Outstanding Moneyfacts product rating and a position as a Moneyfacts Best Buy," Eastell added.
Atom Bank tops savings with 5% fixed saver
In the savings market, Atom Bank has climbed to the top of the Best Buy charts with a market-leading 5% rate on its five-year fixed saver. Eastell noted: "Climbing its way to the top Best Buy spot, this week Atom Bank has increased the rate on its five-year fixed saver to a market-leading 5%. The deal can be opened with as little as £50, however, further additions can be made for seven days from the account opening which may boost its appeal for some."
She cautioned that access is restricted: "As is the case with many fixed bonds, earlier access is not permitted meaning savers should be comfortable locking away their cash for the full term before committing." The return of 5% fixed bonds is welcome news for those seeking guaranteed returns, and the account receives an "Excellent" Moneyfacts product rating.
Oxbury Bank's inflation-busting easy access account
Oxbury Bank has also launched a new Easy Access Summer Account, paying a competitive 4.22% AER with monthly interest. "The account pays an inflation-busting 4.22% AER, and as interest is paid monthly this may appeal to savers looking to give a boost to their income," Eastell explained.
While a minimum deposit of £1,000 is required, savers enjoy unlimited penalty-free withdrawals and can make further additions at any time, though all transactions must go through a nominated account. "This account suits anyone searching for maximum flexibility. Overall, the deal earns an Excellent Moneyfacts product rating and is a Moneyfacts Best Buy," she added.
Market context and expert advice
The latest product launches come as lenders adjust rates in response to market conditions. With fixed-rate bonds returning to 5% and competitive easy access options available, savers have more choice. Meanwhile, mortgage borrowers with smaller deposits can still find attractive deals with cashback incentives, as demonstrated by Santander's offer.
