Awards supplement 2010
contents Best Short Term Fixed Rate Mortgage Provider ........4 Best Longer Term Fixed Rate Mortgage Provider .....4 Best Variable Rate Mortgage Provider .......................5 Best Remortgage Provider.........................................5 Best Current Account & Offset Mortgage Provider ....6 Best Tracker Mortgage Provider................................6 Best First Time Buyer Mortgage Provider.................7 Best Building Society Mortgage Provider...................7 Best Bank Mortgage Provider....................................8 Best Online Mortgage Provider .................................8 Best HIP Provider ......................................................9 Best Service from a Mortgage Provider.....................9 Best Notice Account Provider.................................10 Best No Notice Account Provider...........................10 Best Monthly Interest Account Provider .................11 Best Fixed Rate Account Provider ...........................11 Best Internet Account Provider...............................12 Best Over 50s Account Provider.............................12 Best Children’s Account Provider............................13 Best Cash ISA Provider............................................13 Best Offshore Account Provider .............................14 Best Current Account Provider (Credit Interest)....14 Best Current Account Provider (Debit Interest).....15 Best Personal Loan Provider....................................15 Best Card Provider (Introductory Rate) ..................16 Best Card Provider (Standard Rate) ........................16 Best Card Provider (Balance Transfer Rate) ............17 Best Gold/Platinum Card Provider ..........................17 Innovation in Personal Finance ................................18 Personal Finance Provider of the Year.....................19
2
“winning a Moneyf is something to sho The winners of the 2010 Moneyfacts Awards were announced on 11 June 2010 at the Millennium Mayfair Hotel in London. Welcomed by Sylvia Waycot, Editor of Moneyfacts, the guests were treated to a delicious lunch before the ceremony, hosted by ITV News Economics Editor, Daisy McAndrew, took place. “The widely anticipated Moneyfacts Awards 2010 celebrated the best products and service in personal finance at another well supported ceremony, showcasing the providers that
facts Award really out about.” support this vital sector. After months of ‘trying times’ a cautious optimism is returning, with the mortgage sector seeing product numbers beginning to rise and the savings sector continuing its fight to provide reasonable returns, despite the record low base rate,” said Sylvia Waycot. “The Moneyfacts Awards demonstrate a firm commitment by providers to quality and choice across a wide range of products. This was very evident in the makeup of our shortlists and why winning a Moneyfacts Award really is something to shout about.”
3
Best Short Term Fixed Rate Mortgage Provider: WINNER: first direct Perceived wisdom dictates that the interest rate cycle is at its floor, but, given the current uncertainty, many individuals have taken the decision to ‘wait and see’ and have arranged short term fixed rate products. First direct has remained in touch with current market conditions and consistently provided the right option for many borrowers, offering competitive rates and fees. The added benefit of an offset facility has also proven very popular.
HIGHLY COMMENDED Loughborough Building Society COMMENDED Abbey Finalists HSBC Mansfield Building Society NatWest Mortgage Services
Best Longer Term Fixed Rate Mortgage Provider: WINNER: Britannia The last year has, unsurprisingly, seen an increasing proportion of borrowers taking out longer term fixed rate mortgages, including for longer periods of five to ten years. Britannia has continued to provide borrowers across the sector with stability and certainty via a sensibly priced range that has offered value throughout the year.
HIGHLY COMMENDED Chelsea BS COMMENDED Leeds BS Finalists Abbey Post Office RBS
©MONEYFACTS GROUP plc
4
Best Variable Rate Mortgage Provider: WINNER: The One Account Providing the flexibility that has become an ever more important facility for a borrower’s mortgage requirements, the One Account meets the needs of an increasing number of individuals. A fair overall pricing structure and straightforward account opening and operating policy have established the One Account as the common sense choice for those with common sense financial mentality.
HIGHLY COMMENDED HSBC COMMENDED first direct Finalists Britannia Clydesdale/Yorkshire Bank Ing Direct
Best Remortgage Provider: WINNER: HSBC By continuing to offer a range of mortgages that can be specifically designed to meet the needs of remortgage customers, HSBC’s discounted, fixed-rate and tracker product range make switching lenders a straightforward process. A whole host of attractive rate and fee structures are further enhanced and easily accessed via the popular Mortgage Transfer Service.
HIGHLY COMMENDED The Co-operative Bank COMMENDED: first direct Finalists Abbey NatWest Mortgage Services Principality Building Society
©MONEYFACTS GROUP plc
5
Best Current Account & Offset Mortgage Provider: WINNER: first direct In the current low interest rate environment, the popularity of offsetting savings against a mortgage has proven both popular and cost effective. The combination of competitive rates and fees, together with the highly regarded 1st Account, have found first direct to be the worthy winners of this award.
HIGHLY COMMENDED: Yorkshire BS COMMENDED: NatWest Mortgage Services Finalists Clydesdale/Yorkshire Bank The One Account Woolwich
Best Tracker Mortgage Provider WINNER: The Co-operative Bank As most commentators still believe that any major base rate increases are some way off, the interest in tracker mortgages has continued unabated. Offering a comprehensive range with extremely competitive fees and a transparent pricing structure, The Co-operative Bank stands out in this sector.
HIGHLY COMMENDED HSBC COMMENDED Abbey Finalists first direct NatWest Mortgage Services Principality Building Society
ŠMONEYFACTS GROUP plc
6
Best First Time Buyer Mortgage Provider: WINNER: Clydesdale/Yorkshire Bank The need for continued support to vital first time mortgage buyers, in respect to the wider housing sector, singles out this award as an important accolade for Clydesdale/Yorkshire Bank. It has maintained its range of mortgage deals whilst at the same time providing flexible and leading offers tailored to the sector.
HIGHLY COMMENDED Norwich & Peterborough BS COMMENDED Furness BS Finalists Bath Building Society Lloyds Banking Group Loughborough Building Society
Best Building Society Mortgage Provider: WINNER: Nationwide Building Society As the UK’s fourth largest mortgage lender, Nationwide Building Society has retained its position as the premier mortgage provider in the building society sector. Offering competitive, often market-leading products across the entire mortgage range it has provided options for those remortgaging and for house purchasers of all descriptions.
HIGHLY COMMENDED Yorkshire BS COMMENDED Furness BS Finalists Chelsea Building Society Loughborough Building Society Manchester Building Society ŠMONEYFACTS GROUP plc
7
Best Bank Mortgage Provider: WINNER: HSBC HSBC emerged as this year’s leading mortgage product provider on the basis of its extensive mortgage range and consistent market leading deals. HSBC’s commitment to the mortgage market has been amply demonstrated by its innovative product range, hugely popular discounted rates and its unique Mortgage Matcher facility.
HIGHLY COMMENDED: Abbey COMMENDED: The Co-operative Bank Finalists Halifax Ing Direct NatWest Mortgage Services
Best Online Mortgage Provider: WINNER: Woolwich Clear and concise with its descriptions and rich in product detail, Woolwich was singled out for the ease of use offered by its online presence. An impressive online mortgage application process is subsequently backed up by a quick and efficient mortgage offer.
HIGHLY COMMENDED Coventry Building Society COMMENDED Halifax Finalists first direct Northern Rock Tipton & Coseley Building Society
©MONEYFACTS GROUP plc
8
Best HIP Provider: WINNER: eHips The amount of positive feedback received indicates that eHips remained dedicated to the broker sector and house sellers in terms of competitive products, technology and high service levels. The quality of its overall offering should stand it in good stead as it comes to terms with the recently forced market changes.
HIGHLY COMMENDED The HIPs provider COMMENDED Easier2move Finalists Fridays Property Lawyers Hipag Hipsco Ltd
Best Service from a Mortgage Provider: WINNER: Cheltenham & Gloucester plc It is clear that Cheltenham & Gloucester have made a real effort to remain connected to brokers in the mortgage sector. The quality of both the processes in place to complete mortgage cases and the working relationships created and maintained with the business development managers were all specifically mentioned.
HIGHLY COMMENDED Royal Bank of Scotland COMMENDED Halifax Finalists Abbey Northern Rock Woolwich
ŠMONEYFACTS GROUP plc
9
Best Notice Account Provider: WINNER: Leeds Building Society Deserved winner of this award for its range of straightforward, no nonsense deposit notice accounts, Leeds Building Society remains committed to providing customers with competitive interest rates. The consistent appearance of accounts in best buy selections further underlines this welcome approach.
HIGHLY COMMENDED Bank of Cyprus UK COMMENDED Secure Trust Bank Finalists Standard Life Cash Savings United Trust Bank Whiteaway Laidlaw Bank
Best No Notice Account Provider: WINNER: Leeds Building Society In the current low interest rate environment it is vitally important that providers maintain their support for the deposit sector. Leeds Building Society has managed to continually offer value across its no notice product account range and held off the challenge from some other high profile names in the industry.
HIGHLY COMMENDED Stroud & Swindon BS COMMENDED Teachers BS Finalists Bath Building Society National Savings & Investments Scottish Widows Bank
ŠMONEYFACTS GROUP plc
10
Best Monthly Interest Account Provider: WINNER: ING Direct In a challenging year, when consumers have demanded that savings work increasingly hard for them, ING Direct has responded whenever possible, working to maintain or improve its product range and deserves recognition as it has consistently offered consumers a competitive monthly return on their savings accounts.
HIGHLY COMMENDED FirstSave COMMENDED Intelligent Finance Finalists Darlington Building Society ICICI Bank UK Newcastle Building Society
Best Fixed Rate Account Provider: WINNER: Post Office With rates of return high on the wanted list of all savers over the last year or so, the Post Office deserves congratulations for providing consistently competitive products during such a difficult time. The popularity of its Growth Bonds shows no sign of waning as the Post Office remains a trusted and easily accessible provider.
HIGHLY COMMENDED Aldermore COMMENDED ICICI Bank UK Finalists FirstSave Halifax Nationwide Building Society
ŠMONEYFACTS GROUP plc
11
Best Internet Account Provider: WINNER: Intelligent Finance By providing a flexible savings account, allowing individuals the opportunity to start saving from as little as ÂŁ1 whilst still enjoying a great rate of interest, Intelligent Finance have proven to be the masters of a simple product with no short term bonus or withdrawal restrictions. Existing mortgage customers can still offset their savings.
HIGHLY COMMENDED ICICI Bank UK COMMENDED Yorkshire BS Finalists FirstSave Nationwide Building Society Norwich & Peterborough Building Society
Best Over 50s Account Provider: WINNER: United Trust Bank With inflationary pressures impacting upon the already eroding savings pots of the growing mature saver sector, United Trust Bank has provided a straightforward product, offering a consistently attractive return for a relatively low minimum deposit.
HIGHLY COMMENDED Coventry BS COMMENDED West Bromwich BS Finalists Ipswich Building Society Leeds Building Society Loughborough Building Society
ŠMONEYFACTS GROUP plc
12
Best Children’s Account Provider: WINNER: Harpenden Building Society The recent demise of the Child Trust Fund has brought the children’s savings sector into sharp focus once again as investment options become more limited. Harpenden Building Society is the worthy winner of this category as it continues to offer a refreshingly simple and straightforward account that offers consistently attractive rates.
HIGHLY COMMENDED Earl Shilton BS COMMENDED Chelsea BS Finalists Chorley & District Building Society Norwich & Peterborough Building Society Stafford Railway Building Society
Best Cash ISA Provider: WINNER: Halifax With current base rate levels meaning that decent returns on savings are harder to come by than ever, Halifax was the deserved winner in the best ISA provider category. It has consistently offered products that provide some of the highest levels of interest, particularly its popular and rewarding range of fixed rate ISAs.
HIGHLY COMMENDED Santander COMMENDED Newcastle Building Society Finalists Barclays Bank M&S Money Nationwide Building Society
©MONEYFACTS GROUP plc
13
Best Offshore Account Provider: WINNER: Alliance & Leicester International Alliance & Leicester International has offered an excellent overall offshore product range including no notice, notice and fixed rate accounts. Sensibly low minimum deposit requirements and a charge free account structure ensured that this provider was a worthy choice for personal investor’s funds.
HIGHLY COMMENDED Anglo Irish Bank Corporation (International) PLC COMMENDED Irish Nationwide (IOM) Finalists Investec Bank (Channel Islands) Ltd Irish Permanent International Nationwide International
Best Current Account Provider (Credit Interest): WINNER: Alliance & Leicester Alliance & Leicester has, once again, been rewarded with the best credit interest current account provider award. As those with credit balance face low rates across the market, Alliance & Leicester has led the competition in the current account switching sector, with market-leading rates ensuring that it remained ahead of its rivals.
HIGHLY COMMENDED Santander COMMENDED Lloyds TSB Finalists Cahoot Coventry Building Society Halifax ŠMONEYFACTS GROUP plc
14
Best Current Account Provider (Debit Interest): WINNER: Alliance & Leicester As personal finances were increasingly squeezed throughout the year, the need for additional support, in the guise of acceptable agreed overdraft rates, was vital. Alliance & Leicester stood out in this area and managed to provide this prerequisite with a combination of an unusual introductory deal and clear pricing structure, resulting in a competitive overall deal for those who make use of this account feature.
HIGHLY COMMENDED Cahoot COMMENDED Norwich & Peterborough Building Society Finalists Clydesdale/Yorkshire Bank Nationwide Building Society Santander
Best Personal Loan Provider: WINNER: Tesco Bank By offering competitive rates across a range of tiers and enhanced terms over which to borrow, Tesco Bank is the worthy winner of this award. The implementation of aggressive pricing throughout the year, whilst reflecting the mood of the market, has ensured choice for a wide audience as Tesco Bank regularly featured in the best buy charts.
HIGHLY COMMENDED Sainsbury’s Finance COMMENDED Alliance & Leicester Finalists Barclaycard John Lewis Financial Services Lloyds TSB
ŠMONEYFACTS GROUP plc
15
Best Card Provider (Introductory Rate): WINNER: M&S Money As the outstanding performer in the growing, and much sought after, introductory rate sector, M&S Money has managed to combine a long 0% purchase deal with a reasonable ongoing rate and sensible all round charging and fee structure. This product, aimed at purchases, is further enhanced by a popular rewards programme giving a winning combination of deals and benefits.
HIGHLY COMMENDED Halifax COMMENDED Tesco Bank Finalists Barclaycard John Lewis Financial Services Lloyds TSB
Best Card Provider (Standard Rate): WINNER: The Co-operative Bank Providing a firm commitment to the personal lending sector, The Co-operative Bank has maintained a long-term low standard rate throughout the year. Customers with this provider have been able to avoid any dreaded sudden rate shock, which is of particular importance as finances have been stretched.
HIGHLY COMMENDED Lloyds TSB COMMENDED Barclaycard Finalists Halifax M&S Money MBNA Europe Bank
ŠMONEYFACTS GROUP plc
16
Best Card Provider (Balance Transfer Rate): WINNER: Virgin Money The premier offering of the longest balance transfer term in this sector was once again provided by Virgin Money. Continually sitting atop the best buy charts, it has consistently met the needs of a large number of consumers and helps those that require a balance transfer rate with a term that allows larger balances to be paid, without adding additional strain to finances. A worthy and timely hat trick for this popular provider.
HIGHLY COMMENDED Santander COMMENDED Nationwide Building Society Finalists Barclaycard Egg Halifax
Best Gold/Platinum Card Provider: WINNER: Barclaycard Available to a large number of people, due to the relatively low minimum income requirement, Barclaycard is the winner of this category. Offering a large range of products to suit a diverse number of customers’ needs, these products, combined with a sensible charging structure and rewards programme, offer choice in this prestige market.
HIGHLY COMMENDED MBNA Europe Bank COMMENDED The Co-operative Bank Finalists Clydesdale/Yorkshire Bank Lloyds TSB Nationwide Building Society
ŠMONEYFACTS GROUP plc
17
Innovation in Personal Finance: WINNER: Buckinghamshire Building Society – Big Bucks Bond With the historically low Bank of England base rate making attractive returns increasingly hard to come by, Buckinghamshire Building Society produced a product that provided a solution to this challenge with its Big Bucks Bond. Countering the expected rate rise, this fixed-term variable rate bond provides a return guaranteed to be 1.00% below the mortgage SVR and will not fall below its opening level.
HIGHLY COMMENDED: Capital One Bank – Progress MasterCard By providing a product that offers a structured reduction in rates for those who may have had problems obtaining credit in the past, Capital One Bank’s Progress Card is the deserved runner-up in this category. Rewarding sensible account management, the card allows customers the opportunity to automatically move to a more competitive rate and helps them improve their credit score.
COMMENDED: HSBC – Mortgage Matcher By providing a service designed for first time mortgage owners as well as new customers, HSBC’s Mortgage Matcher aimed to match house buyers with mortgages available on the whole market, including deals outside of the bank. The branch-based service allowed individuals keen to choose from a wider range of products the opportunity to do just that, all under one roof.
Finalists Lloyds Banking Group - Lend a Hand Mortgage Nationwide Building Society - Champion Saver Triodos Bank - Climate Change Bond
©MONEYFACTS GROUP plc
18
Personal Finance Provider of the Year: WINNER: Santander Group The Santander Group continues to grow, offering a consistently marketleading range that has been accompanied by innovation and a real commitment to value and choice. Its support for the personal finance sector is deserving of special praise and shows no sign of abating.
Andy Smith, Head of Media Relations, Communications at Santander UK plc collects the award for Personal Finance Provider of the Year from Sylvia Waycot, Editor of Moneyfacts and Daisy McAndrew, ITV News Economics Editor
HIGHLY COMMENDED Lloyds Banking Group COMMENDED The Co-operative Bank Finalists Barclays Halifax Nationwide Building Society
ŠMONEYFACTS GROUP plc
19
Make a date for Moneyfacts 速
Awards 2011
The Millennium Mayfair Hotel, London Friday 10 June 2011
Call 0845 1689 650 Click here to visit the event page
MONEYFACTS GROUP plc, Moneyfacts House, 66-70 Thorpe Road, Norwich NR1 1BJ Tel: 0845 1689 689 Fax: 0845 1689 690 email: enquiries@moneyfacts.co.uk www.moneyfacts.co.uk