Moneyfacts Awards 2010 - winners supplement

Awards supplement 2010

2

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

“winning a Moneyf is something to sho

contentsBest 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

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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.”

facts Award really out about.”

4

Best Short Term Fixed RateMortgage Provider:

WINNER: first directPerceived 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

©MONEYFACTS GROUP plc

Best Longer Term Fixed RateMortgage Provider:

WINNER: BritanniaThe 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

5

Best Variable Rate MortgageProvider:

WINNER: The One AccountProviding 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: HSBCBy 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


Principality Building Society

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Best Current Account & OffsetMortgage Provider:

WINNER: first directIn 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


The One Account

Woolwich

Best Tracker Mortgage Provider

WINNER: The Co-operative BankAs 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


Principality Building Society

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Best First Time Buyer MortgageProvider:

WINNER: Clydesdale/Yorkshire BankThe 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 SocietyAs 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


Manchester Building Society


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Best Bank Mortgage Provider:

WINNER: HSBCHSBC 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


Best Online Mortgage Provider:

WINNER: WoolwichClear 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

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Best HIP Provider:

WINNER: eHipsThe 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 plcIt 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


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Best Notice Account Provider:

WINNER: Leeds Building SocietyDeserved 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 SocietyIn 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


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Best Monthly Interest Account Provider:

WINNER: ING DirectIn 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 OfficeWith 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


12


Best Internet Account Provider:

WINNER: Intelligent FinanceBy providing a flexible savings account, allowing individuals the opportunity

to start saving from as little as £1 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


Norwich & Peterborough Building Society

Best Over 50s Account Provider:

WINNER: United Trust BankWith 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


13

Best Children’s Account Provider:

WINNER: Harpenden Building SocietyThe 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: HalifaxWith 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



14

Best Offshore Account Provider:

WINNER: Alliance & LeicesterInternational

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 & LeicesterAlliance & 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.


COMMENDED Lloyds TSB

Finalists

Cahoot

Coventry Building Society

Halifax


15

Best Current Account Provider(Debit Interest):

WINNER: Alliance & LeicesterAs 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



Santander

Best Personal Loan Provider:

WINNER: Tesco BankBy 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


16

Best Card Provider (Introductory Rate):

WINNER: M&S MoneyAs 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 BankProviding 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


17

Best Card Provider (Balance Transfer Rate):

WINNER: Virgin MoneyThe 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.


COMMENDED Nationwide Building Society

Finalists

Barclaycard

Egg

Halifax


Best Gold/Platinum Card Provider:

WINNER: BarclaycardAvailable 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


Lloyds TSB


18


Innovation in Personal Finance:

WINNER: Buckinghamshire BuildingSociety – Big Bucks BondWith 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 MasterCardBy 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 MatcherBy 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

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Personal Finance Provider of the Year:

WINNER: Santander GroupThe Santander Group continues to grow, offering a consistently market-

leading 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.

HIGHLY COMMENDED Lloyds Banking Group

COMMENDED The Co-operative Bank

Finalists

Barclays

Halifax



Andy Smith, Head of Media Relations, Communications at Santander UK plc collects the award for Personal FinanceProvider of the Year from Sylvia Waycot, Editor of Moneyfacts and Daisy McAndrew, ITV News Economics Editor

MONEYFACTS GROUP plc, Moneyfacts House, 66-70 Thorpe Road, Norwich NR1 1BJ

Tel: 0845 1689 689 Fax: 0845 1689 690

email: [email protected] www.moneyfacts.co.uk

The Millennium Mayfair Hotel,

London

Friday 10 June 2011

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