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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
3
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
©MONEYFACTS GROUP plc
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
NatWest Mortgage Services
Principality Building Society
6
©MONEYFACTS GROUP plc
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
Clydesdale/Yorkshire Bank
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
NatWest Mortgage Services
Principality Building Society
7
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
Loughborough Building Society
Manchester Building Society
©MONEYFACTS GROUP plc
8
©MONEYFACTS GROUP plc
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
NatWest Mortgage Services
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
9
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
©MONEYFACTS GROUP plc
10
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
©MONEYFACTS GROUP plc
11
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
©MONEYFACTS GROUP plc
12
©MONEYFACTS GROUP plc
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
Nationwide Building Society
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
Loughborough 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
Nationwide Building Society
©MONEYFACTS GROUP plc
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.
HIGHLY COMMENDED Santander
COMMENDED Lloyds TSB
Finalists
Cahoot
Coventry Building Society
Halifax
©MONEYFACTS GROUP plc
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
Clydesdale/Yorkshire Bank
Nationwide Building Society
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
©MONEYFACTS GROUP plc
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
©MONEYFACTS GROUP plc
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.
HIGHLY COMMENDED Santander
COMMENDED Nationwide Building Society
Finalists
Barclaycard
Egg
Halifax
©MONEYFACTS GROUP plc
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
Clydesdale/Yorkshire Bank
Lloyds TSB
Nationwide Building Society
18
©MONEYFACTS GROUP plc
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
19
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
Nationwide Building Society
©MONEYFACTS GROUP plc
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
Awards 2011Moneyfacts
®
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Call 0845 1689 650Click here to visit the event page