Bank Fees Comparisons

Borrowers Benefit From Improved Rates in 2013 as Funding for Lending Scheme Kicks in.

CHESTER, England, January 15, 2013 /PRNewswire/ —

* Mortgages rates down across top five 3 and 5 year fixes

* Average personal loan rates at [pounds sterling]7,500 drop by 1.24
per cent

* Average length of zero per cent interest free period on BT credit
cards is up to 23.2 months

Borrowers looking to take out a personal loan, mortgage or credit
card in 2013 could benefit from greater competition in the market as a
result of the Bank of England’s Funding for Lending Scheme.

According to

1. As stated or indicated by; on the authority of:

2. In keeping with:

 analysis* by MoneySupermarket average rates on some
mortgages and personal loans have fallen, while lower balance transfer
fees on credit cards and longer promotional offers, mean people who need
to borrow are benefiting from cheaper rates.

The UK’s number one comparison site compared the current deals
on a range of popular financial products including personal loans,
mortgages and credit cards, to those offered in January 2012 and found
2013 looks as though it is going to be a better year for borrowers.

Recent rate cuts from lenders such as
Yorkshire Bank

 has resulted in
the lowest rates ever personal loan rates. The average personal loan
rate at [pounds sterling]7,500 has fallen 1.24 percentage points to
10.26 per cent, meaning anyone borrowing this amount over five years
would save an average of [pounds sterling]251 in interest compared with
taking out a loan this time last year.

Some mortgage rates have also fallen. Average rates have decreased
across three and five year fixed rate mortgages, with the average three
year fix rate falling 0.37 percentage points, while the average five
year fix rate is down by 0.42 percentage points. However, those looking
for a two-year fixed rate deal will pay 0.03 percentage points more than
this time last year. Additionally, the average rate on two-year tracker
mortgages has risen by 0.20 percentage points and three year tracker
mortgages by 0.37 percentage points, although rates on these two product
types have fallen since the turn of this year.

The total number of mortgages available is lower now, than it was
this time last year. There are currently 2,983 products compared with
3,174 last January, however, there was only 2,373 products available
when the Funding for Lending scheme was launched in August 2012.

The analysis also looked at credit cards, and found good news for
those needing to consolidate their
credit card debt

, as the average
balance transfer fee has decreased by 0.13 percentage points to 3.05 per
cent across the top five providers. Barclaycard’s Platinum Card
with Extended Balance Transfer, offering zero per cent interest for 24
months remains the market-leader leader with the longest promotional
period, but the competition is catching up. The average interest free
period across the top five cards has
tr. & intr.v. length·ened, length·en·ing, length·ens
To make or become longer.

lengthen·er n.
 from 22.4 months in 2012
to 23.2 months.

Kevin Mountford, head of banking at MoneySupermarket , said:
“The New Year is a time when households will be reviewing and
looking to make savings on their personal finances, so falling interest
rates is great news for those with borrowings. While the Bank of
England’s Funding for Lending scheme has led to lower rates for
savers, borrowers are enjoying the flipside of that. The availability of
cheaper funding for lenders is helping boost overall competition in the
market, so now is a good time for individuals to put in the research and
shop around. We’ve recently seen providers such as Nationwide and
Woolwich reducing rates across their mortgage ranges, and it is likely
we will see others follow suit in the coming weeks.

“While there hasn’t been a new
One that enters, especially one that enters a competition.

[French, from present participle of entrer, to enter, from Old French; see enter.
Barclaycard’s 24 month 0 per cent balance transfer offer our
analysis shows lenders are attracting consumers with lower transfer
Lloyds TSB

, for example, is offering a 50 per cent reduction on
its balance transfer fee on its Platinum Credit Card, the equivalent of
a 1.50 per cent fee, which is still great for anyone looking to
consolidate their debts.

“Using a comparison site such as MoneySupermarket is a good way
to look across the various products offered. Consumers should ensure
they take the time to research beyond the headline rate to find the best
product to suit their needs and


*MoneySupermarket product comparison 2013 v 2012

Loans comparison for [pounds sterling]7,500 over 5 years

Average Headline Rate in 2013: 10.26


Average Headline Rate in 2012: 11.50 APR


Total number of products

January 2012: 3,174

January 2013: 2,983 compares (at 27[] Dec 2012)

* 134 car insurance brands and 97 home insurance brands

* 9 broadband providers and 20 energy providers

* 31
unsecured loan

 and 5 secured loan providers

* 62 mortgage lenders and 26 credit card providers

* 63 savings providers and 38 current account providers.

* Over 650,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills
by providing a free, easy to use online service so they can compare a
wide range of products in one place and find the product most suited to
their needs. Our size means we are able to offer our customers
exclusive, market-leading deals, including some they can’t even get
direct from providers.

Our providers

By having considerable volumes of informed customers actively
looking for products and ready to purchase, we offer our providers an
efficient and cost effective customer acquisition solution across all of
our channels. This enables our providers to target their marketing spend
in an effective and completely measurable way.

Our revenue comes
1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant.

 from fees paid to us by product
providers when a customer clicks through to their website and actually
applies for or purchases a product. It is a success based marketing

Our customer commitment

* We make it easy to find the brands you expect to see

* We strive to ensure a product cannot be found cheaper by going

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For further information contact: Paul Lawler PR Manager +44(0)1244-370-317