Rate Watch: The best rates for mortgages, savings, credit cards and loans

Mortgages: 6.59% from Woolwich

As house prices crash – and there is now no other word for the decline – there must be some bargains out there for buy to let investors brave enough to take the plunge. In spite of a shortage of funds for high loan to value borrowers, there is still money available for those with a large enough deposit. 

Woolwich has just cut its buy to let rates and now has probably two of the best deals on offer with a lifetime tracker at Bank Base Rate plus 1.59% giving a pay rate of 6.59% and a five year fix at 6.99%. 

Both are available at up to 75% loan to value and the fixed rate deal has a fee of 1% of the amount outstanding. Of the two, the tracker is initially the cheaper with a lower interest rate and a fee of just £295. Both products will be available at the same rates through brokers and direct from the bank.

‘We’ve been able to make these reductions thanks to solid improvements in SWAP rates,’ commented Andy Gray, head of mortgages for Woolwich. ‘The rate change is good news for the less experienced buy-to-let investor. Much more than professional landlords, they have been deterred from taking part in the market by recent credit conditions.’

Full details from www.woolwich.co.uk

Savings: 7.2% from ICICI Bank

The credit crunch continues to provide some wonderful opportunities for savers and the latest offer from ICICI Bank now heads the league table for one year fixed rate bonds with a spanking 7.2% gross. For those paying income tax at 40% the net return is 4.32% or 5.76% for basic rate taxpayer. Minimum investment is £1,000.

‘ICICI have really put the cat amongst the pigeons by offering this fantastic rate for savers who are willing to lock up their cash for a year - especially as it is a standalone offering,’ commented Kevin Mountford, head of savings at moneysupermarket.com.

‘It's especially good news for savers who will have recently been disappointed with the withdrawal of the top two highest rates less than two weeks ago. In the past providers would usually only offer such competitive rates for customers with linked products, such as the last ICICI offering when savers had to also invest in the easy access savings account to get the high rate on the fixed rate bond.’ 

‘It will be interesting to see how UK providers react to a foreign provider yet again raising the bar in the British savings market,’ Mountford said. 

Full details at www.moneysupermarket.com