Loose Change

ROYAL BANK of Scotland is launching two- and three-year Guaranteed Income Accounts. The two-year account pays 5.5 per cent gross. Call 0800 121121.

THE MORTGAGE Operation, a national mortgage network, is launching a one-year discounted mortgage, funded by the Woolwich. The discount is 3.75 per cent, which means borrowers pay 3.09 per cent in the first year. The offer also includes a free legal service, a refund of valuation fees and enhanced income multiples of up to four times main, plus one times secondary income. Call 0171 571 2400.

ALTERNATIVELY, THE Independent Mortgage Collection, another network, is offering a tiered discount of up to 4.95 per cent, spread over three years. The discount has been stepped to make 1.75 per cent in year one, then 1.65 and 1.55 in subsequent years. No redemption penalties apply. Call 0800 7310137.

HAMILTON DIRECT Bank is launching one of the cheapest Visa credit cards on the British market. The card has a six-month initial rate of 5.9 per cent APR, before switching to 11.9 per cent APR. The card carries no annual fee and the introductory rate applies both to transfers and purchases. But there is no interest-free period. Call 0800 399399.