Shawbrook Bank has increased the rates of its fixed ISAs by 0.05%, securing its one and two-year deals places in the top 10 of the Moneyfacts charts.
1 Year Fixed Rate Cash ISA Bond Issue 6 now pays 1.65% on maturity (1.64% monthly), which allows it to sit just behind the market-leader of its sector. Meanwhile, its two-year counterpart (Issue 7) now pays a yearly rate of 1.80% (1.79% monthly), enabling it to sit comfortably among the top 10 in the charts.
These accounts must be opened and operated online with an initial investment of at least £5,000.
Additional deposits are allowed while the issues remain open and transfers in are also accepted upon the opening of an account. Savers are permitted to access funds prior to maturity on the loss of 90 days' interest for the one-year ISA and 180 days' interest for the two-year variant. These penalties also apply to transfers out.
Both of these accounts boast competitive rates, with the one-year ISA proving to be particularly competitive. The monthly interest option, along with the ability to make further additions and access funds early, boosts their appeal even further, cementing their positions in the charts. However, savers should remember that accessing funds prior to maturity will result in an interest penalty.
Moneyfacts rating: Excellent
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