Shawbrook Bank has increased the rate paid on its one-year ISA by 0.10%, allowing it to move just behind the current market-leader of its sector.
1 Year Fixed Rate Cash ISA Bond Issue 8 now pays a highly competitive rate of 1.85% on maturity (1.83% monthly), which allows it to sit comfortably near the top of the Moneyfacts charts.
This account must be opened and operated online with an initial deposit of at least £5,000.
Further additions can be made while the issue remains open, and transfers in from existing ISAs are also welcomed. Withdrawals are not permitted, but it is possible to access funds early upon the loss of 90 days' interest, the same penalty as applies to transfers away.
The rate hike to this ISA has boosted its competitiveness and allowed it to move up the charts to sit just behind the current leader of its sector. Savers are likely to be drawn by its additional flexibilities: additions and transfers in are allowed (albeit for a limited period) and it is also possible to access funds early, although this will result in an interest penalty.
Moneyfacts rating: Excellent
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