New ISAs break into the charts | Product News - Moneyfacts

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New ISAs break into the charts

New ISAs break into the charts

Category: ISAs
Date: 13/04/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Shawbrook Bank has made its mark on the ISA market with three new deals, all of which have successfully secured places on the Moneyfacts charts for their eye-catching rates and terms.

The basics…

The most competitive account is the 2 Year Fixed Rate Cash ISA Bond Issue 4, which pays a market-leading rate of 1.95% yearly (1.93% monthly), earning it a place right at the top of its sector. Its one-year counterpart (issue 3) pays 1.70% yearly (1.69% monthly), which also secures it a place in the top five.

Meanwhile, 120 Day Notice Cash ISA Account Issue 4 pays a competitive yearly rate of 1.60% (1.59% monthly), establishing itself among the top five accounts of its sector.

The finer details…

The fixed rate ISAs must be opened and operated online with a minimum investment of £5,000. Further additions can be made while the issues are open and transfers in of existing ISA savings are also accepted, albeit only when first opening an account. Early access is possible upon the loss of 90 days' interest for the one-year deal and 180 days' interest for the two-year variant, the same penalties as apply when transferring out.

The notice account must also be opened and managed online with an initial deposit of at least £1,000. Further additions are accepted for the applicable tax year and transfers in can also be made when the account is opened. Unlimited, penalty-free withdrawals can be made provided the notice period of 120 days is observed, although early access is possible on the loss of 120 days' interest. The same penalty applies to transfers out.

Why we like them…

All of these new ISAs have made their presence known, stealing places among the top five of their respective sectors. The two-year fixed rate ISA is especially competitive and likely to garner interest among savers thanks to its market-leading rate and additional flexibilities of early access and further additions.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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