Shawbrook Bank has boosted the competitiveness of its savings portfolio by increasing the rate of its one-year fixed bond by 0.15% as well as introducing a new, highly attractive, one-year ISA.
1 Year Fixed Rate Bond Issue 26 now pays 1.85% on maturity, earning it a place among the top 10 of its sector. Meanwhile, the new 1 Year Fixed Rate Cash ISA Bond Issue 1 pays a competitive 1.60% on maturity (1.59% monthly), which also earns it a place in the Moneyfacts charts.
The bond can be opened by post and online and then managed in the same way as well as by phone. An initial investment of at least £1,000 is required. Further additions are permitted while the issue remains open, but early access to funds is not. Savers must therefore be happy with locking their investment away for the full one-year term.
The ISA must be opened and operated online with a higher minimum investment of £5,000. Further additions are also allowed while the issue is open, but it is only possible to transfer in existing ISAs during the account opening process. Savers will be pleased to note that early access is possible, although this will result in the loss of 90 days' interest, the same penalty as applies to transfers out.
Both of these accounts offer savers enticing rates, which is sure to get them noticed. They also offer additional flexibility thanks to the option to make further additions, although neither offers penalty-free withdrawals. Nevertheless, for savers looking for a competitive short-term investment, these accounts will certainly fit the bill.
Moneyfacts rating: Excellent
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