Shawbrook Bank has increased the rates paid on selected savings accounts by up to 0.15%, enabling its one-year fixed rate ISA and three-year fixed rate bond to establish themselves in the Moneyfacts charts.
1 Year Fixed Rate Cash ISA Bond Issue 10 now pays a competitive rate of 1.80% on maturity (1.79% monthly), while 3 Year Fixed Rate Bond Issue 30 pays 2.55% yearly, allowing both to take comfortable positions among the top 10 accounts of their respective sectors.
The ISA must be opened and operated online with a minimum investment of £5,000. Further additions can be made while the issue is open and transfers in are accepted upon the opening of the account. Unusually, early access to funds is permitted upon the loss of 90 days' interest, the same penalty as applies to transfers away.
The bond also requires an initial investment of at least £5,000 but can be opened online and by post, before becoming post, phone and internet-operated. Additions are welcome while the issue remains open, but it is not possible to access funds prior to maturity. Savers must therefore be happy to lock their money away for the entirety of the three-year term.
Boosting the rates of these two accounts has sent them soaring into the charts, a move that is bound to be noticed by eager savers. The fact that both accept further additions also adds to their appeal, while the ability to access funds early for the ISA gives it an extra degree of flexibility.
Moneyfacts rating: Excellent
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