Shawbrook Bank has made rate reductions to selected savings accounts, but despite this, its 120-day notice account and one-year fixed ISA have maintained their places in the Moneyfacts charts.
120 Day Notice Issue 27 now pays a competitive yearly rate of 1.60%, which allows it to remain among the top 10 accounts of its sector. 1 Year Fixed Rate Cash ISA Bond Issue 5 also pays 1.60% yearly (1.59% monthly), enabling it to remain in the charts.
The notice account can be opened by post and online and managed in the same way as well as by phone. Savers should note, however, that cash transactions are not permitted and access is via a nominated account. A minimum investment of £1,000 is required, but it is possible to make further additions while the issue remains open. Unlimited, penalty-free withdrawals are allowed, but it is not possible to access funds early. Savers must therefore plan their withdrawals carefully to abide by the 120-day notice period.
The cash ISA must be opened and operated online with an initial deposit of at least £5,000. Additions can be made while the issue is open and accepting new deposits, while transfers in of cash and stocks & shares ISAs are permitted during the opening of the account. Early access is possible, but this will result in the loss of 90 days' interest, the same penalty as applies to transfers out.
Although both of these accounts have witnessed a slight rate reduction, their competitiveness is undiminished. Both accounts offer savers enticing rates, as well as the flexibility of further additions. However, both have constraints on withdrawals, so savers will need to weigh this up against their need for access.
Moneyfacts rating: Excellent
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