Shawbrook Bank boosts savings rates | Product News - Moneyfacts

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Shawbrook Bank boosts savings rates

Shawbrook Bank boosts savings rates

Category: Savings
Date: 20/02/2015

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 It is now over 6 months old so the content may be out of date.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 increased selected savings rates by up to 0.15%. As a result, its 120 and 95-day notice accounts, along with its two-year fixed rate bond, have all improved their positions in the Moneyfacts charts.

The basics…

120 Day Notice Personal Savings Issue 26 now has a competitive rate of 1.75% yearly, enabling it to sit just below the market-leader of its sector. Its 95-day equivalent (issue 16) has a yearly rate of 1.55%.

Meanwhile, 2 Year Fixed Rate Bond Issue 27 has an attractive rate of 2.20% per annum.

The finer details…

These accounts can be opened online or by post and then managed by the same methods as well as by phone.

The notice accounts require an initial deposit of at least £1,000. Further additions are allowed while the issues remain open and an unlimited number of withdrawals can be made. However, early access is not permitted, so the respective notice periods of 120 or 95 days must always be observed. Savers should note that access is via a nominated account and cash transactions are not allowed.

The fixed rate account needs a slightly higher initial investment of £5,000. Unusually for a fixed rate product, this deal allows further additions to be made while the issue remains open. However, access prior to maturity is not permitted, so savers must be comfortable with the length of the term.

Why we like them…

These accounts all feature in the Moneyfacts charts and the rate increases have significantly boosted their standings. The account that stands out most is the 120-day notice deal, which now sits just below the market-leader of its sector. While early access is not allowed, the flexibility of unlimited withdrawals and the option to add to the invested funds makes this an attractive proposition for savers.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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