Shawbrook Bank has increased selected savings rates by up to 0.20%, enabling its 120-day notice ISA and two-year fixed rate ISA to improve their positions within the Moneyfacts charts.
120 Day Notice Cash ISA Issue 3 now pays a competitive 1.55% yearly (1.54% monthly), allowing it to move into the top five of its sector. Meanwhile, 2 Year Fixed Rate Cash ISA Issue 3 now pays 1.95% yearly (1.93% monthly), which also boosts its standing into the top five.
The finer details…
Both accounts must be opened and operated online.
The notice ISA requires an initial investment of at least £1,000 and allows transfers in of both cash and stocks & shares ISAs. Further additions are also permitted for the applicable tax year. Unlimited, penalty-free withdrawals and transfers out are allowed provided 120 days' notice is provided – withdrawals and transfers away that do not observe this notice period are subject to a 120-day loss of interest penalty.
The fixed rate ISA needs a minimum investment of £5,000, but it does allow further additions while the issue remains open. Transfers in are also welcomed. Unusually, early access to funds is permitted, although this will incur a penalty of 180 days' loss of interest. The same penalty applies to transfers out.
Why we like them…
Thanks to the rate increase, both of these ISAs have improved their standings in the Moneyfacts charts, moving into the top five of their respective sectors. As a result, savers are likely to take a keen interest in both of these accounts, particularly as both offer a great deal of flexibility in terms of adding to invested funds and accessing the money early.
Moneyfacts rating: Excellent
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