Best ISA rates 2022: Shawbrook Bank bumps rate on one-year fixed ISA to 3.9% | Personal Finance | Finance

The account can be opened with a minimum deposit of £1,000 and savers can accumulate two different AERs depending on the option they choose.

Those who choose interest to be applied annually will receive a 3.9 percent gross rate on the anniversary of the account opening, while those who opt for monthly interest will receive a 3.83 percent gross rate.

As the account has a fixed term, savers can only withdraw money without incurring any charges at the end of the fixed term, also known as “maturity”.

However, savers are permitted to make withdrawals, including transferring out to other Cash ISA providers, before maturity, but this is subject to a loss of 90 days’ interest. This is known as the early exit charge.