Shawbrook Bank boosts interest on cash ISA to offer savers more competitive returns | Personal Finance | Finance
While inflation continues to rise, the Bank of England has been upping its Base Rate to help stem it, which has generally meant better news for savers. Banks and building societies have been reflecting the interest increases across their accounts offering accountholders much higher returns – and Shawbrook Bank is next to hop on the trend.
Launching in 2011, Shawbrook is a specialist savings and lending bank, that offers personal loans, residential and commercial mortgages, business finance, and savings products.
Offering savers the choice of easy access, fixed rate bonds, notice, and cash ISAs, the bank has remained competitive with its interest rates over the months.
And now, it has increased the interest on its 1 Year Fixed Rate Cash ISA Bond (Issue 66) to pay 3.78 percent gross rate.
Fixed term ISAs are a type of savings account that offers a fixed rate of interest for a set length of time. This means the bank or building society cannot change the interest rate during the specified term length, which works well for account holders hoping to save long-term.
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Placing just below Shawbrook’s account is Cumberland’s 1 Year Fixed Rate Cash ISA with an AER of 3.7 percent.
A minimum deposit of £1,000 is required to open the account and interest is paid annually on November 30.
The interest is fixed until the term ends on December 30, 2023, and withdrawals are not permitted before this date. Earlier access is subject to 90 days’ loss of interest.
