Shawbrook Bank boosts curiosity on mounted ISA to ‘wonderful’ 5.71%

Shawbrook Bank has raised its interest rates as soon as once more, incomes one other “excellent” ranking from Moneyfactscompare on its mounted fee ISA deal.

Savers can open Shawbrook Bank’s One Year Fixed Rate ISA with a minimal deposit of £1,000 and curiosity might be paid month-to-month or yearly.

Commenting on the deal, Rachel Springall, finance skilled at Moneyfactscompare.co.uk, mentioned: “Shawbrook Bank has increased the rate on its one-year fixed ISA this week, improving its position in the market.

“Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal holds a more prominent position in its sector.

“Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

This account might be opened on-line by UK residents aged 18 or over and just one account is allowed per buyer.

Withdrawals are permitted, nevertheless, these might be topic to a cost equal to 90 days’ curiosity if made in the course of the specified mounted time period.

But whereas Shawbrook Bank’s deal is especially interesting, the competitors isn’t too far behind. Virgin Money can be providing an AER of 5.71 % on its One Year Fixed Rate Cash E-ISA (Issue 611) – and savers can get began with simply £1.

The account might be opened on-line by UK residents aged 16 or over and curiosity might be paid both month-to-month or yearly.

Savers with Virgin Money may have entry to particular offers throughout the broader Virgin Group that may assist folks save on on a regular basis necessities, in addition to days out and holidays.

Similar to Shawbrook, withdrawals are permitted, nevertheless, these might be topic to a cost equal to 60 days’ lack of curiosity on the quantity withdrawn.

NatWest’s One Year Fixed Rate ISA (Issue 326) locations simply behind with an AER of 5.7 %.

The account might be opened by UK residents aged 16 and over on-line, in a department, or by telephone, with a minimal deposit of £1,000.

Interest is calculated day by day and paid yearly to the ISA on the primary enterprise day in April and on the maturity cost date.

However, if a saver desires to withdraw any funds earlier than maturity on September 4, 2025, they’ll have to shut the account and an Early Closure Charge might be utilized.

This will both quantity to the “lower of the amount of interest earned” or a cost equal to 90 days’ curiosity.