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Shawbrook ups rate again on easy access saver products – how does it compare?
Shawbrook bank has hiked the rates on its easy access saver and ISA again – but does it compete with other rates on the market?
Shawbrook has hiked the rate on its easy-access savings account for the third time this August - jumping now from 4.83% to 4.93% AER. Its easy access ISA has risen for the second time in the space of two months to 4.58% - up from 4.43%.
Adam Thrower, head of savings at Shawbrook, said: “As rates continue to tick up, we’ve seen the demand for ISAs increase as people recognise the need to protect their savings from tax.
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Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
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Here’s what you need to know about the Shawbrook easy-access products and its new rates.
Swipe to scroll horizontally
Product
New rate AER
Min Balance
Max Balance
Easy Access (Issue 36)
4.93%
£1,000
£85,000
Easy Access ISA (Issue 25)
4.58%
£1,000
£250,000
Shawbrook frequently makes the top 10 table with its competitive rates on its one-year fixed savings account and fixed ISA products, but how do its easy-access products compare?
Shawbrook already increased the rate on its easy access saver from 4.63% to 4.68% on 10 August. On 18 August, Shawbrook upped its rate for the second time this month to 4.83% which was the best easy-access savings rate on the market for some time. On 25 August, Shawbrook hiked the rate again from 4.83% to 4.93% - coming second on the easy access best buy table.
You will need at least £1,000 to get started with Shawbrook. If you want to save less, then the Chip Instant Access account lets you open an account with just £1, but you can still earn a decent rate at 4.84%.
Shawbrook’s easy access ISA
An easy access ISA gives the best of both worlds, tax-free savings of up to £20,000 and access to your money.
The Shawbrook new easy access ISA rate makes the best buy table with an interest rate of 4.58%, but it isn’t the top rate. The new Moneybox cash ISA tops the table, offering savers 4.65%.
But the Moneybox ISA only allows a maximum of three withdrawals. If you want more freedom with your money, this Shawbrook ISA gives unlimited withdrawals.
Again, you need a minimum balance of £1,000 to open the Shawbrook ISA. If you have less, then these providers also offer attractive rates.
Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.
She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.
