Shawbrook joins Santander, Starling Bank, Nationwide, Paragon and other savings providers in increasing rates on its easy access saver products after the Bank of England (BoE) upped the base rate to 5.25% in August.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Here are the details on the latest rates and how the bank’s offering compares to the rest of the market.
Shawbrook easy access saver products
Here’s what you need to know about the Shawbrook easy-access products and its new rates.
| 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.
The best easy access savings account on the market right now is offered by high-street giant Santander, at 5.2%.
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.
- Cynergy Bank Online ISA - earn 4.55%. Open with £1.
- Charter Savings Bank Easy Access ISA - earn 4.3%. Open with £500.
See our guides on the best easy-access savings accounts and best cash ISAs to see which type of account suits your needs best.
Join us at the MoneyWeek Summit on 29.09.2023 at etc.venues St Paul's, London.
Tickets are on sale at www.moneyweeksummit.com
MoneyWeek subscribers receive a 25% discount.
-
Revolut finally bags a UK banking licence – what's next for the fintech?Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
-
Could Labour impose a “double death tax” of more than 50%?Speculation is mounting that capital gains tax will be reformed in the Budget - and one option is to charge bereaved families the tax on top of inheritance tax. We explain how it could work
-
Act now to bag NatWest-owned Ulster Bank's 5.2% easy access savings accountUlster Bank is offering savers the chance to earn 5.2% on their cash savings, but you need to act fast as easy access rates are falling. We have all the details
-
Moneybox raises market-leading cash ISA to 5%Savings and investing app MoneyBox has boosted the rate on its cash ISA again, hiking it from 4.75% to 5% making it one of top rates. We have all the details.
-
October NS&I Premium Bonds winners - check now to see what you wonNS&I Premium Bonds holders can check now to see if they have won a prize this month. We explain how to check your premium bonds
-
October’s NS&I Premium Bond winners revealed - have you scooped £1 million?Two lucky NS&I Premium Bond winners are now millionaires this October. Find out here you are one of them
-
Bank of Baroda closes doors to UK retail bankingAfter almost 70 years of operating in the UK, one of India’s largest bank is shutting up shop in the UK retail banking market. We explain everything you need to know if you have savings or a current account with Bank of Baroda
-
The best options to earn cashback on spendingFrom credit cards and current accounts to cashback websites, there are plenty of ways to earn cashback on the money you spend.
-
Should you retire abroad?Check the regulations governing pension savings carefully before you decide to retire abroad.
-
John Lewis mulls buy now, pay later schemeThe CEO of John Lewis has said the retailer will consider introducing buy now, pay later initiatives for lower-priced items.
