Shawbrook Bank increases interest rates on its fixed term ISAs and launches new 7-year term
‐ Customers now have access to a range of competitive rates and terms, including a 5-year Fixed Rate cash ISA (FRISA) offering 1.61% (Gross/AER) and a 3-year fixed rate ISA with 1.50% (Gross/AER) interest
– Shawbrook is also increasing the rates on its 2-year FRISA and launching a new 7-year FRISA offering 1.65% (Gross/AER)
Shawbrook Bank has announced it is boosting rates on its range of fixed rate cash ISAs (FRISAs) and launching for the first time a 7-year FRISA product.
Savers will now have access to a competitive 5-year FRISA offering 1.61% (Gross/AER) and a 3-year FRISA with 1.50% (Gross/AER) interest. The rate on Shawbrook Bank’s 2-year FRISA has also increased to 1.45% (Gross/AER) and it has launched a brand new 7-year product offering a fixed rate return of 1.65% (Gross/AER), providing savers further certainty for their deposits.
Savers wishing to open any of Shawbrook’s FRISAs can do so online, with a minimum deposit of £1,000 and the maximum balance on all accounts is £250,000.
Alun Williams, Commercial Director for Savings at Shawbrook Bank, comments: “These new rates offer one of the most competitive packages of fixed rate ISAs available on the market.
“Given the uncertain economic climate, most savers are looking for stability and a safe home for their cash. For those who do not need ready access to their cash and want a secure rate of interest these new products offer an ideal solution.
“At Shawbrook we have always avoided the use of bonus rates and pride ourselves on offering consistent rates across our entire savings range. We hope these changes provide customers with the reassurance that we will continue to support them with all their savings goals regardless of what it is going on in the world around them.”
|
Revised products |
ANNUAL % (Gross) |
MONTHLY % (Gross) |
Min Bal |
Max Bal |
Interest Type
|
|
2-year fixed rate cash ISA Bond Issue 36 |
1.45% (1.45% AER) |
1.44% (1.45% AER) |
£1k |
£250k |
fixed |
|
3-year fixed rate cash ISA Bond Issue 19 |
1.50% (1.50% AER) |
1.49% (1.50% AER) |
£1k |
£250k |
fixed |
|
5-year fixed rate cash ISA bond issue 21 |
1.61% (1.61% AER) |
1.60% (1.61% AER) |
£1k |
£250k |
fixed |
New Products
|
7-year Fixed Rate Cash ISA Bond Issue 1 | 1.65% (1.65% AER) |
1.64% (1.65%AER) |
£1k | £250k |
fixed |
…ends…
Notes to editors
If you have any questions regarding the above please contact;
Tom Briffitt
Senior Consultant
MRM
0203 326 9918 / 07471 350 286
0203 326 9902 / 07471 351 576
Joe O’Brien
Corporate Communications and PR Manager
Shawbrook Bank
01277 897488
07585 104961
joseph.o’brien@shawbrook.co.uk
About Shawbrook Bank
Shawbrook is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals in the UK with a range of lending and saving products. We are a growing UK specialist bank that challenges the conventional approach of the mainstream banks, with our thoughtful and good-sense approach to the way we do business. As at 30th June 2019 our total lending reached £6.4 billion and we have now raised more than £5.5 billion in deposits from both personal and business customers.