Tax-free savings, with interest paid monthly or annually
Take advantage of your annual ISA allowance by choosing a fixed-rate bond with a competitive, guaranteed rate.
You can receive your interest monthly or annually, and you can transfer in other ISA balances up to the account maximum balance. If these balances are from previous tax years, you can still invest this year’s allowance for new savings. Should you need access to your funds early, you’ll need to pay a fee of 270 days' interest.
Before you apply for an account please read the following information:
The product summary below, the Key Product Information, the Terms and Conditions and the Depositor Protection Scheme Information documents.
3 Year Fixed Rate Cash ISA Bond Issue 40
Interest rate for balances of £1,000 or more:
Annual Interest (Fixed / Tax Free) 2.38% Gross / AER
Monthly Interest (Fixed / Tax Free) 2.35% Gross / 2.38% AER
Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.
As the interest rate is fixed, the interest rate cannot be changed over the term of the account.
A deposit of £1,000 at an annual Gross rate of 2.38% (fixed) would generate an estimated balance of £1,073 in three years - This is for illustrative purposes only.
(This illustrative example assumes no withdrawals, no changes to the fixed interest rate over the period and interest is paid and compounded annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)
The information provided above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk
Terms Explained
AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Terms & Conditions for Personal Accounts
Regulation
Shawbrook is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/prudential-regulation
A cash ISA (Individual Savings Account) is a tax-free savings account. That means you won’t pay tax on the interest you earn. Compare our range of accounts and find the best cash ISA that suits your needs.
You can pay up to £20,000 into a cash ISA in the tax year of 2022/23. Whether you’d like easy access or a fixed rate ISA, it’s important to find the right option for you.
At Shawbrook, we prefer to keep our approach to savings as straightforward as possible. That’s why you can rest assured we'll always be upfront about everything you need to know.
Visit our guide to learn more about cash ISAs.
Our cash ISA rates depend on the type of ISA you choose. If you’re a saver who can put aside your money for a set time, a fixed rate ISA could be the right option for you. To compare our ISA interest rates, scroll down to view our product table.
Access your personal savings and earn interest without locking your money away.
Invest for the timeframe that suits you with various fixed terms available, ranging from 6 months to 7 years.
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk
It’s important you have all the details before you open an account. You can find more information about specific cash ISAs by clicking through on the comparison table above. If you open an account and change your mind, we offer a 14 day cooling off period where you can close it without losing interest or incurring penalties.
You can also find useful information below about our ISA accounts.
To open an account, you must be at least 18 years old, a permanent UK resident, and only subject to UK tax. Your cash ISA must be in the name of one person; joint accounts are not permitted.
You can only open and subscribe to one ISA account with Shawbrook Bank in any given tax year. You cannot open an ISA acting on behalf of an account holder with power of attorney, guardianship or intervention order.
You can only apply for a cash ISA online. Once your account is open, you can manage it using our secure messaging system or by telephone. You can find these details on our contact page.
All of our cash ISAs have the same balance limits, with a minimum deposit of £1,000 and a maximum deposit of £20,000 in any given tax year. The maximum balance for our ISAs is £250,000. If you’re transferring in an existing cash ISA, this must be valued as £250,000 or below.
After you've applied and opened your Shawbrook cash ISA, log in to your account to view the letter named ‘ISA Etransfer In' in your eDocuments. This will tell you if your transfer was completed electronically or not.
The default and most straightforward method of transferring your ISA is an electronic transfer. However, some providers are not compatible with electronic transfers, so we may need to transfer by post.
All ISA transfers, both electronic and non-electronic, will be processed within 15 working days. This process may take longer if your transfer is referred or delayed.
You can transfer your existing cash ISA account with another provider to Shawbrook, but you must first apply for a new cash ISA. We'll ask you about your current ISA as part of the application process. We will then work with your current provider to complete the transfer.
To transfer your Shawbrook ISA to another Shawbrook ISA, send us a secure message from your customer portal, and we'll take care of the rest. If you withdraw your savings from your existing cash ISA and deposit into your new Shawbrook ISA without getting in touch first, the deposit will count towards your £20,000 tax-free allowance for that tax year. We can transfer it for you without losing your allowance.
All of our cash ISAs allow withdrawals.
You won't be charged a fee if you withdraw money from your easy access cash ISA. There are no limits to the number of withdrawals you can make with an easy access cash ISA, but the account is subject to a minimum withdrawal amount of £500.
With our fixed cash ISAs, partial withdrawals or account closures made before the end of the fixed term are subject to a fee (also known as the early exit charge).
Here is an overview of our early exit charges for withdrawals made before the end of your fixed term:
All Shawbrook Bank ISAs are protected by the Financial Services Compensation Scheme (FSCS). The FSCS will guarantee your ISA savings up to £85,000 per eligible person.