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 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), offering 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.”
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.