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Apply for a 2 Year Fixed Rate Cash ISA Bond

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.)

 

2 Year Fixed Rate Cash ISA Bond Issue 24
AER
1.75%
Gross
1.75% Annually
1.74% Monthly

 

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.

 

Account Name

2 Year Fixed Rate Cash ISA Bond Issue 24

 

What is the interest rate?

Interest rate for balances of £5,000 or more:

Annual Interest (Fixed / Tax Free) 1.75% Gross / AER
Monthly Interest (Fixed / Tax Free) 1.74% Gross / 1.75% AER

Interest is calculated daily. If you have opted for annual interest we credit the interest on the anniversary of the date of receipt of your first deposit. If you have opted for monthly interest, we credit the interest on the last working day of the calendar month and on closure.

 

Can Shawbrook Bank change the interest rate?

As the interest rate is fixed, the interest rate cannot be changed over the term of the account.

 

What would the estimated balance be after 24 months based on a £5,000 deposit?

A deposit of £5,000 at an annual Gross rate of 1.75% (fixed) would generate an estimated balance of £5,177 in two 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.)

 

How do I open and manage the account?

  • You can only apply for this product online.
  • Once your account is open, you can operate the account online through secure message, email or by telephone on 0345 266 6611.
  • Minimum account opening balance of £5,000.
  • Maximum account deposit is £20,000.
  • Maximum account balance of £250,000.
  • To open an account you must be 18 years of age or over and a permanent UK resident and only liable for UK tax. A Cash ISA can only be held in the name of one person, Joint accounts are not permitted. You can only open and operate one Cash ISA account with Shawbrook Bank in any single tax year.
  • The account cannot be opened by power of attorney/guardianship/intervention order holders acting for an account holder.

 

Can I withdraw money?

  • This account has a fixed term, so you can only withdraw your money without incurring any charges at the end of the fixed term (also known as ‘maturity’).
  • You are permitted to make withdrawals (including transferring out to other Cash ISA providers) before maturity but this is subject to a loss of 180 days’ interest (known as the early exit charge).
  • We will write to you before maturity to remind you of the date that your fixed term ends.
  • At maturity, you can either withdraw your funds, transfer them into a new Shawbrook account of your choice (subject to any specific account terms and conditions) or transfer part or all of your balance to an alternative ISA provider (if your account matures within the same tax year as your deposits were made, you will have to transfer out the whole balance for that specific tax year). If you do not let us know what you wish to do by the maturity date, your account will revert to a Cash ISA Matured Funds account and the variable interest rate will be confirmed to you in writing.

Additional Information

  • Interest is paid Gross (tax free).
  • Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused.
  • Transfers in from other Shawbrook Cash ISAs are permitted subject to the account being open for new funding.
  • If you make withdrawals before maturity, you may get back less than the amount you originally invested.

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

Fixed term accounts

Clarity in an uncertain world

Fixed rate bonds provide a simple way to save knowing precisely how much you’ll earn in interest. While rates for other accounts can go up or down, with a fixed bond we’ll pay the stated rate for the term, guaranteed.

It’s important to know that you can’t withdraw money from a fixed rate bond until the end of the term - what’s called maturity. So it’s best for savers who know they won’t need the money in the meantime.

At Shawbrook we currently offer fixed rate bonds over 1 to 7 years, so you can choose an account that suits you.

Invest in a fixed rate bond and reap the rewards.

If you’re not looking for an ISA account, but are still looking for a fixed rate of interest across the account term, we offer Fixed Rate Bonds for 1, 2, 3, 5 or 7 year terms with competitive rates of interest.


These accounts offer higher maximum balances than our Fixed Rate Cash ISA accounts, and some accounts also allow lower minimum balances.

 

1 Year Fixed Rate Bond Issue 54 Summary PDF
AER
1.75%
Gross
1.75% Annually
Min Balance
£1,000
Max Balance
£2,000,000
2 Year Fixed Rate Bond Issue 52 Summary PDF
AER
1.95%
Gross
1.95% Annually
Min Balance
£1,000
Max Balance
£2,000,000
3 Year Fixed Rate Bond Issue 43 Summary PDF
AER
2.15%
Gross
2.15% Annually
Min Balance
£5,000
Max Balance
£2,000,000
5 Year Fixed Rate Bond Issue 28 Summary PDF
AER
2.35%
Gross
2.35% Annually
Min Balance
£5,000
Max Balance
£2,000,000
7 Year Fixed Rate Bond Issue 2 Summary PDF
AER
2.40%
Gross
2.40% Annually
Min Balance
£5,000
Max Balance
£2,000,000

ISA - In or Out?

If you are looking for a 1, 2, 3 or 5 year fixed bond, you could also consider a fixed rate Cash ISA - an Individual Savings Account - which lets you enjoy the interest on your savings tax free. Remember, most customers will no longer have to pay tax on some or all of their interest, even if the account is not a Cash ISA.

To understand how much interest you can earn before you pay tax on it please refer to the HMRC website.

How much can I save in a Cash ISA?

Cash ISAs can accept up to £20,000 in total in the current tax year, 2018/19. Remember you can split your total £20,000 into cash ISAs (such as our savings accounts) and stocks and shares ISAs, and it can be invested with different providers as long as the total doesn’t exceed the limit.

You can transfer other ISA balances into your new Shawbrook ISA, up to the maximum account balance for your product. If these balances are from previous tax years, they don’t count towards the £20,000 limit in the current tax year.

1 Year Fixed Rate Cash ISA Bond Issue 25 Summary PDF
AER
1.51%
Gross
1.51% Annually
1.50% Monthly
Min Balance
£5,000
Max Balance
£250,000
2 Year Fixed Rate Cash ISA Bond Issue 24 Summary PDF
AER
1.75%
Gross
1.75% Annually
1.74% Monthly
Min Balance
£5,000
Max Balance
£250,000
3 Year Fixed Rate Cash ISA Bond Issue 9 Summary PDF
AER
1.85%
Gross
1.85% Annually
1.83% Monthly
Min Balance
£5,000
Max Balance
£250,000
5 Year Fixed Rate Cash ISA Bond Issue 12 Summary PDF
AER
2.25%
Gross
2.25% Annually
2.23% Monthly
Min Balance
£5,000
Max Balance
£250,000
Terms explained

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.

Terms & Conditions for Personal Accounts

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

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