Bonus Easy Access Savings Account

A bonus interest rate is an additional rate paid on top of the underlying interest rate for a set period of time. The bonus interest rate may be fixed for that period. To get a bonus account, you may need to meet simple conditions, like paying in a minimum amount. After the bonus period ends, the account continues to pay interest at the underlying variable rate.

For example, with our Bonus Easy Access Savings Account, eligible customers will receive a fixed bonus rate in addition to the underlying variable rate for a set period. After that, the account continues to earn the underlying variable rate.

An easy access account is a savings account that allows you to withdraw your money online at any time, and there is no limit on how often you can withdraw. If we receive a withdrawal request online (excluding secure message) before 9:30pm, or by phone before 2:30pm, on a working day, you should receive your funds into your linked account on the next working day. You can also send us a secure message, and we’ll respond as soon as possible.

Designed for flexibility, easy access accounts usually offer a higher rate of interest than a current account.

Easy access savings accounts offer a great deal of flexibility. With Shawbrook, you can make unlimited withdrawals (subjected to a £1 minimum amount), while also maintaining the required minimum balance. You can also manage your account online, and deposit as much as you like (up to the account’s maximum balance which is £500,000 for sole accounts and £1,000,000 for joint accounts). 

We offer four types:

• Our Easy Access account has a straightforward variable rate with a minimum balance of £1,000 and is available to new and existing customers.
• Our Bonus Easy Access Savings Account offers a boosted rate (fixed) for an initial period which is paid on top of the underlying variable rate. It has a minimum balance of £1 and is available to new customers only.
• Our Easy Access Plus account variable rate with a minimum balance of £10,000 and is available to new customers only.
• Our Easy Access Cash ISA lets you earn tax-free interest up to your annual ISA allowance. This account offers a variable rate with a minimum balanced of £1,000. It is available to individual savers only and open to both new and existing customers.

Compound interest is when the interest you earn is added to your savings balance, and future interest is then calculated on this new total. This means you earn interest on both your original deposit and on any interest already added. Over time, this “interest on interest” effect can help your savings grow faster. This is what the AER (Annual Equivalent Rate) represents, which is the interest you would earn over a year if you leave it in the account. If you withdraw your interest monthly instead, you will receive the gross rate, which does not include the benefit of compounding. 

For example, with our Bonus Easy Access Savings Account, interest is paid monthly into your bonus savings account, so each month’s interest is added to your balance, and the next month’s interest is calculated on the new total.

A variable interest rate is a rate that can go up or down over time. This means the amount of interest you earn can increase if the rate goes up, or decrease if the rate goes down. Changes can happen because of factors such as market conditions or the Bank of England base rate. However, not all variable rates track the base rate.

Some easy access accounts include a fixed bonus interest rate, on top of the variable underlying rate. For example, with our Bonus Easy Access Savings Account, you receive a fixed bonus rate for a set period on top of the variable rate. This gives your savings an initial boost at a guaranteed rate, while the underlying rate may vary over time.