Bank raises interest rates on two accounts to earn savers ‘substantially more’

Bank raises interest rates on two accounts to help savers earn ‘substantially more’ (Image: Getty) Shawbrook Bank has increased interest on two easy access savings accounts to become the ‘market leader’ in the space. The challenger bank has also launched a new easy access ISA account, which is topping the tables with an interest rate of 5.71 percent. The move comes in anticipation of a 14th Bank of England Base Rate hike this Thursday, which analysts predict could see the rate rise to 5.25 percent. Adam Thrower, head of savings at Shawbrook, commented: ‘As the UK braces for the highly anticipated 14th consecutive interest rate rise, savers should be seeing some of the best rates in decades. ‘However, many have not taken advantage of this golden opportunity, potentially missing out on thousands of pounds. Those 46 percent of savers continuing to waste money by opting to leave savings in current accounts should act now to avoid losing further money.’ Analysts predict the Bank of England will raise the Base Rate again on Thursday (Image: EXPRESS) He added: ‘With our new market-leading Easy Access, Easy Access ISA and One Year Fixed Rate Cash ISA Bond, those two in five (42 percent) Britons currently being paid rates lower than 2.5 percent can earn substantially more if they switched today. ‘Capitalising on the current rates should be a priority to maximise earnings on their savings.’ Interest rates have been increased on Shawbrook Bank’s Easy Access account (Issue 36) and Easy Access ISA (Issue 25) to 4.63 percent and 4.33 percent, respectively. Shawbrook’s new One Year Fixed Rate Cash ISA Bond (Issue 79) is leading the market with an AER of 5.71 percent. Easy Access account (Issue 36) – 4.63 percent Shawbrook’s Easy Access (Issue 36) account has remained competitive month on month, and savers can open one with £1,000. The market-leading account can only be launched online and people can opt for interest to be paid either monthly or annually. Up to £85,000 can be invested overall, while those with a joint account can invest up to £170,000. There are no limitations on the number of withdrawals to be made, nor do savers need to provide notice, however, the minimum people can take out at any given time is £500. Easy Access ISA (Issue 25) – 4.33 percent Cash ISAs (Individual Savings Accounts) are tax-free savings accounts, which means people don’t pay tax on the interest they earn. Savers can open Shawbrook Bank’s Easy Access ISA (Issue 25) with a minimum deposit of £1,000 and monthly or annual interest options are available. Withdrawals can be made at any time without notice or charge but similar to the easy access saver, the minimum people can take out is £500. One Year Fixed Rate Cash ISA Bond (Issue 79) – 5.71 percent Shawbrook Bank’s One Year Fixed Rate Cash ISA Bond (Issue 79) can be opened with a minimum deposit of £1,000. Interest is calculated daily and can be paid either annually or monthly, and only sole accounts are permitted. Withdrawals are allowed but these will incur a loss of 90 days’ interest.