Shawbrook Bank launches four table-topping savings products

21 March 2014

Shawbrook Bank has launched four competitive savings products, with interest rates topping many similar products in independent best buy tables.

The new issue of the five-year bond, which was one of the bank's most popular savings products in 2013, offers savers 3.10% AER. This places it in first position in Moneyfacts' best buys for five-year fixed-rate bonds. Just behind are the Skipton five-year E-bond and the Aldermore five-year fixed-rate account, both with interest rates of 3% AER.

The three-year bond offers a rate of 2.65% AER, which puts it in second place in the Moneyfacts 'Best Fixed Rate Bonds' table. Only the HISAVE Fixed Rate Account from ICICI Bank beats it with a rate of 2.70% AER.

Shawbrook has also introduced two new notice accounts. The 120 Day Notice Account (issue 15) and the 95 Day Notice Account offer savers 1.85% AER and 1.75% AER respectively. This places both accounts in the top three of Moneyfacts' 'Best Notice Accounts' table, to join IBB's Sharia compliant 120 Day Notice Account which has a rate of 1.81% AER.

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Shawbrook's new offerings come just two days after the 2014 Budget, where chancellor George Osborne announced substantial reforms to savings, including the abolition of the 10% tax rate on savings.

"This week's Budget statement from the chancellor contained some unexpected, but much needed, good news for savers and we hope that these highly-competitive products provide further cheer for savers," says James Blower, director of savings at Shawbrook Bank.

Savers can invest from £5,000 to a maximum of £2 million for the fixed rate bonds and from £1,000 up to £500,000 for the 120 day and 95 day notice accounts. Interest is paid on 31 December each year and on maturity.

New and existing customers can access the new products immediately online or by post.

This article was written for our sister website Money Observer

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