Bank offers ‘market-leading’ rate on easy access accounts

Shawbrook has increased its interest rates on its easy access savings and easy access ISA accounts.

The easy access account (Issue 36) is now paying 4.52 percent while the easy access ISA is paying 4.22 percent.

Adam Thrower, head of Savings at Shawbrook, said: “Our new Easy Access ISA will go some way to help people keep hold of their hard-earned cash.

“Our market-leading easy access accounts should also encourage the 46 percent who are keeping their savings in current accounts and the two in five who are still being paid less than 2.5 percent to switch knowing they will get a market-leading return, whilst providing easy access to their funds should they need it.”

A person can make withdrawals from either of the accounts at any time without giving notice.

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For the easy access savings account, a person has to have at least £1,000 in the account and they can save up to £85,000 for individual accounts, and up to £170,000 for joint accounts.

A person making a withdrawal has to take out at least £500, and funds can be withdrawn on the next working day as long as the withdrawal is made by 9.30pm the day before.

The account can be opened and managed online and a person can choose to have their interest paid monthly or yearly.

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Likewise for the easy access ISA, a person has to have at least £1,000 in the account but the maximum balance is £250,000.

An individual can choose to have their interest paid monthly or annually and the accounts can be opened and managed online.

ISAs are a great option for long-term savings as they come with the tax benefits that a person does not pay tax on any growth in their ISA, nor on any income they derive from ISAs.

Many banks and building societies are continuing to increase their rates as the base interest rate continues to climb.

The base rate is currently at five percent with analysts predicting it could increase above six percent or even hit seven percent this year.

But savers may want to move quickly as some experts are predicting the base rate will start to fall later this year.

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