Shawbrook Bank launches new best buy easy-access account, cash Isa and fixed Isa

Shawbrook Bank and Saffron Building Society launched two new Best Buy easy-access savings accounts.

Both have raised rates on their easily accessible savings accounts to 4.63 and 4.6 percent respectively, ahead of the Bank of England’s base rate announcement on Thursday.

Simple bread and butter accounts are now top of the This is Money best buy independent savings desks and come with Financial Services Compensation Scheme protection to the tune of £85,000.

Shawbrook’s 4.63 per cent deal can be opened with £1,000 online with next business day access to any funds, if request is made before 9:30pm

Saffron Building Society’s easy access E-Saver account is available to open online and the rate has increased from 4.1 per cent to 4.6 per cent.

The account comes ‘no strings attached’, with no restrictions like high minimum balances or limited number of withdrawals.

Anna Bowes, co-founder of Savings Champion, says: ‘It’s good to see competition picking up again in the easy-to-reach market, with Shawbrook now in the lead paying 4.63 per cent.

But she points out that ‘Saffron Building Society, Nottingham Building Society, Paragon and Loughborough Building Society are hot on Shawbrook’s heels paying 4.6 per cent, although Paragon and Loughborough accounts only allow two penalty-free withdrawals per year.

“As rates continue to improve, switching to a better-paying account could be an easy way to add valuable pounds to your pocket.”

Shawbrook has also launched an Easy Access Isa that tops the chart at a rate of 4.33 percent and a Best Buy One Year Fixed Isa that pays 5.71 percent.

Andrew Hagger, personal finance expert and founder of MoneyComms, thinks the Saffron and Shawbrook offerings are “great in today’s market: super competitive rates and simple products with no pitfalls or restrictions.”

He says, “I’m actually in the process of opening a Shawbrook a year Isa myself, as 5.71 percent is a great rate.”

Adam Thrower, Shawbrook’s head of savings, said: “As the UK braces for its expected 14th consecutive interest rate hike, savers should be looking at some of the best rates in decades.

‘However, many have missed out on this golden opportunity, potentially losing thousands of pounds.

“Those 46 percent of savers who continue to splurge by choosing to leave savings in checking accounts should act now to avoid losing more money.”

Saffron and Shawbrook: The couple have launched the best easy-to-access accounts to shop for

Laura Bright, Saffron’s Senior Product Manager, said: ‘The rate increases show our commitment to helping our members earn more money from their savings.

“We have noticed that many other high paying accounts may look good but come with restrictions that may not be suitable for most savers. We urge savers to check for any ‘strings attached’ before depositing their savings into a Best Buy account.

“Our e-saver account is a really simple account that pays a great rate without any strings attached – you can open it online from just £10 and manage it from our app.”