Five new best buy savings accounts: Shawbrook Bank launches top cash Isas while there’s also a new leading easy-access and fixed-rate deal
Five New Best Buy Savings Accounts: Shawbrook Bank Launches Top Cash Isas, While Also New Leading Easy-to-Access Fixed Rate Deal
- Shawbrook Bank Launches One-Year 5.53% Isa Payment and 5.58% Two-Year Deal
- Vanquis Bank also launched a one-year fix with a two-year deal at 6.15% and 6.2%
- DF Capital has launched its first-ever easy-to-access deal and pays 4.55%
Savers have five new best-buy deals to choose from after three providers launched table-topping deals.
Shawbrook Bank, Vanquis Bank and DF Capital are the three banks behind the changes.
Shawbrook has launched a market-leading one-year cash Isa deal pays 5.53 percent and a two-year deal pays 5.58 percent.
This overtakes Leeds Building Society and Zopa Bank at the top of the This is Money best cash Isa savings tables.
Rich choices: Savers can choose from five new best-buy savings deals this morning after three providers launch table deals
Someone who puts £10,000 into Shawbrook’s one-year fix earns £553 in tax-free interest over the course of a year.
Essex-based Shawbrook launched in 2011 and brings £7.84 billion in savings.
It accepts transfers from other Isa providers. Early withdrawals are charged 180 days interest.
Meanwhile, DF Capital launched its very first easily accessible deal paying 4.55 percent replaces Coventry Building Society’s 4.5 percent deal at the top of This is Money’s best buy easy-access tables.
Unlike the Coventry deal, which limits depositors to just four free withdrawals a year, DF Capital allows unlimited withdrawals.
A person who deposits £10,000 into DF Capital’s easily accessible account earns £455 in interest over the course of the year, albeit if the variable interest rate remains the same.
Savers need a minimum of £1,000 to open an account online and interest is paid monthly.
Withdrawals can be made as needed and funds are received the next business day if the withdrawal request is received before 4:30pm.
If a withdrawal request is received after 4:30 PM or on a non-business day, the withdrawals will be processed on the next business day and funds may not be received until the second business day.
It’s worth noting that there’s also a minimum withdrawal limit of £1,000 at a time.
DF Capital is a specialist commercial bank providing loans to small and medium sized businesses in the UK. It was licensed as a bank in September 2020.
There’s also good news for those on the hunt for a new fixed-rate savings account.
Vanquis Bank has been launched two new best-buy fixed-rate savings deals. The one-year fix pays 6.15 percent and the two-year fix pays 6.2 percent.
This is better than the second best deal on This is Money, best buy fixed rate accounts.
FirstSave pays 6.1 percent for a one-year fix, while Investec pays 6.06 percent for a two-year fix. According to Moneyfacts, the average fix for a year now pays 5.1 percent.
Savers must open the Vanquis account online and deposit a minimum of £1,000 to get started.
Someone who puts £10,000 into Vanquis Bank’s one-year deal earns £615 in interest over a 12-month period. Withdrawals are now possible during the fixed duration.
Vanquis Bank is part of the Provident Financial Group, which was founded in 2002 and manages £1.68 billion in deposits.
Shawbrook, DF Capital and Vanquis Bank are all part of the Financial Services Compensation Scheme.
This protects savers with any provider up to £85,000 per person, or £170,000 with joint accounts.