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

Two new best-buy savings accounts have been launched from Shawbrook Bank and Saffron Building Society.

The pair have raised interest rates on their easy access savings accounts to 4.63 and 4.6 per cent respectively, ahead of the Bank of England’s key interest rate announcement on Thursday.

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

Shawbrook’s 4.63 per cent deal can be opened online with £1,000 with next business day access to all funds, if the request is made before 9.30pm.

Saffron Building Society’s easily accessible E-Saver account can be opened online, and the rate has increased from 4.1 percent to 4.6 percent.

The account comes with no strings attached, with no restrictions such as high minimum balances or a limited number of withdrawals.

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

But she notes that ‘Saffron Building Society, Nottingham Building Society, Paragon and Loughborough Building Society are all hot on Shawbrook’s heels in paying 4.6 per cent, even though the Paragon and Loughborough accounts both only allow two penalty-free withdrawals a year.

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

Shawbrook has also launched an easily accessible Isa on the table with a rate of 4.33 percent and a best buy Isa for a year with a fixed price of 5.71 percent.

Andrew Hagger, personal finance expert and founder of MoneyComms thinks the deals from Saffron and Shawbrook are “excellent in today’s market – super-competitive rates and simple products with no catches or restrictions.”

He says, “I’m actually opening a Shawbrook a year Isa myself, because 5.71 percent is an excellent rate.”

Adam Thrower, head of savings at Shawbrook, said: ‘As the UK braces for its much-anticipated 14th consecutive rate hike, savers should see some of the best rates in decades.

However, many have failed to take advantage of this golden opportunity, potentially missing out on thousands of pounds.

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

Laura Bright, senior product manager at Saffron, said: ‘The rate increases demonstrate our commitment to helping our members make more money with their savings.

“We’ve noticed that many other high-paying accounts may look good, but have limitations that may not be suitable for most savers. We urge depositors to check for any liabilities before depositing their savings into a best buy account.

‘Our e-saver account is a really simple account that pays a great price with nothing in the way – you can open it online from just £10 and manage it from our app.’