Interactive Investor

Savings update: Shawbrook raises top-paying cash isa rate

31st May 2016 09:18

Sylvia Morris from interactive investor

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Shawbrook Bank has raised the rate it pays on its one-year fixed rate cash Isa to 1.5 per cent.

The next best deal comes from Co-op Bank with its Britannia Fixed Rate cash Isa at 1.4 per cent. For two years Shawbrook pays a top 1.6 per cent and Co-op Bank 1.5 per cent.

The rates are marginally ahead of the 1.3 per cent best easy-access cash Isa rate from Coventry BS and Sainsbury's Bank. You can transfer your existing cash Isas to all these accounts bar the Coventry Easy Access Isa.

On taxable accounts the top rate on easy-access accounts at 1.45 per cent before tax (1.16 per cent after tax) comes from French-owned RCI Bank while Shawbrook Bank pays 1.25 per cent (1 per cent). Both accounts are only available online.

OTHER TOP DEALS

On the high street National Counties Building Society pays 1.26 per cent (1.01 per cent) and Coventry BS 1.15 per cent (0.92 per cent).

On taxable fixed-rate bonds, the best one-year deal comes from RCI Bank at 1.65 per cent (1.32 per cent). Charter Savings Bank and Swedish-owned Ikano Bank both pay 1.6 per cent (1.28 per cent).

Tesco Bank has raised its two-year deal to 1.8 per cent (1.44 per cent), just behind the top 1.9 per cent (1.52 per cent) from RCI Bank.

This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

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