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

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

The pair have upped rates on their easy-access savings accounts to 4.63 and 4.6 per cent respectively, ahead of the Bank of England base rate announcement on Thursday.

The simple bread and butter accounts are now top of the independent This is Money best buy savings tables 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 working day access to any funds, if the request is made before 9.30pm.

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

The account comes with ‘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 hotting up again in the easy 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 paying 4.6 per cent, although the Paragon and Loughborough accounts both only allow two penalty free withdrawals a year.

‘With rates continuing to improve, switching to a better paying account could be an easy way to add valuable pounds to your pocket.’

Shawbrook has also launched a table topping easy-access Isa with a 4.33 per cent rate and a best buy one  year fixed Isa paying 5.71 per cent.

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

He says: ‘I’m actually in the process of opening a Shawbrook one year Isa myself as 5.71 per cent is an excellent rate.’

Adam Thrower, head of savings at Shawbrook, said: ‘As the UK braces for the highly anticipated 14th consecutive interest rate rise, savers should be seeing some of the best rates in decades.

‘However, many have not taken advantage of this golden opportunity, potentially missing out on thousands of pounds. 

‘Those 46 per cent of savers continuing to waste money by opting to leave savings in current accounts should act now to avoid losing further money.’

Laura Bright, senior product manager at Saffron, said: ‘The rate rises show our commitment to helping our members earn more money on their savings.

‘We’ve noticed a lot of other high-paying accounts may look good but come with restrictions that might not suit the majority of savers. We’re urging savers to check for any ‘strings attached’ before they deposit their savings in a best buy account.

‘Our e-saver account is a really simple account that pays a great rate without any strings getting in the way – you can open it online from just £10 and manage it from our app.’