Shawbrook Bank offers market-leading 4.43% interest rate on easy access ISA | Personal Finance | Finance

Shawbrook Bank offers market-leading 4.43% interest rate on easy access ISA | Personal Finance | Finance

Shawbrook Bank is offering the market-leading interest rate of 4.43 percent for easy access ISAs, and savers can get started with £1,000.

Launching in 2011, Shawbrook is a specialist savings and lending bank that offers personal loans, residential and commercial mortgages, business finance, and savings products.

Boasting an array of savers, such as easy access, fixed rate bonds, notice, and cash ISAs, the bank has remained competitive with its interest rates over the months.

Now, it’s offering some of the highest returns for those who need instant access to their cash without facing a penalty fee.

People can only apply and manage Shawbrook’s Easy Access Cash ISA Account (Issue 25) online and the maximum they can invest is £250,000.

Interest can be paid either monthly or annually and withdrawals can be made at any time without notice and there are no limitations on the number of these – given the funds are there. However, the minimum withdrawal amount is £500.

It should also be noted that this Cash ISA is not flexible and savers may not be able to re-deposit withdrawn funds if the re-deposit amount takes them above the maximum annual Cash ISA subscription limit in that specific tax year.

The current annual ISA allowance for the 2023/24 tax year is £20,000, and this is the limit a person can collectively save across all of their ISAs tax-free.

Commenting on the market, Rachel Springall, finance expert at, said: “Savers must ensure they keep on top of the changing market and switch if they are getting a raw deal. The savings market is benefitting from provider competition within the top end of the market, but also from consecutive base rate rises, so it’s vital consumers take time out to compare the latest offerings.”

“One area of the market to see improvements has been the returns offered on ISAs, so those savers who are still able to use their ISA allowance may wish to compare the latest offers.

“As interest rates rise, savers may find they could breach their Personal Savings Allowance, and an ISA is a way of protecting their cash from tax. There are even ISAs that allow savers to spread their cash across both easy access and fixed offers, ideal for those who want to chase the highest rates but also need a portion kept in a flexible pot.”

Ms Springall added: “It is imperative savers keep an eye on the changing market and sign up to rate alerts and newsletters for awareness.”

But while Shawbrook may be offering an appealing deal, competition isn’t too far behind. Cynergy Bank is currently offering an Annual Equivalent Rate of 4.4 percent on its Online ISA (Issue 40).

The account can be opened with a minimum deposit of £1 and interest is calculated daily and applied annually in the month of March.

People can make unlimited withdrawals without notice, penalty or fees but like Shawbrook’s product, this also is not a flexible ISA. This means that any money withdrawn cannot be replaced without counting towards a person’s annual subscription limit.

Post Office Money’s Online ISA (Issue 39) is also offering an AER of 4.4 percent and savers can get started with £100. The rate includes a 2.85 percent fixed bonus for the first 12 months.

Interest is calculated daily and paid annually on the anniversary of the product opening and withdrawals can be made at any time. This ISA is also not a flexible account.