New personal and business bank account provider Shawbrook has taken the fixed rate bonds market by storm with not one but four offerings guaranteed to make some noise, as each and every one of them top the best buy tables.
The new banking provider has made it a very merry Christmas indeed for individuals looking for long term savings accounts, as it has launched best buy fixes for five, four, three, and two year terms. Shawbrook’s best return is on its five year fix, which offers a 4.8 per cent interest rate and currently stands at the highest returning account before taxes available in the UK anywhere.
Cobbled together from old savings specialist Whiteaway Laidlaw Bank and lenders Commercial First and Link Loans, Shawbrook was launched this past October and has quietly been building up a head of steam in the run up to December. Now, it seeks to increase its market share by offering a cornucopia of Christmas deals in an effort to finance its plans to lend to small and medium businesses in the UK with proven track records of excellent stewardship.
The bank’s new offerings are predicted to be quite popular amongst savers with cash to spare in their instant access accounts or with fixed rate bonds reaching maturation. Each new bond requires a £5,000 minimum deposit to take up, with a 4.2 per cent rate of return on its two year bond, handily beating BM Savings’ 4.05 per cent offering, a 4.45 per cent rate on both their three and four year fixes that leave competitors in the dust, and its 4.8 per cent five year fixed rate bond that beats Kent Reliance and Clydesdale and Yorkshire Bank’s 4.7 per cent offerings.