Make the most of your annual ISA allowance - if you don't use if you will lose it!
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.
1 Year Fixed Rate ISA Account
With these ISAs you can deposit a lump sum and watch your savings grow, tax free, for a fixed amount of time. The key features of this account include:
- The term for this account is one year, so your money will be locked away for the fixed term of one year. You can only withdraw your money at the point of maturity.
- A minimum opening deposit of £1000
- This account can have a maximum balance of £2,000,000
- As these are ISA accounts, you can only put £20,000 into one of these accounts each year (assuming it is your only ISA account)
- You must be 18 and a permanent resident in the UK to open this account
- The interest rate is fixed, and the interest will be paid in gross at the end of the term.
Shawbrook Bank’s Promise
Shawbrook Bank promises an easy banking experience with consistently good rates – just good service without the gimmicks.
Their promises include:
1. You can switch to their ISA.
When you switch your cash ISA, stocks & shares ISA or innovative finance ISA to Shawbrook Bank they will not wait for your current provider before paying interest. Shawbrook pay interest from day one of receiving your completed transfer application, as long as your funds are free to transfer.
2. Easy online opening and management
You can only apply to this account online, and you are able to monitor it online. This means you will be able to check in with your account at your convenience. You will also be contacted when the point of maturity of your account is approaching, to make sure that you are aware that the end of your term is coming.
3. Shawbrook offer consistent, competitive interest rates rather than attractive gimmicks
Shawbrook offer a competitive rate of interest – for the latest interest rates, see table above.
Interest is paid in gross, and will remain unchanged for the duration of the term. The annual interest is calculated on the one-year mark from your deposit – so if you deposited your money on the 6th April 2019, your interest will be calculated as of 6th April 2020.