Shawbrook launches new 5 year bond at 3.20%

This places Shawbrook at the top of the Moneyfacts best buys for 5 year fixed rate bonds.

The new bond (Issue 11) is available today online through Shawbrook’s new Personal eSavings internet banking, phone or postal application.

Savers can invest any amount from £5,000 to a maximum of £2m for this fixed rate bond with the interest paid either gross or net according to an individual’s tax status on 31st December each year and on maturity.  Deposits are also allowed up to the maximum account balance while the product is still available.

James Blower, Director of Savings at Shawbrook Bank said that they were experiencing stronger than ever interest in their savings products, not just for the shorter term.

He said:

“40% of the bank’s deposits for July, August and September 2013 were generated from our 5 year bonds – proof in itself that there are savers out there hungry to lock their money into longer term investments. Shawbrook continues to lead the way with its commitment to be consistently competitive on interest rates and I’m delighted to be launching another highly competitive 5 year bond. Yesterday’s autumn statement from the Chancellor of the Exchequer contained little good news for savers so I hope this new bond will provide some festive cheer.”

Shawbrook Bank’s savings team is based in Brentwood and looks after over 30,000 customers with over £1.3bn of deposits.