New easy access savings account

This week, Paragon Bank launched an easy access savings account. Limited Edition Easy Access Account (Issue 8) pays 0.41% gross on anniversary on a minimum opening deposit of just £1. This account allows further additions via a nominated account. Withdrawals are permitted. It can only be opened and managed online. For income-seekers, there is a version of this account that pays interest monthly at the same gross rate.

At the same time, Paragon Bank launched an easy access ISA. Limited Edition Easy Access ISA (Issue 6) pays 0.41% gross on anniversary on a £1 minimum opening deposit. Further additions can be made via a nominated account. Withdrawals are allowed. The ISA accepts transfers in and there is no penalty for transfers out. The ISA must be opened and managed online. For those looking to supplement their income, there is a version of this ISA that pays interest monthly at the same gross rate.

New fixed rate bonds enter charts

Isbank launched a one, two, three and five-year fixed rate bond this week. Raisin UK – 1 Year Fixed Term Deposit pays 0.60% gross, Raisin UK – 2 Year Fixed Term Deposit pays 0.70% gross, Raisin UK – 3 Year Fixed Term Deposit pays 0.75% gross and Raisin UK – 5 Year Fixed Term Deposit pays 0.85% gross. All bonds pay interest on maturity and require a £1,000 minimum deposit to open. They do not permit further additions or withdrawals. The bonds benefit from Raisin UK offering an incentive of up to £50 welcome bonus or Amazon Gift Card when a saver opens their first savings account via its website. The bonds must be opened online but can then be managed by post, by phone and online.

Chart-topping long-term ISAs launched

This week, Shawbrook Bank launched a one, two, three, five and seven-year fixed rate ISA with the five and seven-year options topping the charts for their terms. 1 Year Fixed Rate Cash ISA Bond Issue 45 pays 0.40% gross, 2 Year Fixed Rate Cash ISA Bond Issue 45 pays 0.50% gross, 3 Year Fixed Rate Cash ISA Bond Issue 25 pays 0.65% gross, 5 Year Fixed Rate Cash ISA Bond Issue 25 pays 1.10% gross and 7 Year Fixed Rate Cash ISA Bond Issue 3 pays 1.25% gross. All ISAs pay interest on anniversary and require a

£1,000 minimum deposit to open. Further additions can be made while the issue remains open. Earlier access is permitted but subject to 90 days’ loss of interest on the one-year option, 180 days’ loss of interest on the two-year version, 270 days’ loss of interest on the three-year option, and 360 days’ loss of interest on the five and seven-year options. The ISAs accept transfers in. Transfers out are permitted but subject to the same interest-loss penalty as earlier access. The ISAs must be opened online but can then be managed online and by phone. For income-seekers, there are versions of the one, two and three-year ISAs that pay interest monthly at the same gross rate, as well as versions of the five and seven-year ISAs that pay interest monthly at a slightly lower gross rate of 1.09% and 1.24% respectively.

At the same time, Shawbrook Bank launched an easy access cash ISA. Easy Access Cash ISA – Issue 16 pays 0.30% gross on anniversary on a £1,000 minimum opening deposit. This ISA allows further additions. Withdrawals, from a minimum of £500, can be made via a nominated account. Transfers in are accepted and there is no penalty for transfers out. The ISA can only be opened online but it can then be managed by phone and online. For those looking to supplement their income, there is a version of this ISA that pays interest monthly at the same gross rate.

Chart-topping three-year ISA launched

This week, Close Brothers Savings launched a two, three and five-year fixed rate ISA, with the three-year option topping the chart for its terms. 2 Year Fixed Rate Cash ISA pays 0.57% gross on anniversary, 3 Year Fixed Rate Cash ISA pays 0.70% gross on anniversary, and 5 Year Fixed Rate Cash ISA pays 1.00% gross on anniversary. All ISAs require a £10,000 minimum deposit to open. They allow further additions within 10 days of account opening. Earlier access is permitted on account closure only and is subject to 150 days’ loss of interest on the two-year option, 270 days’ loss of interest on the three-year version and 365 days’ loss of interest on the five-year option. Transfers in are accepted but transfer instructions must be received within 10 days of account opening. Transfers out are subject to the same interest-loss penalty as earlier access. These ISAs must be opened online but can then be managed by post, by phone and online.

Fixed bonds rates rise

Atom Bank increased the rates on its one, two and five-year fixed rate bonds this week. 1 Year Fixed Saver pays 0.59% gross on anniversary, 2 Year Fixed Saver pays 0.72% gross on anniversary, and 5 Year Fixed Saver pays 1.25% gross on anniversary. All bonds require a £50 minimum deposit to open. Further additions are allowed for one week from account opening. Withdrawals are not permitted. These bonds can only be opened and managed via mobile app. For those looking to supplement their incomes, there are versions of the one and two-year bonds that pay interest monthly at the same gross rate and a version of the five-year bond that pays interest monthly at a slightly lower gross rate of 1.24%.

New 15-month bond launched

This week, United Trust Bank launched a 15-month fixed rate bond. UTB 15 Month Bond pays 0.65% gross on anniversary on a £5,000 minimum opening deposit. The bond does not permit further additions or withdrawals. It must be opened online but can then be managed by post, by phone and online.

At the same time, United Trust Bank increased the rate on its two and three-year fixed rate bonds. UTB 2 Year Bond pays 0.75% gross on anniversary and UTB 3 Year Bond pays 0.80% gross on anniversary. Both bonds require a minimum deposit of £5,000 to open. They do not allow further additions or withdrawals. The bonds can only be opened online but can then be managed by post, by phone and online.