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Shawbrook Bank announces three new fixed rate bonds

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Fixed rate bonds continue to languish with the rest of the savings market in the wake of Funding for Lending, but Shawbrook Bank has today issued three market-leading products.

The bank has announced new rates for its one, two and three year-fixed rate bonds, as well two new notice savings accounts.

It is now topping the charts with a 2.10 per cent gross AER (1.68 per cent net) rate on its one-year bond, which rises to 2.45 per cent gross (1.96 net) and 2.50 per cent gross (2 net) with the two and three year deals respectively.

You can deposit any amount from £5,000 up to a maximum of £2million.

Make it stretch: Savings rates have been decimated by the cheap cash now available to banks through the Funding for Lending scheme.

James Blower, director of savings, said: 'The launch of these products is part of our commitment to UK savers at what is a challenging time for the savings market.

'In 2013 we'll be developing our savings offer for individuals and small businesses, with a range of straightforward products offering competitive rates.'

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Shawbrook has also announced two new notice savings accounts.

Its 95-day notice personal savings account is now offering 2 per cent gross AER, while its market-leading 120-day notice personal savings account is offering 2.1 per cent gross AER.

The minimum deposit is £1,000, with the maximum £500,000.

Rachel Springall, of Moneyfacts, said: 'Shawbrook Bank's new one-year bond pays a market leading rate at 2.10 per cent, which will be welcome news to investors who have the minimum deposit of £5,000.

 

'It’s two and three-year bonds paying 2.45 and 2.50 per cent are also the top three most competitive rates in their sectors, which is great news, especially in the current market where most savings rates are being cut or withdrawn entirely.  'Investors with £1,000 deposit who are not looking to tie their money down for long, will find the new notice accounts appealing as they offer some of the most competitive rates on the market.

'The 95 day notice at 2.00% and 120 day notice at 2.10% are among the market leaders for the notice market overall.'

The Government's flagship £80billion Funding for Lending scheme has seen banks slash savings rates, exposing savers' deposits to the ravages of inflation.

But despite banks having easy access to cheap cash, it has not increased lending to small businesses, although mortgage and personal loan rates have dropped significantly.

Saving rates meanwhile, have plummeted by more than a third since it was introduced.

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