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Shawbrook Launches 7-Year Fixed Rate Account
alanq
Posts: 4,216 Forumite
New today. 2.20% AER minimum deposit £5,000. No early access. Interest credited annually. So no use for someone seeking monthly income. A bit too long to commit in these uncertain times or a hedge against even lower interest rates during the coming years?
https://www.shawbrook.co.uk/savings/personal-accounts/fixed-rate-bonds/7-year/
https://www.shawbrook.co.uk/savings/personal-accounts/fixed-rate-bonds/7-year/
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Comments
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Seven years seems a very long time to be tying up money in cash form - this is effectively competing with investments over that sort of period, given the length of economic cycles, and one would need to be unfortunate not to beat 2.2% from medium-term (sensible, diversified) investing!0
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Paragon have a 5 year fixed rate account at 2.25%. I think it is currently the best rate on the market - unless someone else knows different!!0
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It would be very depressing if interest rates didn't increase to more than that at some point during the next 7 years.0
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