Shawbrook Launches 7-Year Fixed Rate Account

alanq

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/

eskbanker

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!

[Deleted User]

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!!

isasmurf

It would be very depressing if interest rates didn't increase to more than that at some point during the next 7 years.

bigadaj

isasmurf wrote: »

It would be very depressing if interest rates didn't increase to more than that at some point during the next 7 years.

But not hugely surprising given recent, or not so recent, history.