Shawbrook bank has increased the interest rate on its one-year fixed Cash ISA to 4.8 percent, earning an “excellent” Moneyfactscompare rating.

The account can be launched with a minimum deposit of £1,000 and interest can be paid monthly or annually.

Fixed-rate ISAs are becoming increasingly popular amid frozen tax allowances and falling savings interest rates.

Fixed accounts provide some certainty to saving, as these enable people to lock in a specific interest rate for a set period of…