A savings accounts issued by a leading bank is offering customers a 4.06 percent interest rate.  An ISA is a savings or investment account that allows savers to put away a certain amount a year tax-free.

Shawbrook Bank currently offers its customers a 4.06 percent Gross / 4.06% AER interest rate for its One Year Fixed Rate Cash ISA Bond Issue 68.

This account is open for one year. The minimum opening amount for savers is £1,000.

The maximum investment amount that can be placed into the ISA is £20,000.

Shawbrook Bank states that access to the account can be granted, but there is a 90-day loss of interest penalty.

You can transfer money into the account, but you will be subject to a 90-day loss of interest penalty if you wish to transfer money out.

Customers can open an account online, however, they must be at least 18 years old to be eligible.

Eleanor Williams, a finance expert at Moneyfactscompare.co.uk, broke down why this account is favourable for customers.

She explained that Shawbrook Bank offers a Fixed Rate Cash ISA Bond with a One Year Fixed Rate. This is for tax-free savers who have not used their tax-free savings allowance.

This ISA now pays 4.06 per cent on its anniversary due to a rate hike this week. It takes a worthy spot in the top 10, compared with other ISAs offering similar terms.

"The ISA offers a monthly interest option which could be a benefit to those who are looking to supplement their regular income.

"Savers have additional flexibility to access their ISA funds, but this comes with a loss-of-interest penalty and the option to make further additions as long as the issue is open. This may add to the appeal of the ISA."

Yorkshire Building Society, on the other hand, has its Limited Access e-Saver ISA which offers an interest rate of 3.10% AER and is payable annually.

This savings account does not require notice and the minimum opening balance is £1.

Similar to Shawbrook Bank’s offering, the maximum amount you can invest is the current ISA allowance. You may also withdraw one day per year.

Transfers to the account are permitted for Cash and stocks and shares ISAs, Cash with Stocks and Parts LISAs, and Innovative Finance ISAs.

The minimum applicant to open the Limited Access e-Saver ISA as it stands is 16.

The savings expert praised building societies for introducing such an "appealing” savings interest rate to the market.

She explained that the Limited Access Saver eISA has been launched by Yorkshire Building Society. This could appeal to savers looking to maximize their ISA allowance and still have access to their savings.

This ISA is ranked in the top 10 for its 3.10 percent gross rate. It's also one of the most affordable variable ISAs available.

Investors should know that this product is not subject to notice. They can withdraw up to one day per year from their savings, so it is worth planning carefully.

"This account is a top-rated rate table and has earned an Excellent Moneyfacts product rating."