Cash ISAs: The Best Currently Available List

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82143675#Comment_82143675

Shawbrook

Yes it is all a tad confusing. Other posters elsewhere in this thread had suggested that you could split your current year's subscription between Shawbrook fixed term ISAs of different lengths and I had thought that was supported by the text below from the T&C of the 5 year term ISA

• The annual ISA allowance is £20,000 for the 2026 to 2027 tax year. The tax year runs from 6 April to 5 April, and the limit applies across all ISAs you hold. If you pay into more than one ISA, you’re responsible for staying within your annual allowance  
• You can open multiple Shawbrook cash ISAs per year

I am guessing now that although you can open multiple Shawbrook ISAs a year you can actually only pay your current year subscriptions into one of them.

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82143675#Comment_82143675

What they're saying is, if you have split your ISA allowance across multiple accounts, you must transfer all your current year's subscriptions from all your accounts to Shawbrook.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82143770#Comment_82143770

What they are saying is wrong, unlawful, and unenforceable, so it can be safely ignored.

Shawbrook cannot interfere with third party customer relationships. It would be like Tesco prohibiting clubcard holders from shopping anywhere else.

They are permitted accept only a full ISA transfer from a particular ISA, but that is it.

Growingold

KENT RELIANCE

Kent Reliance now top of the table for 1 yr 2 yr and 3 yr FR ISA's. Pipping the next best by 0.01%. Know it's nothing to write home about but could rates be on the up again?

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82144234#Comment_82144234

However stridently you wish to make your point, it is incorrect in fact.

The ISA Managers' Guide from HMRC makes it clear that ISA Managers are not obliged to accept transfers in and that the terms of any transfer are agreed between the investor, and the old and new ISA Managers.

https://www.gov.uk/government/collections/isa-managers-guidance

friolento

https://forums.moneysavingexpert.com/discussion/comment/82144539#Comment_82144539

Which of the ISA rules invalidates anything in masonic’s post?

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82144539#Comment_82144539

They can insist on only full transfers in, if they want. But they can't control what ISAs you hold elsewhere. So you can hold this year's money in 3 different ISAs elsewhere and only transfer one of them to Shawbrook. Nothing Shawbrook can do about it. They can't insist on holding "all of this year's deposits".

masonic

https://forums.moneysavingexpert.com/discussion/comment/82144539#Comment_82144539

I agree that ISA managers are not obliged to accept transfers in, but it simply does not follow that they can compel a customer to transfer ISAs held elsewhere to themselves, or compel them to commit future subscriptions within the tax year to themselves only. That would be contrary to s62(4) of the Consumer Rights Act 2015 and s2 of the Competition Act 1998 as I have pointed out previously in this thread. So your suggestion that my point is incorrect... is incorrect.

Back when these statutory freedoms were introduced, there were several providers who tried to get away with such impositions, but one by one they were successfully challenged by customers and/or walked back their position to one permissible by consumer rights law. Shawbrook may well be one of the last hold-outs, in which case they perhaps need an Ombudsman decision going against them to make them do the necessary compliance review.

The situation is not all that different to the general position of ISA transfers: providers don't have to accept them, but they cannot prevent other providers accepting them with a clause like "we don't accept ISA transfers, so you are not allowed to transfer any of your ISAs if you hold one with us". They can set the contractual term about the product you hold, but they cannot overrule any other consumer contract to which they are not a party.

So to come back to @charlie12525 's question, "If your ISA contains this year's contributions you must transfer it in full" (or not to us) is precisely what the statement reduces to - either in or out of a Shawbrook ISA. Unfair terms in consumer contracts are voided to the minimum extent necessary to make them compliant.

SnowMan

https://forums.moneysavingexpert.com/discussion/comment/82144559#Comment_82144559

I don't think a careful study of the unfair terms legislation set out in the Consumer Rights Act 2015 would be needed to support that conclusion. It creates a significant imbalance in rights and there is no legitimate need for it.

And that's before you add in the FCA requirement to treat customers fairly

friolento

I wouldn't bother with any complaint to Shawbrook. I would simply ignore their incorrect claims. There is absolutely no need to tell them about any ISA I hold aside from the one I want to transfer to them. They have no need, or right, to know about any other ISAs.