Shawbrook Bank reducing rates tomorrow

2010

Yet another one reducing rates but if you open an account by 3-30pm tomorrow you still have 7 days to fund it at the existing rates.

https://www.shawbrook.co.uk/savings/

Ifts

I got this in an email from them today about their rates reduction:

With effect from 3:30pm, Tuesday 23rd August, we will be making the following changes:

95 Day Notice Personal Savings Account -
Issue 25 paying 1.25% AER (variable/annual).
Minimum investment amount £1,000.00.

120 Day Notice Personal Savings Account -
Issue 36 paying 1.35% AER (variable/annual).
Minimum investment amount £1,000.00.

1 Year Fixed Rate Bond -
Issue 41 paying 1.30% AER (fixed/annual).
Minimum investment amount £1,000.00.

3 Year Fixed Rate Bond -
Issue 35 paying 1.60% AER (fixed/annual).
Minimum investment amount £5,000.00.

5 Year Fixed Rate Bond -
Issue 23 paying 2.00% AER (fixed/annual).
Minimum investment amount £5,000.00.

You can apply online for the new product issues from 3:30pm Tuesday 23rd August.The Fixed Rate Bond and Notice products being withdrawn from sale will remain open for additional funding by existing customers until close of business on Tuesday 30th August.

djpailo

How long does it take for them to process a faster payment?

FOREVER21

djpailo wrote: »

How long does it take for them to process a faster payment?

Faster payment made today at 2pm from Barclays shown on my account at 4pm.

They claim an electronic payment made before 5 pm on a banking day should reach your account the same day, otherwise it will be credited the next banking day.

FOREVER21

Interesting to note that the interest on their 90 and 120 days notice accounts , although reducing for new accounts, existing account holders keep the higher rate albeit no further deposits can be made.

This seems to be different from most banks, and although not being able to add to the account is a bind, but you can't expect to have it both ways.

2010

FOREVER21 wrote: »

Interesting to note that the interest on their 90 and 120 days notice accounts , although reducing for new accounts, existing account holders keep the higher rate albeit no further deposits can be made.

You can still add to existing accounts until 30th Aug.

djpailo

I added funds around 8pm last night so still not appeared. I'll check again around 9am ish. I only added £5 as a test.

EDIT: Still nothing

So I still haven't seen anything appear. Anyone got any experience of this? I deposited £1 as a test and its in my statement for Santander.

2010

djpailo wrote: »

I added funds around 8pm last night so still not appeared. I'll check again around 9am ish. I only added £5 as a test.

EDIT: Still nothing

So I still haven't seen anything appear. Anyone got any experience of this? I deposited £1 as a test and its in my statement for Santander.

I think it`s a case of using someone like Barclays to do their FP.
If you pay in before a certain time say noon or 2pm, the payment will show before close of business the same day.
If after a certain time it`ll show next day.

Either way your payment should show by 5pm today.
Having said that, there could be a minium deposit and if you haven`t sent enough it could be sent back to you.

djpailo

2010 wrote: »

I think it`s a case of using someone like Barclays to do their FP.
If you pay in before a certain time say noon or 2pm, the payment will show before close of business the same day.
If after a certain time it`ll show next day.

Either way your payment should show by 5pm today.
Having said that, there could be a minium deposit and if you haven`t sent enough it could be sent back to you.

The money finally appeared

Yes, I read about the minimum deposit on the website afterwards, but I can't find a mention of specifically a minimum deposit on the T&C's. It does say minimum investment necessary, but not deposit. Anyway, I'll transfer the rest now.

FOREVER21

Their systems seem a bit disorganised, when depositing money I have sometimes received an e-mail by way of notifying me that my money has been received , but on the last 2 deposits last week and yesterday no e-mail was received.

2010

FOREVER21 wrote: »

Their systems seem a bit disorganised, when depositing money I have sometimes received an e-mail by way of notifying me that my money has been received , but on the last 2 deposits last week and yesterday no e-mail was received.

I made a deposit early yesterday (7am) by FP and it didn`t show until about 3pm yesterday.
I`ve just opened my email and there`s one confirming the deposit timed at 23-45 yesterday.