Nationwide ISA - transfer IN from Shawbrook

fleemkt

Unless I've missed it, I don't think I will be able to apply for a new ISA with Nationwide BS and transfer in funds from Shawbrook Bank.

Is there a reason Nationwide haven't got Shawbrook as an ISA manager?

badger09

fleemkt said:

Unless I've missed it, I don't think I will be able to apply for a new ISA with Nationwide BS and transfer in funds from Shawbrook Bank.

Is there a reason Nationwide haven't got Shawbrook as an ISA manager?

You can transfer an ISA from Shawbrook to Nationwide, you just can't do it online. Website suggests you need to do this in branch, but in view of current situation, you might try phoning Nationwide to see if they can offer an alternative method, such as postal. If you're an existing Nationwide account holder you could try secure message if phones are busy. 

fleemkt

Thanks badger - shame it can't be done online

lahavdig

Is it a good time to deposit funds into a fixed rate account with Shawbrook Bank

badger09

lahavdig said:

Is it a good time to deposit funds into a fixed rate account with Shawbrook Bank

Possibly. 

lahavdig

thanks badger09. Does Shawbrook have a good rep?

soulsaver

lahavdig said:

thanks badger09. Does Shawbrook have a good rep?

Good service ime. 
Niggles some if your transfer in is sent after 14:00(IIRC) it doesn't show until following day. Same for w/d.
There's a little weird anomaly for a FTB: You can continue to add funds until the ac is withdrawn... and then for 7 (working?) days afterwards.  
The 1 year at 1.55% (iss 62, nla) was open for ongoing deposits for 7 months - but oc 1.55% wasn't a best buy for most of that time.

colsten

I found Shawbrook a bit of an odd one when it comes to ISA transfers out of Shawbrook. I haven't yet tried to request a transfer from Shawbrook into Nationwide, but plan to do so tomorrow (new tax year). 

I had a fixed term ISA, all with previous years' funds, maturing in the last month with Shawbrook. They asked me for maturity instructions, which I duely provided. I told them that I had instructed 2 other providers to transfer, upon maturity, parts of my ISA, and that I wanted the remainder to be transferred into a newly opened Shawbrook ISA. They confirmed that they would process these instructions. Then did none of them. They just reduced my matured balance to 0.25% AER. And then the corona crisis started, so they - understandably - had some new issues to grapple with.

Eventually, they sent some of the money to one of the new ISA providers but that new provider tells me Shawbrook forgot to send a "history form" and the transfer couldn't complete without it. In the meantime, my money sits in a holding account. I am still waiting for this transfer to complete. The good news is that I will get interest with the new provider from the date they originally received the funds. 

The transfer to the second provider was not done because that provider apparently can't receive electronic ISA transfers, and Shawbrook couldn't issue cheques as they were all working remotely and cheques can only be issued in their offices. Strangely, however, the transfer was then completed within 24 hours of me calling the 2nd provider, just to ascertain that they would keep my yet to be funded fixed-term ISA with them open until Shawbrook were ready to send the funds. I am not sure why the transfer suddenly completed within 24 hours but I am glad that this one is now done.

The remaining balance has now finally also been transferred to my new ISA with Shawbrook. I am not impressed that they didn't do that at maturity but it's not a lot of money so I won't bother making a complaint. This ISA is destined to be transferred into a Nationwide ISA that I can't open until tomorrow (and that I only want because of the prize draw). Until I read this thread, I wasn't aware that Shawbrook aren't on Nationwide's electronic transfer list, so thank you for the heads up. I might just have to change my plans now......