Shawbrook Cash ISA - Minimum Opening Balance & Transfers

sharpinf

Hello,
Does anyone please have experience with whether Shawbrook consider the balance of ISA transfers to contribute to their £1000 minimum opening balance requirement? I personally cannot see it being clear either way in their account page https://www.shawbrook.co.uk/direct/savings/personal-savings/cash-isa-accounts/easy-access-cash-isa/ but happy to be corrected!

Reason being I have a H2B ISA I would like to continue paying into, and so am not able to put any new money into my 'plain' Cash ISA this tax year - Thank you

Albermarle

I have always understood that for these types of accounts ( not Shawbrook specifically ) you have to put in the minimum opening balance , regardless of any transfers . However you will only know for sure by calling them .
Alternatively some providers will open an ISA with just one Pound.

Alexland

Looking at their webpage "Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application" and then in their detailed terms "we will give you reasonable opportunity to pay in more money to bring the balance up to the minimum" so assuming they want business where people might transfer-in a previous years' allowance and make no further contribution then I expect they would reasonably wait for the opening transfer to complete before worrying about if you have achieved the minimum opening balance. However if unsure you could contact them to check.

sharpinf

Thanks both, I've sent them a secure message and will update with they say back in case there's anyone in the same boat

colsten

If you fill in the application form, you will see that you will be asked for the source of the initial deposit. One possible source is "ISA transfer". You do not have to deposit new money unless you want to. I have opened one of their ISAs recently with just an ISA transfer - worked like a dream.

Note, however, that they seem to be only able to take transfer instructions, for one or more ISAs, during the initial application. "Transfer requests received after your initial account application may be refused."

badger09

Albermarle said:

I have always understood that for these types of accounts ( not Shawbrook specifically ) you have to put in the minimum opening balance , regardless of any transfers . However you will only know for sure by calling them .
Alternatively some providers will open an ISA with just one Pound.

Er no.
In my experience, the opposite is true. No cash ISA provider which accept transfers in, also requires a minimum 'new money' initial deposit. However, most of the forms makes it appear that they do.

Obviously, the amount transferred in has to meet their minimum balance rule.

sharpinf

colsten said:

If you fill in the application form, you will see that you will be asked for the source of the initial deposit. One possible source is "ISA transfer". You do not have to deposit new money unless you want to. I have opened one of their ISAs recently with just an ISA transfer - worked like a dream.

Note, however, that they seem to be only able to take transfer instructions, for one or more ISAs, during the initial application. "Transfer requests received after your initial account application may be refused."

To update for anyone finding this thread with the same question, process seemed as colsten said, and ISA was able to be opened today selecting an opening balance coming from ISA transfer and no additional subscription required to be made. Currently sitting in online banking at nil balance waiting for transfer to work through. 

colsten

badger09 said:

No cash ISA provider which accept transfers in, also requires a minimum 'new money' initial deposit. 

Nationwide do. Very annoying.