Shawbrook Bank - 2 year fixed ISA

katies_mum

Please could I ask those of you who have ISA`s with the Shawbrook Bank, are you happy with hem, was it easy to open an Isa (and transfer funds if you wanted to)?  Have just received the dreaded email from the Coventry advising of rate reduction on our ISA`s so we are thinking of their 2 year fixed rate at 1.48%.  We have been with the Coventry for many years and this would be the first time we have had to consider moving our accounts.    Many thanks 

colsten

I quite like Shawbrook although they can be a bit slow since a lot of processing seems to be manual, and currently they have reduced capacity because of you-know-what.

Their online banking is very good, and so is their communication. The application process is quick and clear, incl. the transfer-in instructions.

I had a fixed term ISA with them and was reasonably happy with the maturity processing, which was relatively complex because I wanted 3 different transfers-out. 

I have just opened the 2-year one myself now, as like yourself, I need a shelter for my Coventry ISA. I would happily recommend Shawbrook but as always, do your own research.

katies_mum

Thank you colsten appreciate your reply.  We decided to go for it, suppose I was a little scared the rate might drop!  we both opened a 2 year fixed ISA each last night.  Their online system was easy to use, gave the details of our Coventry accounts and the acknowledgement email was with us within 5-10 mins.  Will move the rest of our Coventry savings to our Marcus accounts in a week or two, can`t believe how much they are dropping their rates.

qsk

colsten said:

I quite like Shawbrook although they can be a bit slow since a lot of processing seems to be manual, and currently they have reduced capacity because of you-know-what.

Their fixed products are "Bonds". What difference does it make from "Accounts?"

ecnirp98

I am looking at transferring my Coventry ISA 5 year 2.40% fix to the 2 year Shawbrook Bank fix ISA at 1.48%, the  Coventry ISA that does not mature until 31/05/20, can I transfer in the Coventry ISA after 31/05/20, as on there info it says it could be refused if not transferred at the time of opening the ISA?

badger09

ecnirp98 said:

I am looking at transferring my Coventry ISA 5 year 2.40% fix to the 2 year Shawbrook Bank fix ISA at 1.48%, the  Coventry ISA that does not mature until 31/05/20, can I transfer in the Coventry ISA after 31/05/20, as on there info it says it could be refused if not transferred at the time of opening the ISA?

You have to request the transfer when you open your new ISA with Shawbrook. Just make sure you tick the box which will say something like 'Serve Notice Period', otherwise they will tray to effect the transfer before your Coventry ISA matures and you'll face a penalty

Albermarle

Their fixed products are "Bonds". What difference does it make from "Accounts?"

In the world of finance , 'bonds' is a multi purpose word that can mean many different things. Many  scams use the word bonds as it sounds secure.

For fixed rate savings accounts with banks , some use the description bonds and some don't . no difference in reality.

ecnirp98

badger09 said:

ecnirp98 said:

I am looking at transferring my Coventry ISA 5 year 2.40% fix to the 2 year Shawbrook Bank fix ISA at 1.48%, the  Coventry ISA that does not mature until 31/05/20, can I transfer in the Coventry ISA after 31/05/20, as on there info it says it could be refused if not transferred at the time of opening the ISA?

You have to request the transfer when you open your new ISA with Shawbrook. Just make sure you tick the box which will say something like 'Serve Notice Period', otherwise they will tray to effect the transfer before your Coventry ISA matures and you'll face a penalty

Thanks for the reply.
Yeah, I spoke to Shawbrook earlier and they said I could apply now to get the rate and transfer over when it matures 31/05/20 by choosing the notice period option.