Contacting Shawbrook Bank

emmrecs02

I hope this is the correct forum area for this but if not, please feel free to move it.  It is a question about a savings account but may be more appropriately posted to a different area.
I have a 2 year fixed interest rate cash ISA with Shawbrook Bank, taken out in November last year.  I chose Shawbrook as one of the then top accounts for ISA transfers, as listed on the MSE site.  (This is NOT any sort of complaint about the listing in MSE, by the way!)
I fully realise this will involve some loss of interest but, I need to withdraw part of the ISA in order to fund necessary house improvements.  I have contacted Shawbrook by email, (once), by secure message from my account (twice) and received absolutely no reply.  The first email was sent considerably more than a week ago.
My question is: has anybody else experienced similar problems contacting Shawbrook Bank recently, and does anyone have any ideas how I might "persuade" them to actually talk to me??
TIA
Jeff

cattie

I've never had any issues in contacting Shawbrook & had various savings accounts with them over the years. When you take out a fixed savings product, you are agreeing for it to run it's full term, so I wouldn't be at all surprised if you are just going to have to leave the money where it is seeing as this is what you signed up for. In the savings section MSE always warns folk against taking out any fixed term product if you're likely to be in need of some or all of the money prior to maturity.

Due to the current situation & staff off sick with the virus, most institutions & business's are taking much longer than usual to respond to any queries, so you've probably got to wait a bit longer to hear any sort of reply to your request.

eskbanker

cattie said:

When you take out a fixed savings product, you are agreeing for it to run it's full term, so I wouldn't be at all surprised if you are just going to have to leave the money where it is seeing as this is what you signed up for. In the savings section MSE always warns folk against taking out any fixed term product if you're likely to be in need of some or all of the money prior to maturity.

No, ISAs are different, and providers must allow access to the money, although are entitled to levy interest penalties for premature withdrawals from fixed-term products, and hence https://www.moneysavingexpert.com/savings/best-cash-isa/#fixed

Fixed-rate savings are designed to lock money away for a set period and offer rate security in return. Yet, by law, cash ISA providers MUST allow you access to your money, whenever you want it. However, some require you to close the account or transfer out in order to get your cash. And most will levy heavy penalties on withdrawals – up to 365 days' worth of interest.

emmrecs02

@cattie @eskbanker
Thank you both for your replies.

I will update this thread if/when I receive any response from Shawbrook.

Newly_retired

Do they not have online messaging?

gowgowuk

emmrecs02 said:

@cattie @eskbanker
Thank you both for your replies.

I will update this thread if/when I receive any response from Shawbrook.

Hello emmrecs02, I was wondering if you got an answer as to what is their penalty for closing/transferring an existing fixed rate ISA? Thanks!

refluxer

gowgowuk said:

emmrecs02 said:

@cattie @eskbanker
Thank you both for your replies.

I will update this thread if/when I receive any response from Shawbrook.

Hello emmrecs02, I was wondering if you got an answer as to what is their penalty for closing/transferring an existing fixed rate ISA? Thanks!

The penalty will depend on the length of the fix. It can be anything from 60 or 90 days loss of interest for a 1 year fixed rate right up to 365 days for a 5 year fix, but you'll need to check your specific account's T&Cs as penalties can vary.

gowgowuk

Thank you refluxer. I was just trying to find the T&C's for my 1 year fixed when logged on my account, but it looks easier to find as a general google search!

refluxer

gowgowuk said:

Thank you refluxer. I was just trying to find the T&C's for my 1 year fixed when logged on my account, but it looks easier to find as a general google search!

I suspect the chances are it'll be 90 days as that's the common penalty for a 1 year fixed rate ISA, but only your T&Cs or Shawbrook themselves will be able to confirm that.

I always download/save legal documents when I apply for any account, but it's likely they'll be available to you within your online banking account I would have thought, either via your inbox or a 'documents' section.