Shawbrook Bank ISAs

inspectorperez

Hammer_Time said:

Can you transfer from another ISA or is it new money only?

Thanks 

My understanding is "yes", depending on whether or not your particular Shawbrook ISA is still "active".

When I spoke to Shawbrook today, I asked that specific question. Speaking for myself, I have an ISA maturing in June 2021 with another provider, and was told that if my Shawbrook 5 Year ISA was still "active 30 days before June maturity date, then I would be able to transfer in. This is potentialy more good news as I was not expecting to be able to do a partial consolidation of my maturing ISAs into one which will pay 2.23% for another 3 years. Obviously the £85,000 cap is something to be aware of, but if one's other half has similar investments, then it is certainly not to be sneezed at.

Hammer_Time

Thanks for the info, hopefully it is still open 30 days before our maturity dates.

Malchester

So a quick  query. If you can add / transfer in if the Issue Number is still active do all the funds in the account still mature on the original maturity date? Silly question as I think I know the answer but wanted to check.

inspectorperez

Malchester said:

So a quick  query. If you can add / transfer in if the Issue Number is still active do all the funds in the account still mature on the original maturity date? Silly question as I think I know the answer but wanted to check.

Yes. Original T&Cs apply.

colsten

Hammer_Time said:

Can you transfer from another ISA or is it new money only?

Thanks 

Yes, you can transfer-in. I did it last year, from Nationwide. Smooth & quick processing.

Heidiho

Thanks so much for this information inspectorperez.

I also received the text but ignored it, assuming it was just a general heads-up re the start of the new financial year.

I have now moved a recently matured shawbrook isa into my existing 5 year one (2.3%), and have arranged a transfer-in from another isa provider where my old/previous years contributions were earning a measly 0.5%.

I’ll continue with my plan of investing into an S&S isa  (see my “advice” thread) but will do it with just this years contributions instead. 

Am still quite shocked that I’ve been allowed to do this actually!

inspectorperez

Yes Heidiho, I was quite shocked too in a pleasant way.

I wish I had the opportunity to do this sort of thing years ago when ISA's first made their appearance as it would have enabled building up Cash ISA portfolios up to £85K with a small number of providers rather that have them loosely scattered around because you have always been chasing the best rates.

rallycurve

I see my fixed ISA shows as active so it is worth trying but how can you transfer in an existing ISA from another provider? I can't find the option

inspectorperez

rallycurve said:

I see my fixed ISA shows as active so it is worth trying but how can you transfer in an existing ISA from another provider? I can't find the option

Suggest making contact by phone will produce a faster response than secure message. Don't think there is a "self serve" option to do this independently and you should speak to a customer services agent to instigate the process.

fleemkt

I've read this thread with interest, as I wasn't aware that you're able to pay in new funds into a fixed rate paying account.  Surely this isn't normal / standard practice, otherwise a lot of people will have hedged their bets and opened a 5 year fixed rate account (if they knew rates will go down of course).

Has this always been the case with Shawbrook?