Shawbrook Bank ISAs

inspectorperez

The Individual Savings Account regulations 1998 make a daunting read, but I guess the Shawbrook Bank ISA Account manager is fully conversant with what is and is not permitted.

"Has it always been the case" - don't think I can answer that question having only been a customer since 2018.

Albermarle

fleemkt said:

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?

You are right , it is unusual .
Beats me why they are still offering this high interest rate at the moment .
Happy customers but perhaps not the best commercial decision from them. 

Heidiho

My cash isa transfer arrived at Shawbrook today (and is showing online) so it’s all officially done. Not sure how long transfers usually take but it seems very speedy to me.

Very happy indeed, thanks again OP for the heads-up. 

rallycurve

Me too. Thanks all for this info. I'm really happy and impressed with Shawbrook. I sent instructions to transfer in my cash ISA via secure message on Friday and the money arrived on Tuesday. So that was really quick and makes it up for the fact that my initial secure message asking whether my ISA allowed funding took 1 week to be replied. 

Malchester

Also really impressed with Shawbrook Bank. Am transferring a matured ISA from Ford Money and Shawbrook customer servic have been great and website so easy to use

inspectorperez

Gloating is not a very pleasant trait in an individual, but I have to say I am so chuffed with Shawbrook who have now accepted a maturing ISA from another provider allowing me to reach the secure £85K benchmark all under one roof at 2.23%. This applies to the missus also so both happy bunnies.

Santander were offering 0.1% or thereabouts to stay with their ISA products!!!!

AlwaysLearnin

Have you left room in the £85k for the interest to maturity, or are you getting interest paid elsewhere (or just taking the risk of being slightly over £85k for some of the time...) ?

Albermarle

Normally if at the moment anybody is offering a FCSC protected account paying 2.3 % , we would assume it is a scam .

So it just makes me wonder why is a legitimate bank being so generous .

inspectorperez

Interest getting paid off monthly so cap will be okay.

Scepticism expressed by Albermarle is understood but I would speculate that Shawbrook have geared up for a niche area in their business model which must be of commercial benefit to them.

eskbanker

Albermarle said:

Normally if at the moment anybody is offering a FCSC protected account paying 2.3 % , we would assume it is a scam .

Not least because the compensation scheme is actually called FSCS, careless errors often being a telltale sign of scams....