Shawbrook online account?

Patr100

I'm looking at the MSE suggested Shawbrook 1 Year Fixed Rate Bond 
It says  "you can operate the account through secure message or by telephone "
is secure message basically the same as online account control? I'd prefer doing it mostly online rather than by phone.

eskbanker

Secure message presumably means a ring-fenced pseudo-email environment within which you can exchange messages with them, but in any case, what 'control' do you actually envisage with an account from which no withdrawals can be made during the term?

Patr100

eskbanker said:

Secure message presumably means a ring-fenced pseudo-email environment within which you can exchange messages with them, but in any case, what 'control' do you actually envisage with an account from which no withdrawals can be made during the term?

 View balance at  least, specially if interest is added monthly. 
or make further deposits, after initial opening amount, for example.
Call that access, if not control. I can assume the same with regard to secure messaging as you but perhaps someone who actually has an account with them could clarify.

Billycock

You can only apply for the product online, once account open you can operate the account online through secure message, you enter your user name and password, next page, secure authentication code to your mobile in order to progress...

Patr100

Billycock said:

You can only apply for the product online, once account open you can operate the account online through secure message, you enter your user name and password, next page, secure authentication code to your mobile in order to progress...

and can you add funds that way?

Billycock

Yes can be done online, from memory you have to nominate your current account in order to make deposits/withdrawals

colsten

Patr100 said:

Billycock said:

You can only apply for the product online, once account open you can operate the account online through secure message, you enter your user name and password, next page, secure authentication code to your mobile in order to progress...

and can you add funds that way?

From my experience, the way you add money to a Shawbrook account is by bank transfer (or ISA transfer if you're entitled to one). The only time(s) you would use secure messaging is if you have questions or problems.

Shawbrook's secure messaging is very reliable and quick. 

A 1-year fixed bond should not require much managing. You apply for the account, it gets opened, you make your deposit, you let your money sit there for 12 months. About a month before maturity, Shawbrook will notify you by email of the maturity options. You action them. That's all really.

Newly_retired

You can rarely add money to a fixed rate bond. Sometimes there is a small window but not usually.

drphila

Newly_retired said:

You can rarely add money to a fixed rate bond. Sometimes there is a small window but not usually.

Shawbrook seems to be a bit of an exception. Opened 1 yr bond Apr 2020 and was still adding to it Feb 2021

EthicsGradient

Shawbrook's current policy is that you can add further amounts to fixed-term bonds if they're still open to being opened by new customers (without, I presume, extending the life of it), but they may close them to new deposits without notice.

Newly_retired

Agreed, no guarantees, hence the warning.