Current Shawbrook delays for new customers

refluxer

Just a heads up that Shawbrook are currently experiencing delays, with so many new customers opening accounts towards the end of the current tax year.

I opened a Cash ISA account with them yesterday and, despite receiving a confirmation that the ISA has been set up, I still haven't received my customer number via a welcome email.

I phoned yesterday and was given my customer number over the phone, but I've since discovered that it's not possible to log into their online banking site until you've received confirmation of the number by email, as this signifies that the online banking account has been set up. I was told this should hopefully be by tonight or tomorrow morning at the latest.

canaldumidi

Been waiting a week now for a reply to an online message. Very poor customer service at present.

dosh37

I have a Shawbrook fixed rate cash ISA that is about to mature in three weeks time.

When I login, the maturity options list I am given only includes fixed rate ISAs with interest rates below the current offerings.

For example, the 1 year fixed rate offered is only 1.16% compared with the current 1.33% advertised on the Shawbrook website.

Because the rates are so volatile right now, I would rather move the money into a temporary easy access ISA account until I can either find either a better fixed rate ISA or an alternative fixed rate non-ISA account.

The problem is that the options list does not include an easy access account so I am unable to give my maturity instruction. The account is flagged as 'Awating Maturity Instruction'.

I tried sending a secure message several days ago but have received no response.

Today I tried to phone Customer Services but ended up in a long queue of over 30 people and I gave up.

So I agree; poor service.

refluxer

@dosh37 Do you know what happens if they don't receive any maturity instructions ? In my experience with other banks and building societies, most Fixed Rate Cash ISAs will default to an Easy Access ISA account upon maturity but I have come across one or two that will automatically take out another identical product with the same duration, so I would check the T&Cs now if you're not sure.

Daliah

It matures into a 0.10% easy access ISA.

dosh37

Daliah said:

It matures into a 0.10% easy access ISA.

Yes, Daliah is correct.

The maturity letter states:-

If we do not receive instructions from you prior to the account maturity date, we will convert
your account to a Cash ISA Matured Funds Account paying 0.10% Tax Free/AER (variable).

The letter also says:-

If you wish to select from our products available on the website, please send us a
secure message ‘Apply my ISA Maturity Instruction’ advising you wish to do this and
the product selected. Please note that we cannot accept instructions sent via
email.

So I have sent a secure message with the title ‘Apply my ISA Maturity Instruction’ requesting an easy access ISA paying 0.85%. This is advertised on the website but does not appear in the maturity options list. I hope that works.

refluxer

Yes - surely 3 weeks should be way more than enough time for them to action a secure message, even at a busy time.

Speaking of waiting, it's now two days since I successfully applied for a Shawbrook ISA and I still don't have online access, which means I can't get my account number to fund the ISA and can't check my balance to ensure that payments have gone through. The welcome email should have been received in less than 30 minutes.

Phone call waiting times seem to be 30+ minutes and sometimes you only get to leave a message even after all that time but, to be fair to the employees, they are friendly and helpful and presumably at the mercy of an IT system that isn't coping with the big demand.

refluxer

Just to update my post - I managed to get in touch with Shawbrook that afternoon (on Twitter of all places !) and they got my online access sorted. I made a payment into the ISA on that same Friday evening, which was actually after their cut-off time for same-business-day transactions, but it was processed regardless so it all worked out in the end  

Albermarle

The problem is that the options list does not include an easy access account so I am unable to give my maturity instruction. The account is flagged as 'Awating Maturity Instruction'.

Also you will probably find ( seemingly in common with all providers ) that there are no maturity options to reinvest the ISA in a non ISA account . You have to withdraw the isa to your bank account and start again.

Daliah

Albermarle said:

The problem is that the options list does not include an easy access account so I am unable to give my maturity instruction. The account is flagged as 'Awating Maturity Instruction'.

Also you will probably find ( seemingly in common with all providers ) that there are no maturity options to reinvest the ISA in a non ISA account . You have to withdraw the isa to your bank account and start again.

That's right, there has never been a service that would transfer/switch an ISA, or any other savings account, to a normal savings account. In the fullness of time, when all the financial services companies have implemented Open Banking (i.e. on the 6th of never), it might be possible to instruct a savings provider to move the balance from a savings account to them, and to have the old account closed by the old provider. In the meantime, we just have to transfer the money ourselves. If this has to be done in several transactions due to the size of the balance to be transferred, that's a nice problem to have IMHO 

roddydogs

Its not just new customers it all of us, not answering the phone or replying to secure messages!