Shawbrook 6 month fixed 2%

wiseonesomeofthetime

Cammie50 said:

CheekyMikey said:

Interest can be paid monthly at 4.41% on the new 1 yr fixed bond…but does this mean it can be paid out to a nominated account? It appears to say no withdrawals allowed as it’s a fixed bond, but why would you opt for slightly lower monthly rate if interest can’t be withdrawn?

I’ve also been looking at reinvesting in this account when my Shawbrook 6 monthly bond matures end of November….but cannot see anywhere in the details that monthly interest can be paid out into my nominated bank account. They state that no withdrawals are allowed until duration of the term so does that mean the monthly interest is paid into the bond account itself…but cannot be withdrawn until end of term. Makes no sense…or am I missing something? 

Shawbrook Bank's Savings Products Standard T&C states

3.0 Account Opening

3.4  When applying for a new account You must set up a Nominated Account for Your account. You must also inform Us whether you would like any interest paid to Your Nominated Account or directly back to the account You are applying for.


So you would need to define it at time of application, it seems.

Cammie50

wiseonesomeofthetime said:

Cammie50 said:

CheekyMikey said:

Interest can be paid monthly at 4.41% on the new 1 yr fixed bond…but does this mean it can be paid out to a nominated account? It appears to say no withdrawals allowed as it’s a fixed bond, but why would you opt for slightly lower monthly rate if interest can’t be withdrawn?

I’ve also been looking at reinvesting in this account when my Shawbrook 6 monthly bond matures end of November….but cannot see anywhere in the details that monthly interest can be paid out into my nominated bank account. They state that no withdrawals are allowed until duration of the term so does that mean the monthly interest is paid into the bond account itself…but cannot be withdrawn until end of term. Makes no sense…or am I missing something? 

Shawbrook Bank's Savings Products Standard T&C states

3.0 Account Opening

3.4  When applying for a new account You must set up a Nominated Account for Your account. You must also inform Us whether you would like any interest paid to Your Nominated Account or directly back to the account You are applying for.


So you would need to define it at time of application, it seems.

Thanks for spotting this and for taking the time to look through the small print. Much appreciated 👍