Shawbrook bank

AskAsk

I already have a fixed savings account with the bank for 85k.  I have opened an instant access savings account and want to put in 85k into the account.  This means I would have more than the protected amount with the bank.

What is your opinion on how safe this bank is to do this?  Am I taking unecessary risks?  I already have money with Marcus up to the 250k.  I have money I want to park for now in instant access for the next 6 months.

RobfromCornwall

Have you already got money with Zopa?  You'd get 1.81 instant access with them.
I don't know enough about Shawbrook, but wouldn't have more than 100k with any one institution.  

AskAsk

RobfromCornwall said:

Have you already got money with Zopa?  You'd get 1.81 instant access with them.
I don't know enough about Shawbrook, but wouldn't have more than 100k with any one institution.  

i did see zopa but was put off because they are app based.  never had money with app based only bank so a bit nervous that there is no customer service.

i also need banks that allow high daily withdrawals, like 50k a day minimum, which a lot of banks don't allow even though the account is instant access.  have you had good experience with zopa and do you know what is their daily withdrawal limit?

RobfromCornwall

I haven't found anything about a withdrawal limit.  The max balance is 85k (plus interest).  I've been impressed with them, although I think I've only deposited money in so far...

happybagger

I wouldn't exceed the 85k limit anywhere. I have had to avail myself of the FSCS once when London Scottish Bank went under. I was well under the limit (which I think was lower then) but it served as a warning.

AskAsk

RobfromCornwall said:

I haven't found anything about a withdrawal limit.  The max balance is 85k (plus interest).  I've been impressed with them, although I think I've only deposited money in so far...

yeah, i sometimes need to withdraw large amounts so this is where banks like marcus and tesco bank are great as they have very high daily withdrawal limit and the money comes over within an hour.

shawbrook also has a high daily limit but it takes a day for the money to come over.  it's a shame marcus has the 250k limit as they have a reasonable rate and offer very good customer service.

Rudyson

AskAsk said:

RobfromCornwall said:

Have you already got money with Zopa?  You'd get 1.81 instant access with them.
I don't know enough about Shawbrook, but wouldn't have more than 100k with any one institution.  

i did see zopa but was put off because they are app based.  never had money with app based only bank so a bit nervous that there is no customer service.

i also need banks that allow high daily withdrawals, like 50k a day minimum, which a lot of banks don't allow even though the account is instant access.  have you had good experience with zopa and do you know what is their daily withdrawal limit?

I'm also not keen on app based banking, but have bitten the bullet with Zopa. They do have a phone number for customer service (it's on their website, but hard to find) which was answered yesterday fairly quickly. For me, the benefits over and above other accounts outweighed it being app only.

soulsaver

If you have a partner a joint account covers you for £170K.

Or go for two accounts. The difference between rates for the next best that suits your requirements will be c£85 pa interest (or less) vs losing £85k in the collapse event - no matter how small a risk, it ain't worth it..

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Daliah

RobfromCornwall said:

Have you already got money with Zopa?  You'd get 1.81 instant access with them.
I don't know enough about Shawbrook, but wouldn't have more than 100k with any one institution.  

I would never put more than the FSCS limit of £85K into any provider - and sometimes even less, if they share their FSCS protection, like e.g. Marcus and Saga do.

Bigwheels1111

Shawbrook have web based access, I have lots of app based accounts with No issues.
I must admit I always call a new bank or savings account to see how they deal with my questions, plus how quickly they answer 
Gives you a good idea how they will deal with issues.

ranciduk

Shawbrook took about a month to respond to my secure messages on first opening my account - I couldn’t believe it

They were very busy apparently ...