Shawbrook Bank Tips!

cloud_dog

Millyonare said:

eskbanker said:

Millyonare said:

Albermarle said:

Millyonare said:

Yes, Shawbrook is like a throwback from the 1980s. No app, clunky website, and it can take days to get money in or out.

For a savings account, many of which remain untouched for long periods, an app is not really necessary/a deal breaker.
However a smooth website and money in /out within 24 hours during weekdays is important.

In today's ultrafast world, anything less than 1min to take cash in or out of an instant or easy saver is not really acceptable. It harms liquidity, and just smacks of poor organisation and weak productivity (real or perceived). The world is speeding up, not slowing down.

While you're undoubtedly right that expectations continue to increase (and that some institutions don't keep up with them), there is an argument that those who rely on instantaneous access to savings accounts are the ones who are poorly organised!

Of course. Most bank customers are disorganised and slow. That is why banks must be organised and fast. If Shawbrook cannot provide fast payments, customers will go elsewhere to a bank that does.

Ah yes, the new modern day mantra... Someone else is responsible / must fix the problem.

Shawbrook are fine, they probably pay decent rates by not paying extra to onboard FP.  It really is not important for my savings accounts to have FP, although there have been a coupe of occasions where it has got me out of a hole (self induced though).

Millyonare

cloud_dog said:

Millyonare said:

eskbanker said:

Millyonare said:

Albermarle said:

Millyonare said:

Yes, Shawbrook is like a throwback from the 1980s. No app, clunky website, and it can take days to get money in or out.

For a savings account, many of which remain untouched for long periods, an app is not really necessary/a deal breaker.
However a smooth website and money in /out within 24 hours during weekdays is important.

In today's ultrafast world, anything less than 1min to take cash in or out of an instant or easy saver is not really acceptable. It harms liquidity, and just smacks of poor organisation and weak productivity (real or perceived). The world is speeding up, not slowing down.

While you're undoubtedly right that expectations continue to increase (and that some institutions don't keep up with them), there is an argument that those who rely on instantaneous access to savings accounts are the ones who are poorly organised!

Of course. Most bank customers are disorganised and slow. That is why banks must be organised and fast. If Shawbrook cannot provide fast payments, customers will go elsewhere to a bank that does.

Ah yes, the new modern day mantra... Someone else is responsible / must fix the problem.

Shawbrook are fine, they probably pay decent rates by not paying extra to onboard FP.  It really is not important for my savings accounts to have FP, although there have been a coupe of occasions where it has got me out of a hole (self induced though).

Lol.

That is what good businesses do.

The customer has a problem.
The bank delivers the solution.

It is basic GCSE Business Studies.

Can never understand our weird British business culture of "blame the customer". It is very outdated.

Daliah

Millyonare said:

cloud_dog said:

Millyonare said:

eskbanker said:

Millyonare said:

Albermarle said:

Millyonare said:

Yes, Shawbrook is like a throwback from the 1980s. No app, clunky website, and it can take days to get money in or out.

For a savings account, many of which remain untouched for long periods, an app is not really necessary/a deal breaker.
However a smooth website and money in /out within 24 hours during weekdays is important.

In today's ultrafast world, anything less than 1min to take cash in or out of an instant or easy saver is not really acceptable. It harms liquidity, and just smacks of poor organisation and weak productivity (real or perceived). The world is speeding up, not slowing down.

While you're undoubtedly right that expectations continue to increase (and that some institutions don't keep up with them), there is an argument that those who rely on instantaneous access to savings accounts are the ones who are poorly organised!

Of course. Most bank customers are disorganised and slow. That is why banks must be organised and fast. If Shawbrook cannot provide fast payments, customers will go elsewhere to a bank that does.

Ah yes, the new modern day mantra... Someone else is responsible / must fix the problem.

Shawbrook are fine, they probably pay decent rates by not paying extra to onboard FP.  It really is not important for my savings accounts to have FP, although there have been a coupe of occasions where it has got me out of a hole (self induced though).

Lol.

That is what good businesses do.

The customer has a problem.
The bank delivers the solution.

It is basic GCSE Business Studies.

Can never understand our weird British business culture of "blame the customer". It is very outdated.

The actions of a business obviously depend entirely on what the problem is. Businesses would only attempt to solve customer problems if it makes commercial sense to them. This doesn't equate to making a profit from each and every customer problem resolution - things like customer retention and business reputation can be equally important but in the end it's all about commercial sense, not about love and care for the customer.

Nellybauer

Also not impressed with Shawbrook. Opened a saving account last month, just went to withdraw & no option there to do so. Having read this thread I gave them a call & apparently its an IT issue they are resolving but given others also havent had a withdrawal button before I dont have much hope of it appearing.

Thhink I'll be moving my cash out elsewhere that is actually a modern way of banking!

ranciduk

Nellybauer said:

Also not impressed with Shawbrook. Opened a saving account last month, just went to withdraw & no option there to do so. Having read this thread I gave them a call & apparently its an IT issue they are resolving but given others also havent had a withdrawal button before I dont have much hope of it appearing.

Thhink I'll be moving my cash out elsewhere that is actually a modern way of banking!

I just go to Requests

there is an option to Withdraw Money

and then you just chose which shawbrook account you want to take money out of

ranciduk

I’ve never had a fixed bond from them before

how do they contact you with maturity instructions?

do they send you an actual letter in the post, or an email?

and how long before you account matures should you expect them to contact you?

Just a bit nervous about getting all my money back without any stress or drama!

Bigwheels1111

ranciduk said:

I’ve never had a fixed bond from them before

how do they contact you with maturity instructions?

do they send you an actual letter in the post, or an email?

and how long before you account matures should you expect them to contact you?

Just a bit nervous about getting all my money back without any stress or drama!

Depending on your options when signing up, ie Post, email, text etc.
Will determine how they contact you.
Between 14-21 days before maturity.
PS, I would not be fixing yet.
In November or December we should see 5% plus.
There are probably two more rate rises on the way when the boe sit.

ranciduk

Oh sorry I already have one with them! It’s about to mature in a months time 

I was just wondering what happens next

thanks

refluxer

ranciduk said:

Oh sorry I already have one with them! It’s about to mature in a months time 

I was just wondering what happens next

thanks

Guessing I've got the same 6 month fix as you that's maturing early next month... and many others on here too, I expect.

Shawbrook just state that they will "write to you before maturity to remind you of the date that your fixed term ends". Rather than a physical letter through the post, I would imagine a maturity notification document will be added to your online banking inbox and you'll receive an email notification telling you log in and read it - that's the way I receive communications from them, at least.

The maturity options will be to withdraw to an external account or move to another Shawbrook account. If they don't hear from you, the account reverts to a 'Matured Funds account', which sounds like an easy access account as they state that no notice needs to be given for withdrawals. This is actually a good thing in case you forget or there are any delays, as some banks have been known to stick you back into another fixed rate for the same duration, which is likely to be undesirable.

ranciduk

Awesome

Thanks for that

it’s just I’ve never had one of these online bank accounts before 

it’s a pretty large sum of money and so it’s a bit scary thinking they won’t get in touch or something could go wrong 

Hopefully I will get an email soon telling me I have a secure message