Shawbrook Bank Tips!

Sea_Shell

I've just had the maturity email from them for the 6 month account, which matures late November (27th or 29th can't remember, I'm not at my PC)

I'll log on in the morning and see what the letter says.

I just want all the money out ASAP.

So it's probably a toss up between "do nothing" * or pick an instant access account.


I'm guessing it'll be an all or nothing decision.


*Assuming that means it reverts to an automatic instant access account and not a reinvestment!! 😲

Thumbs_Up

My 6 month bond matures soon and the account will be closed, do they automatically send you a annual interest statement via post or email ?

 

cloud_dog

With Shawbrook, if you do nothing, it reverts to a 'Matured Fund' account (paying 0.1%).

Sea_Shell

cloud_dog said:

With Shawbrook, if you do nothing, it reverts to a 'Matured Fund' account (paying 0.1%).

Is it instant /easy access?    It won't be there long enough to worry about the rate! 😆

refluxer

Thumbs_Up said:

My 6 month bond matures soon and the account will be closed, do they automatically send you a annual interest statement via post or email ?

I received an email roughly 3 weeks before my maturity date (give or take a day or two) and the maturity documents were available in online banking.

The fixed rate maturity bond options are higher than those currently available to other/new customers (4.35% for a 1 year fix compared to 4%, for example) but even those rate can be bettered elsewhere at the moment, unfortunately. There are also a couple of shorter (6 or 9 month) options that aren't available to all.

refluxer

Sea_Shell said:

cloud_dog said:

With Shawbrook, if you do nothing, it reverts to a 'Matured Fund' account (paying 0.1%).

Is it instant /easy access?    It won't be there long enough to worry about the rate! 😆

They don't include any T&Cs for the 'Matured Funds Account' (that I could find at least) but it's got to be an easy access account, almost by definition I would have thought.

If your money is ultimately going elsewhere, then it makes sense just to request that as your maturity instruction anyway, presumably.

ranciduk

It’s daft that you can’t instruct them to transfer all the funds to your Shawbrook easy access account (if you have one)

all back to nominated account it is then 

Sea_Shell

Just logged on to see what's what.

it gives 3 options...

Reinvest in a new product, in full.
Reinvest part in a new product and withdraw the balance to your nominated account
Withdraw all to nominated account

Do nothing, reverts to a standard account (didn't look into the details TBH)

So, I have requested full withdrawal to nominated account.   Money will be received by close of business the following working day.

It matures on 29th November, so should have the money in time for 1st December DD's

refluxer

Shawbrook have increased the rates on some of their fixed rate bonds this morning - see my post in the (more relevant) thread here.

garyelder

my bond finishes in 6 months time and got an email yesterday asking what I want to do with the fund
mine is gong back to my bank account with no problem