Nationwide ISA - transferring to Shawbrook Bank - s...l...o...w!

Murmansk

At the end of July I opened an ISA with Shawbrook Bank and completed the online form to transfer my older ISA from Nationwide to Shawbrook.

I received a message from Shawbrook saying it would be done electronically and that I'd not need to complete any paperwork and post it in - I thought this might mean the transfer would happen quite quickly! How wrong I was!

After ten days I sent Shawbrook a secure message asking what was going on and they said they'd been very busy and would send me a message when they'd requested the funds from Nationwide. It's now more than 20 days since I started the transfer and still nothing's happened.

Anyone thinking of transferring an ISA to Shawbrook beware, it could take a long time

S_uk

I can only describe my own experiences, but I've transferred cash ISAs to Shawbrook twice this year and in both cases ISAs fully transferred in within 4 working days. I wouldn't be happy if it took weeks.

eskbanker

https://www.shawbrook.co.uk/direct/savings/cash-isas/transferring-an-isa/

How long does an ISA transfer take?

The length of time it takes to transfer depends on the type of ISA you’re transferring.

• Cash ISA – within 15 working days [i.e. three weeks]

Murmansk

eskbanker said:

https://www.shawbrook.co.uk/direct/savings/cash-isas/transferring-an-isa/

How long does an ISA transfer take?

The length of time it takes to transfer depends on the type of ISA you’re transferring.

• Cash ISA – within 15 working days [i.e. three weeks]

Fair enough but that's how long it takes to actually complete the process - I've been waiting about 24 days and the process hasn't even started yet

Daliah

Murmansk said:

eskbanker said:

https://www.shawbrook.co.uk/direct/savings/cash-isas/transferring-an-isa/

How long does an ISA transfer take?

The length of time it takes to transfer depends on the type of ISA you’re transferring.

• Cash ISA – within 15 working days [i.e. three weeks]

Fair enough but that's how long it takes to actually complete the process - I've been waiting about 24 days and the process hasn't even started yet

Have you raised a complaint with Shawbrook? 

Are Shawbrook still your best option? Lots has moved in the last 24 days.

spider42

As long as you don't need to make any transactions, this may actually work out to your benefit. Under the ISA transfer rules, the new provider is obliged to start paying you interest from day 16 from when you requested the transfer (this is working days, not calendar days). So when the funds arrive from Nationwide, Shawbrook should backdate the interest to day 16.

So you are currently earning interest twice on the same money, from both Nationwide and Shawbrook!

Swipe

Based on my own experience of an ISA transfer away form Nationwide I wager the blame is with them rather than Shawbrook. I transferred a whole bunch of ISAs from all different providers a couple of years ago. They took between 3 and 5 weeks, Nationwide's took 3 months.

refluxer

Murmansk said:

At the end of July I opened an ISA with Shawbrook Bank and completed the online form to transfer my older ISA from Nationwide to Shawbrook.

I received a message from Shawbrook saying it would be done electronically and that I'd not need to complete any paperwork and post it in - I thought this might mean the transfer would happen quite quickly! How wrong I was!

I don't suppose you remember how long the message (which lets you know the transfer was being done electronically) took to arrive ?

I opened a Shawbrook 1 year Fixed Rate Cash ISA late last night and (at the same time) applied to transfer in a Triple Access Cash ISA from Paragon. The welcome letter, KPI and T&C documents are there but not the 'ISA Etransfer In' document they reference. A PDF for manual transfer was provided during the application (which I downloaded) but I'm holding off on posting it to them, as both Shawbrook and Paragon use the BACs ISA transfer service so I'm expecting the transfer to be done electronically.

One possible complication though, is that Paragon don't use conventional account numbers so I had to enter this in the Building Society roll/reference number field and the leave the account number / sort code fields blank (Shawbrook themselves say to only use one or the other and not both). 

If you can remember whether there was a delay before receiving the transfer message (or wouldn't mind checking the next time you log in to their online banking) it would be much appreciated. As it's a Saturday and this presumably needs checking by a human, I'm thinking that I might not hear until the start of next week ?

Also - if anyone else has experience of transferring in to Shawbrook, then any comments on the procedure would be helpful.


For reference, this is what Shawbrook say about transfers...

Transferring an ISA

After you've applied and opened your Shawbrook cash ISA, log in to your account to view the letter named ‘ISA Etransfer In' in your eDocuments. This will tell you if your transfer was completed electronically or not.

The default and most straightforward method of transferring your ISA is an electronic transfer. However, some providers are not compatible with electronic transfers, so we may need to transfer by post.

All ISA transfers, both electronic and non-electronic, will be processed within 15 working days. This process may take longer if your transfer is referred or delayed.

isasmurf

It's a while since I transferred in to Shawbrook, but looking back the etransfer in document is to say they have requested the transfer from your existing provider. If you applied after business hours last night then I wouldn't expect this before early next week.

Putting your Paragon reference in the reference box leaving the sort code and account number blank is correct. I've done a few transfers out of Paragon doing this. 

Shawbrook's ISA transfer team seem to be a bit busy. I initiated a transfer out of Shawbrook a couple of weeks ago. Shawbrook sent me a document saying they had accepted the transfer out instruction 2 days after I had submitted the request to the new ISA. A week later the money was still with Shawbrook but did get transferred the following day. I got a message from my new ISA saying the transfer had been completed and at the end of the following day Shawbrook sent me a message saying it had been completed. It was still within regulatory timescales but a lot slower than just about any other electronic ISA transfer I've done. 

refluxer

@isasmurf Thanks for that - appreciate the info. I'll sit tight and see what happens next week.

Update - message received via Shawbrook online banking today (Monday 5th) informing me that the transfer will be carried out electronically, as expected. 

refluxer

My transfer from Paragon to Shawbrook took place on Wednesday this week which meant the whole process (from opening the account to it being funded via a transfer) took 3 working days in the end, which I think is the quickest ISA transfer I've experienced to date.

From this, I can only presume (as mentioned above) that the Nationwide were probably to blame for the delay to the OP's transfer.