Shawbrook rates up or not?

mebu60

Except my Issue 33 is showing as 3.26%!!

No secure message or email as yet. 

N.B. 3.26% is same rate as their 1 Year Fixed Rate Bond Issue 79 I opened 7 months ago. 

mikehero

I've had an Issue 30 Account for a long time and recently it was paying 2.3%

To get a better interest rate I withdrew all my money and put it in Kroo earning 3.33%.

Today I found out that all I had to do was contact Shawbrook and ask them to change my account to Issue 34 and I would have got 3.26% !!

This is a very strange way of running a savings account !!  I don't know why MoneySavingexpert hasn't highlighted this feature in it's Newsletter !!

jak22

Issue 34 only came out yesterday. The issue 32 at 2.9% would have needed a switch message to get the best rate - that was a couple of months ago, followed quickly by 33 at 3% which then likely did get this latest rate overnight. Until last month Iss 33 they hadnt really been competitive since October.

mebu60

They are not the only institution that employs this method, Cynergy, Sainsbury's and Tesco all do too to name three more. With those however you can crystallise your interest tax-year-to-date into the new issue unlike Shawbrook who just change the issue number.

Issue 33 has been increased to 3.26% as well as Issue 34 being introduced at 3.26%. I have messaged Shawbrook asking if these two issues will be kept in lockstep rate-wise going forward. 

ranciduk

Some people are never happy! 😆

this account was 0.89% when I opened it about a year ago!!!!

mebu60

mebu60 said:

They are not the only institution that employs this method, Cynergy, Sainsbury's and Tesco all do too to name three more. With those however you can crystallise your interest tax-year-to-date into the new issue unlike Shawbrook who just change the issue number.

Issue 33 has been increased to 3.26% as well as Issue 34 being introduced at 3.26%. I have messaged Shawbrook asking if these two issues will be kept in lockstep rate-wise going forward. 

They replied to tell me I have Issue 33 and that the rate is variable. Really!! 

I have asked them to answer the question.

I could just upgrade to Issue 34 but that's too easy :-) 

rarrarrar

Asked them to upgrade my Easy Access to issue 34, which they have BUT showing an interest rate of only 1.52%.
Have messaged them but reply did not address the issue, so have sent another message.
Its a pain having to keep checking for new issues.

Downthedrain

When was the change from issue 35 to issue 36 for the easy access account? My account is still showing as issue 35 despite rates now having increased. The first I knew of this was in the Times money section. No notification whatsoever from Shawbrook.

They are in breach of the terms of the account;

"7.1 If a change in interest rate is to Your advantage, We will apply the change immediately and notify You in Your statement of account by post or by Secure Message."

wiseonesomeofthetime

Downthedrain said:

When was the change from issue 35 to issue 36 for the easy access account? My account is still showing as issue 35 despite rates now having increased. The first I knew of this was in the Times money section. No notification whatsoever from Shawbrook.

They are in breach of the terms of the account;

"7.1 If a change in interest rate is to Your advantage, We will apply the change immediately and notify You in Your statement of account by post or by Secure Message."

Surely that merely refers to if there is a change in interest rate to the account you hold, i.e. issue 35, not if they release a new issue at a higher rate 🤔

Edit:
And in answer to your initial question, the new issue (36) was mentioned in the Easy Access - No Chat thread on 6 July.

refluxer

Downthedrain said:

When was the change from issue 35 to issue 36 for the easy access account? My account is still showing as issue 35 despite rates now having increased. The first I knew of this was in the Times money section. No notification whatsoever from Shawbrook.

They are in breach of the terms of the account;

"7.1 If a change in interest rate is to Your advantage, We will apply the change immediately and notify You in Your statement of account by post or by Secure Message."

As mentioned above, they haven't increased the rate of your account - they've released a new issue at a higher rate, so they haven't breached any terms. Issue 36 was released around the 6th July. If you contact them via secure message, there is an option to upgrade your account to the latest issue - when I did this, it took around 30 minutes for them to upgrade me from issue 35 to 36.