Shawbrook rates up or not?

cloud_dog

I like Shawbrook TBH, but I feel they are creating a noose for their own necks by applying the increase in interest differently.  Historically they have always issued a new account and you needed to request that they 'upgrade' your account to the latest issue.  More recently (back end 2022 early 2023 they have applied the interest rate increase automatically (or perhaps more accurately automatically upgraded everyone's account to be the latest issue), but now they appear to have gone back to requiring a manual request to upgrade.

They need to do one or the other just so everyone knows where they stand.

Downthedrain

It would be interesting to see if I would need to apply for a lower rate, should it drop.

Shawbrook says it creates a new issue every time the rate changes, so if they don't apply changes to the issue held, then the terms in 7.1 could never be met.

Barkin

cloud_dog said:

I like Shawbrook TBH, but I feel they are creating a noose for their own necks by applying the increase in interest differently.  Historically they have always issued a new account and you needed to request that they 'upgrade' your account to the latest issue.  More recently (back end 2022 early 2023 they have applied the interest rate increase automatically (or perhaps more accurately automatically upgraded everyone's account to be the latest issue), but now they appear to have gone back to requiring a manual request to upgrade.

In the time that I've used Shawbrook, they've done one of 2 things:

Increased the rate with a new issue, and at the same time increased the rate on (some?) previous issues. Or...

Increased the rate with a new issue, but not increased previous issues - in which case a secure message will get a previous issue changed to the latest issue. 

It's always seemed completely random to me, rather than 'they used to do it this way, now they do it different'. 

They've never - for me - changed my account to the latest issue automatically. 

jaceyboy

Yep Shawbrook is one big pain in  the !!!!!!, the whole site and operating procedures

jak22

Then maybe dont use it - but it offers one of the higher EA rates around, with the occasional need to request an account issue change which takes less effort than posting here. The site and log-in process are OK and not app only, deposits are credited same day with notification. It's just that withdrawals are debited straight away but transfer next working day. 

2Sheds

Shawbrook released a new Issue 25 easy access ISA 4.07% monthly

I've requested via their online from to move my Issue 24 ISA 3.72% Monthy to the new one.

Hoping they don't drag their heels on it, as I'll end up shifting the lot elsewhere

Richard1212

VNX said:

Sorry to go off topic but how quick are Shawbrook to send funds to your nominated account when you make a withdrawal

 Does it vary or is it quite quick?

Very quick---one of the best : same day, usually during working hours it is about an hour or so.

Richard1212

Shawbrooks is probably top of my Easy Access Accounts in all respects : it is always competitive, easy to use, easy to deposit and withdraw and very quick in dealing with transactions ( within a couple of hours during office hours). My wife and I currently have over £75,000 in their Issue 36 at 4.35%. We don't change Savings Accounts very often as we can't be bothered chasing after each new rise by different Banks/BSs, so we have a list of 4 savings account which always seem to be in or near the Top 5-10 and change only when there is a big change that really boosts our previous rates.  We find this system works well and also apply it to our Fixed Term Savings Accounts. BTW, the other favourites in which we always keep money are Marcus, RCI and Tandem.

InvesterJones

Richard1212 said:

VNX said:

Sorry to go off topic but how quick are Shawbrook to send funds to your nominated account when you make a withdrawal

 Does it vary or is it quite quick?

Very quick---one of the best : same day, usually during working hours it is about an hour or so.

Incorrect. As per previous replies, they're a next day service for withdrawals. https://help.shawbrook.co.uk/hc/en-gb/articles/5600849314322-When-will-I-receive-my-withdrawn-funds-