Shawbrook - does the easy access account increase automatically?

housebuyer143

I'm thinking of applying but I wanted to ask if anyone knows if they interest rate goes up automatically or do they just issue keep you on the old issue number like Cynergy do?

Barkin

Varies. Sometimes old issues get increased automatically.

Sometimes an improved rate is on new issues only, in which case a secure message will get the older issue changed to the latest issue.

I don't understand it either... 

RedImp_2

I opened an account a couple of weeks ago and I’ve had the E-mail today automatically increasing my rate

auser99

Shawbrook seem to have no rhyme or reason for when they just auto increase the rate, or you have to specifically send them a message to do it.
But as there is a message template called something like "update easy issue number" it's easy to do.

housebuyer143

auser99 said:

Shawbrook seem to have no rhyme or reason for when they just auto increase the rate, or you have to specifically send them a message to do it.
But as there is a message template called something like "update easy issue number" it's easy to do.

Ooo thanks, just seen the higher rate. Looks like they just updated the rate on issue 35 rather than make a new one 👍

FishInGlass

I closed my issue 29 two weeks ago as the rate was still 2.3%. Admittedly I had no money in it as I had emptied it last November!!

dunnm

Been with them for about 8 years. Have asked them if they automatically update, answer 'no'.
I have found though if you pester them in times of many movements i.e. now they put you on auto update. Last few they have auto updated, that being said if they have just updated I have not got the email saying I  don't need to do anything. Time to pester again!

Who does auto update? Opening an account for my daughter this weekend?

ranciduk

Small word of warning

i have the monthly interest version and when they automatically increased the rate a few months back, they accidentally upgraded it to the yearly interest version 

Now I always double check everytime I get my upgrade!

refluxer

dunnm said:

Been with them for about 8 years. Have asked them if they automatically update, answer 'no'.
I have found though if you pester them in times of many movements i.e. now they put you on auto update. Last few they have auto updated, that being said if they have just updated I have not got the email saying I  don't need to do anything. Time to pester again!

Who does auto update? Opening an account for my daughter this weekend?

This only (potentially) becomes a problem if you choose a bank who continually release new issues of their easy access accounts - there are plenty of banks who don't do this. Marcus, Ford, Zopa, Atom and Chase are some that spring to mind, although their rates aren't the highest at the moment.

SevenOfNine

My issue 29 auto updated to the rate for issue 32.  I realised I didn't have the current issue so asked to be switched to that.

Operative wasn't massively keen as "the rates are the same anyway", apparently "I" could check regularly to make sure it kept pace, & switch to newer issue if/when my rate didn't match!

Needless to say I refused & she put me on issue 32. Though it's auto updated to 3.75% I see it's issue 35 out now! I don't get why they keep giving it new issue numbers, the T&Cs don't change.

refluxer

SevenOfNine said:

I don't get why they keep giving it new issue numbers, the T&Cs don't change.

It's because a good proportion of people won't review the rates of their accounts regularly, so a bank will save money by releasing a new issue at a higher rate (which not everyone will upgrade to) compared with increasing the rate for all account holders.