Shawbrook transfer.

Krakkkers

Is there any way of transferring money from one account to another at shawbrook as i can only see the option to withdraw to the nominated bank account?
Do you have to send them a message?
Also when did they put the interest rate up to 3.69% on easy access as they have not notified me?

SJMALBA

Krakkkers said:

Is there any way of transferring money from one account to another at shawbrook as i can only see the option to withdraw to the nominated bank account?
Do you have to send them a message?
Also when did they put the interest rate up to 3.69% on easy access as they have not notified me?

Rate increased today - just received a text notification.

auser99

Krakkkers said:

Is there any way of transferring money from one account to another at shawbrook as i can only see the option to withdraw to the nominated bank account?
Do you have to send them a message?
Also when did they put the interest rate up to 3.69% on easy access as they have not notified me?

Yes there are specific option in the messages. One is something like "update easy access number" and another is something like "move to another account".

Krakkkers

So i do have to send a message?

auser99

Krakkkers said:

So i do have to send a message?

Yes, and they usually sort it pretty quickly.

Krakkkers

Thanks for that.

kitkat68

Yes, just send them a message. I had an isa that had poor interest rate and I messaged about swapping to new one and they asked me to confirm what I wanted and the new account was open and funded the following day - I had a penalty to pay but it was still better to do it 

housebuyer143

Krakkkers said:

So i do have to send a message?

No because they didn't update the issue number which means if you are on issue 35 it will automatically update. 

SevenOfNine

Shawbrook always send me a text (& my husband gets one as well).  Issue 35 is the current one & it's just gone up to 3.75% (annual interest rate). Do they have your mobile number?

Since Oct 2021 we've had issue 27, 29, 32, now on 35 & the rate has changed 4 times, no idea why they put the rate up to whatever is the newest but give it a new 'issue' number.

Though whatever the issue number the rates seem to keep pace with the changes, if one day they DON'T it will be down to the customer to notice & phone or secure message instructing the switch to the current issue! 

Barkin

housebuyer143 said:

Krakkkers said:

So i do have to send a message?

No because they didn't update the issue number which means if you are on issue 35 it will automatically update. 

There are 2 questions in the OP.

re: moving funds between different accounts - there is no direct way to do this yourself. You DO need to send a message using the message template "Transfer Funds To Another Shawbrook Savings Account"

re: rate changes - if they change a rate but don't release a new issue, I always get a text saying that the new rate has been applied to my account.
If, however, they release a new issue with a new rate, I get no notification (why would I, as it doesn't apply to my account?) and the onus is on me to notice that a new issue is available, and request that my account is changed to the latest issue via the "Change My Easy Access Issue" message template.

Why they do it like that, I've no idea. Surely if they wanted to pay less interest they'd just release a new issue for every rate increase...? 

SJMALBA

Barkin said:

housebuyer143 said:

Krakkkers said:

So i do have to send a message?

No because they didn't update the issue number which means if you are on issue 35 it will automatically update. 

There are 2 questions in the OP.

re: moving funds between different accounts - there is no direct way to do this yourself. You DO need to send a message using the message template "Transfer Funds To Another Shawbrook Savings Account"

re: rate changes - if they change a rate but don't release a new issue, I always get a text saying that the new rate has been applied to my account.
If, however, they release a new issue with a new rate, I get no notification (why would I, as it doesn't apply to my account?) and the onus is on me to notice that a new issue is available, and request that my account is changed to the latest issue via the "Change My Easy Access Issue" message template.

Why they do it like that, I've no idea. Surely if they wanted to pay less interest they'd just release a new issue for every rate increase...? 

I have issue 34, and when issue 35 was released, with a higher rate, they automatically increased my account (and sent notification) - this time, no new issue, but increased rate, my account was again increased automatically (and text notification sent); it seems that, as with other banks IME, increases (or not) for previous issues are hit and miss - bottom line, you have to be proactive in keeping an eye on things, and act accordingly.

Seems strange that they don't offer the ability for the account holder to transfer money internally, without having to message Shawbrook to get it done, though.