Can’t verify Shawbrook Bank

existedsteed

I’m trying to make my first  deposit to Shawbrook however my  First Direct bank are warning me that SB don’t subscribe to the service that allow the check that the  account is a legitimate and the intended! Makes me feel a bit uneasy!

housebuyer143

Loads don't subscribe to this, especially building societies. Don't panic.

boingy

Double check the account details then send £1 and wait for it to appear. It can take a good few hours for transfers to Shawbrook. They will email or text you when it has landed.

jak22

Note Shawbrook EA says "Minimum opening balance £1,000"

Beddie

Don't worry about that message. Just make absolutely sure you are sending to the correct account and there are no typos and you'll be fine.

Nardy

existedsteed said:

I’m trying to make my first  deposit to Shawbrook however my  First Direct bank are warning me that SB don’t subscribe to the service that allow the check that the  account is a legitimate and the intended! Makes me feel a bit uneasy!

When I have had that, I've called them and arranged it over the phone, rather than do it online.

boingy

jak22 said:

Note Shawbrook EA says "Minimum opening balance £1,000"

It does indeed say that but they also recommend sending £1 first on their website! They say:
"We're not part of the confirmation of payee scheme, so your bank may tell you this when you try and make a payment. It's nothing to worry about. For peace of mind, you may wish to make a small 'test' payment of £1. Once the payment has processed, you'll see it in your account."

Last week I did exactly that. Sent £1 then followed it up with £999 the next day. It worked fine. When your balance is below £1000 the interest rate drops to almost zero but they don't close the account or send the lads round to duff you up.

refluxer

I've sent initial £1 test payments to Shawbrook for various different savings accounts (easy access, easy access ISA and fixed rate bonds) without any problems. I get confirmations by text but that may depend on the preferences you have set up. In my experience, payments made during the day on a working day take between 1 and 4 hours to show up.