Longest duration Fixed Rate-cash ISA allowing monthly deposits throughout term.

bristolleedsfan

Doctor_Who said:

bristolleedsfan said:

Doctor_Who said:

INCORRECT:

The ISA I subscribed to and have already made several further contributions to is an ordinary 2 year fix taken out this financial year NOT a matured ISA....

 I'm not questioning what you say, but in their own T&Cs for the 1 year fixed ISA the only mention of making additional deposits is under the 'Cash ISA Matured Funds account' section. If additional deposits can be made to a 1 or 2 year fixed ISA then I'm sure many people will find this useful, but without reading this forum how would they know that this is possible? The 'Summary Box' and T&Cs would seem to lack some important details about the account.

Look at 3rd point under heading Terms and Conditions ( same point I highlighted post above your most recent post)

https://www.shawbrook.co.uk/media/5777/1-year-fixed-rate-cash-isa-bond-78.pdf

Thanks I missed that. So does 'withdrawn' refer to the issue number?

Yes whichever fixed rate term product(s) issue number(s) someone holds.

Top left hand corner shows fixed rate product issue number T+C relates to. ( 1 year fixed rate cash ISA), currently same T+C for all fixed rate cash ISA terms.

Doctor_Who

bristolleedsfan said:

Doctor_Who said:

bristolleedsfan said:

Doctor_Who said:

INCORRECT:

The ISA I subscribed to and have already made several further contributions to is an ordinary 2 year fix taken out this financial year NOT a matured ISA....

 I'm not questioning what you say, but in their own T&Cs for the 1 year fixed ISA the only mention of making additional deposits is under the 'Cash ISA Matured Funds account' section. If additional deposits can be made to a 1 or 2 year fixed ISA then I'm sure many people will find this useful, but without reading this forum how would they know that this is possible? The 'Summary Box' and T&Cs would seem to lack some important details about the account.

Look at 3rd point under heading Terms and Conditions ( same point I highlighted post above your most recent post)

https://www.shawbrook.co.uk/media/5777/1-year-fixed-rate-cash-isa-bond-78.pdf

Thanks I missed that. So does 'withdrawn' refer to the issue number?

Yes whichever fixed rate term product(s) issue number(s) someone holds.

Top left hand corner shows fixed rate product issue number T+C relates to. ( 1 year fixed rate cash ISA), currently same T+C for all fixed rate cash ISA terms.

So when a new issue is released you can then top up the previous (now withdrawn) issue? Do you know how long an issue is typically available for, I suspect recently not for that long? And I thought cash ISAs were supposed to be simple!

refluxer

Doctor_Who said:

So when a new issue is released you can then top up the previous (now withdrawn) issue? Do you know how long an issue is typically available for, I suspect recently not for that long? And I thought cash ISAs were supposed to be simple!

Yes, that seems to be the case with Shawbrook's fixed rate ISAs. They do release new issues every now and again but not as regularly as other banks (eg. Virgin) - I'd say somewhere in the region of once a month in recent months.

savit4l8er

I'm attempting to locate the post where somebody has detailed the time and date they spoke with Shawbrook about continuing to add funds during the term including transfers. If anyone sees it, could they post a link here. It was quite recent but I cannot locate it. 

TIA.

bristolleedsfan

savit4l8er said:

I'm attempting to locate the post where somebody has detailed the time and date they spoke with Shawbrook about continuing to add funds during the term including transfers. If anyone sees it, could they post a link here. It was quite recent but I cannot locate it. 

TIA.

Continuing to add funds during the term is mentioned within terms and conditions, somewhere Shawbrook say they reserve the right not to accept transfers in during fixed term, I do not think anyone has posted to say a transfer in has been refused during fixed term.

https://www.shawbrook.co.uk/media/5778/2-year-fixed-rate-cash-isa-bond-75.pdf

TERMS AND CONDITIONS � Please read this leaflet in conjunction with Shawbrook’s terms and conditions for Personal Savings Accounts. If there is anything that you do not understand, please contact us for further information or seek independent advice. � We’ll send you a statement on the closure of your account. � Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term.

savit4l8er

bristolleedsfan said:

savit4l8er said:

I'm attempting to locate the post where somebody has detailed the time and date they spoke with Shawbrook about continuing to add funds during the term including transfers. If anyone sees it, could they post a link here. It was quite recent but I cannot locate it. 

TIA.

Continuing to add funds during the term is mentioned within terms and conditions, somewhere Shawbrook say they reserve the right not to accept transfers in during fixed term, I do not think anyone has posted to say a transfer in has been refused during fixed term.

https://www.shawbrook.co.uk/media/5778/2-year-fixed-rate-cash-isa-bond-75.pdf

TERMS AND CONDITIONS � Please read this leaflet in conjunction with Shawbrook’s terms and conditions for Personal Savings Accounts. If there is anything that you do not understand, please contact us for further information or seek independent advice. � We’ll send you a statement on the closure of your account. � Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term.

Yes, I have seen that, it's about as good as you can get as it stands.  Somewhere, yesterday I think I saw a post where the person had noted specific details, date and time of their conversation in which the customer services had again said the written T&C's were incorrect and I believe a note was taken to get them amended.  I don't think that will happen because it would seem better to cover themselves. I just wanted to see the recent post again but in reality, it cannot be relied upon that transfers will continue to be allowed beyond good faith. I think you may have said already somewhere,  if Shawbrook don't know what they are doing, how can customers know (or words to that effect).  

It's just something I am thinking over along with another option.

I really appreciate your thorough reply 🙂

intalex

I had sent Shawbrook a secure message asking specifically about the ability to add in each new tax year’s allowance into their fixed rate ISA over the duration of the fixed term, and although the reply said I could pay in next year’s allowance, I gather that to mean I could probably do the same in each subsequent tax year within the fixed term. As such I’ve now got a 5-year fixed rate ISA with them with a balance slightly above £1k (minimum required balance) of prior year subscriptions, with the option and intention of paying in 3-4 future tax years’ allowances into it.

Also kept an easy access account open with them to transfer the ISA funds into each time, and then calling them to internally transfer them into the ISA.

The rest of my prior year subscriptions and current year subscriptions have been saved elsewhere, I’m using the Shawbrook account primarily to have the option of a decent 5.22% for my future years’ ISA subscriptions.

Only time will tell if this will work without any pushback, especially if rates start dropping!

bristolleedsfan

intalex said:

I had sent Shawbrook a secure message asking specifically about the ability to add in each new tax year’s allowance into their fixed rate ISA over the duration of the fixed term, and although the reply said I could pay in next year’s allowance, I gather that to mean I could probably do the same in each subsequent tax year within the fixed term. As such I’ve now got a 5-year fixed rate ISA with them with a balance slightly above £1k (minimum required balance) of prior year subscriptions, with the option and intention of paying in 3-4 future tax years’ allowances into it.

Also kept an easy access account open with them to transfer the ISA funds into each time, and then calling them to internally transfer them into the ISA.

The rest of my prior year subscriptions and current year subscriptions have been saved elsewhere, I’m using the Shawbrook account primarily to have the option of a decent 5.22% for my future years’ ISA subscriptions.

Only time will tell if this will work without any pushback, especially if rates start dropping!

You have not done anything differently to what others including myself have done.( minus at least in my case feeling the need to ask them)

I would have thought more chance of pushback particularly ISA transfer ins during fixed term if people keep highlighting on forum as that at least increases chances of Saint Martin picking up on it and telling the masses.

Terms and conditions cannot be clearer and everyone who feels the need to ask them receives same answer. 

"you can continue to put more money into your account until the expiry of the fixed term" obviously that means future tax years, cannot possibly mean anything else.

intalex

I’m pretty sure there were at least 2 conflicting terms in the various documents about future deposits, hence felt the need to ask them and to remove ambiguity and have something in writing. I see it as no more than a loophole that should be clarified one way or the other anyway, for their own and their customers’ benefit, depending on what they actually intended for their product.

The primary difference between an ISA transfer in and new tax year money is that the latter is capped to £20k per year but over a multi-year period the exposure would be less and less.

Personally, I’m happy to share my own “idea” of optimising use of the Shawbrook fixed rate ISA for the potential benefit of other savers in the forum, and if demand eventually leads to Shawbrook removing the flexibility from their offering then so be it, at least it’ll be after many savers will have benefitted.

bristolleedsfan

intalex said:

I’m pretty sure there were at least 2 conflicting terms in the various documents about future deposits, hence felt the need to ask them and to remove ambiguity and have something in writing.

There has been no apparent conflicting terms in various documents about future deposits.

Ability to add new money during fixed term is so crystal clear everyone who asked Shawbrook has received same answer.

 "Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused"

"may" means "expressing possibility" equally they may not ( might/might not) refuse to ...........

Having searched forum extensively looking at posts over years I have not seen anybody say they have had ISA transfer in during fixed term refused, plenty have said ISA transfer in during fixed term has been done, Shawbrook C.S certainly know transfers in during fixed term have been done, they may/might know that they have not declined to do a transfer in during fixed term.

C.S appear to have muddied the water by suggesting to customers that T+C is incorrect when as others have said  has been inserted by Shawbrook to give them get out should they wish to use it in future, seemingly makes no difference how many times C.S "said the written T&C's were incorrect and a note was taken to get them amended" as of now that additional information clause remains as savit4l8er and others have said "because it would seem better to cover themselves"

"Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused"  is not within T+C it is within additional information document