Shawbrook - fixed rate Cash ISA Maturity Options

SickGroove

Good evening,

Can someone confirm if Shawbrook offer better maturity deals directly to existing customers on their fixed rate Cash ISAs, or do they just offer the same as their advertised rates?

I'm thinking of re-fixing with them again next month but unsure whether to go for the 1, 3, 5 or 7 years options. I've about 82K & will be getting the interest paid away monthly so as not to go over the £85 threshold.

Any advice much appreciated. Cheers

Warslet

It appears that Shawbrook offer the same rates of interest on ISAs irrespective of being an existing customer with a product maturing or a new customer. I have just received maturity options for an ISA and the maturity rates are the same as the rates on their website for a new customer. 

SickGroove

Warslet said:

It appears that Shawbrook offer the same rates of interest on ISAs irrespective of being an existing customer with a product maturing or a new customer. I have just received maturity options for an ISA and the maturity rates are the same as the rates on their website for a new customer. 

Can I ask what date your current fix matures & how long before did you get the email with your maturity options on?

billn

I am in the same situation and commented to myself (always find this best as I get fewer disagrements) the same thing, I think (again not sure) but once you have given your maturity instructions the rate is set.

My ISA matures on the 10th Oct 2023 and I recieved the maturity email on the 20th Sept 2023.

I hope I am correct in what I have said but no doubt somebody will tell me if I am wrong.

SickGroove

billn said:

I am in the same situation and commented to myself (always find this best as I get fewer disagrements) the same thing, I think (again not sure) but once you have given your maturity instructions the rate is set.

My ISA matures on the 10th Oct 2023 and I recieved the maturity email on the 20th Sept 2023.

I hope I am correct in what I have said but no doubt somebody will tell me if I am wrong.

Can I ask are you re-fixing again with Shawbrook & if so for how long?

billn

SickGroove said:

Can I ask are you re-fixing again with Shawbrook & if so for how long?

Yes I am staying with Shawbrook, fixing for 1 year at 5.83%.

SickGroove

billn said:

SickGroove said:

Can I ask are you re-fixing again with Shawbrook & if so for how long?

Yes I am staying with Shawbrook, fixing for 1 year at 5.83%.

I'll probably do the same if the rate stays the same. 

Do you know if you can switch from compounded to paid away interest (and vice versa) at any point during the fixed term or do you have to stick to your original decision? 

I messaged them on Sunday to ask but as yet still no response, which is pretty poor imo

SickGroove

Just called Shawbrook & they confirmed interest can be compounded or paid away monthly or annually AND you can switch from compound interest to paid away (and vise versa) AT ANY POINT during the fixed term period...

So, I'm now contemplating going for the 3 year rather then one year fix as the 3 year is still a pretty good rate atm & who knows where rates will go over the next few years...