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Shawbrook ISA

JJ606
Posts: 4 Newbie

I've just tried to open an ISA account, only to be informed that it is company policy to bar anyone who hasn't lived in the UK for the past 3 years.
That's a ban that applies to all their products/accounts.
Has anyone come across this elsewhere.
(For the record, I'm a UK citizen and have been paying UK tax forever. I just was living outside the country for a while.)
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Comments
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Sounds an unusual (and undocumented?) scenario but where were you living and are you liable to pay tax elsewhere as well as the UK, such as the USA?0
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Would be interesting to know how you came about finding this out. Pre application in which case, what prompted you to query it or post application as a result as a decline?
How were you informed, by telephone which could well be misinformation due to lack of knowledge or misunderstanding.
If written, if it's only relays it as to quote it, I would be asking for more details because as above, it's unusual.
I cannot see anything in t&C's about it but there is multiple mention of action for non residents etc.
If it is what it is, then it's their decision but sometimes there is more to it, perhaps you could expand on your question providing more details of your status and application process if indeed you have applied, more enlightening help may follow. 🙂Yeah, cheers but nah, I will stick with yes, thank you and no.
Thank you.0 -
it came about because during the online application, you have to input your address details. It only accepts UK post codes. Unless you can use UK postal address, you can't proceed with the form. There's no other way to enter an address.So I phoned, and that's what I was told. 'Company policy' to require residence for minimum of 3 years. They confirmed it's not a government rule about ISAs.I was living elsewhere, in the EU, at the time. Had nevertheless been paying UK tax. Had a UK bank account. Am UK citizen.0
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JJ606 said:it came about because during the online application, you have to input your address details. It only accepts UK post codes. Unless you can use UK postal address, you can't proceed with the form. There's no other way to enter an address.So I phoned, and that's what I was told. 'Company policy' to require residence for minimum of 3 years. They confirmed it's not a government rule about ISAs.I was living elsewhere, in the EU, at the time. Had nevertheless been paying UK tax. Had a UK bank account. Am UK citizen.
If you try to open a (non-credit) savings account with a UK financial institution once you do reside here, and are told that you need three years residency, then please come back and share something verifiable about that....1 -
Since your references to living abroad are in the past tense, I wouldn't be put off applying again if you now reside in the UK. But it would be worth waiting until your credit files confirm your UK address (e.g. electoral roll or council tax)
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eskbanker said:JJ606 said:it came about because during the online application, you have to input your address details. It only accepts UK post codes. Unless you can use UK postal address, you can't proceed with the form. There's no other way to enter an address.So I phoned, and that's what I was told. 'Company policy' to require residence for minimum of 3 years. They confirmed it's not a government rule about ISAs.I was living elsewhere, in the EU, at the time. Had nevertheless been paying UK tax. Had a UK bank account. Am UK citizen.
If you try to open a (non-credit) savings account with a UK financial institution once you do reside here, and are told that you need three years residency, then please come back and share something verifiable about that....0 -
35har1old said:eskbanker said:JJ606 said:it came about because during the online application, you have to input your address details. It only accepts UK post codes. Unless you can use UK postal address, you can't proceed with the form. There's no other way to enter an address.So I phoned, and that's what I was told. 'Company policy' to require residence for minimum of 3 years. They confirmed it's not a government rule about ISAs.I was living elsewhere, in the EU, at the time. Had nevertheless been paying UK tax. Had a UK bank account. Am UK citizen.
If you try to open a (non-credit) savings account with a UK financial institution once you do reside here, and are told that you need three years residency, then please come back and share something verifiable about that....0 -
OP states that they "had" a UK bank account. If it was retained for any period of time after leaving the UK and the relevant bank was informed of the change of address (as is usually required in the T&C), then the non-UK address could be verified electronically and form part of the address history, so credit file would just need something on it to confirm the OP was back in the UK.Otherwise it may be necessary to fall back to paper UK utility bill as proof of current address.0
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It does say that on application, although it may be a bit harsh.0
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eskbanker said:35har1old said:eskbanker said:JJ606 said:it came about because during the online application, you have to input your address details. It only accepts UK post codes. Unless you can use UK postal address, you can't proceed with the form. There's no other way to enter an address.So I phoned, and that's what I was told. 'Company policy' to require residence for minimum of 3 years. They confirmed it's not a government rule about ISAs.I was living elsewhere, in the EU, at the time. Had nevertheless been paying UK tax. Had a UK bank account. Am UK citizen.
If you try to open a (non-credit) savings account with a UK financial institution once you do reside here, and are told that you need three years residency, then please come back and share something verifiable about that....Just to clarify...I am now living in the UK again (for past 6 months). I have, and always have had, even during my time abroad, a UK bank account (with the same bank) which has always shown my correct address, wherever I was living at the time I never tried to apply for an ISA while non-resident, as I know it's not allowed. I also have paid UK tax (by self-assessment reporting to HMRC) each year while abroad and continue to do so now I'm back in the country. All of this is verifiable, if Shawbrook want to check.I tried to apply for the ISA 2 days ago. I came a cropper because of the requirement to give current address (which is obviously in the UK) and then, if not been living there for 3 years, to list previous address(es) that will cover the preceding period up to 3 yrs.At that point, the online form has no way of inputting a non-UK address, so you can't continue.On telephoning Shawbrook, I was told it was company policy that without 3 years worth of UK addresses, they wouldn't allow me to invest in the ISA product. Nor any other of their accounts/products. I explained all the facts about my UK residency, UK tax status, UK citizenship... but these are not enough, without the 3 years continuous residency, to allow me to invest in their ISA.I'll try other banks, and see if it is a widespread policy.0
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