shawbrook isa - missing funds ??

124

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  • thanks. That maturing account us rubbish isn’t it. Sounds like they rely on people not making a decision. 
  • harz99
    harz99 Posts: 3,630 Forumite
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    thanks. That maturing account us rubbish isn’t it. Sounds like they rely on people not making a decision. 
    I opted to have the maturing funds go into their easy access cash ISA, then opened a new fixed rate one with Aldermore and as part of the application asked for a partial transfer from Shawbrook to the new Aldermore one. That is in the process of going through, note that you must wait to do similar until you have the new Shawbrook easy access account details as the account number of the matured funds will change.
  • Elderone
    Elderone Posts: 39 Forumite
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    After being very happy with Shawbrook before deciding to use them for an 'Easy' access isa. I would not recommend touching their isa team with a barge pole. My daughter tried a transfer into Shawbrook which after 2 months and hours on the phone trying to mediate between the 2 banks we gave up!!! I then tried to transfer an ISA into Shawbrook which went wrong and after months and hours wasted, I gave up on that!!! Then amazingly it got worse when trying to transfer an isa out of Shawbrook. It is an extremely long and stressful story but basically they sent the wrong amount, lost a large sum of money (on various occasions), then after hours spent trying to sort it out, numerous broken promises and loads of promised phone calls that never happened. The money finally arrived in the other bank. I was at last relieved, and you would think that was the end of the saga, but it doesn't get better!!! A couple of weeks later (today) Shawbrook randomly sends out a large amount of my money again for no reason taking me over the fscs protection limit with the destination bank!!! Let's just hope they don't go bust  ........ So after 3 out of 3 isa transfers being quite frankly shambolic, and as of today, anxiety levels at max, it's safe to say that I would not recommend them. I totally understand the OP's concerns and hope they've now got it sorted out. Just be aware you might get more money dissapearing randomly!!!
  • billn
    billn Posts: 318 Forumite
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    thanks. That maturing account us rubbish isn’t it. Sounds like they rely on people not making a decision. 

    Sorry, I should have said you can opt to put it in their Easy Access ISA and transfer from there, the rate at the moment is quite competative.
    If at first you don't succeed, sky diving is not for you!
  • harz99 said:
    thanks. That maturing account us rubbish isn’t it. Sounds like they rely on people not making a decision. 
    I opted to have the maturing funds go into their easy access cash ISA, then opened a new fixed rate one with Aldermore and as part of the application asked for a partial transfer from Shawbrook to the new Aldermore one. That is in the process of going through, note that you must wait to do similar until you have the new Shawbrook easy access account details as the account number of the matured funds will change.
    That Sounds like the best plan
  • Barkin
    Barkin Posts: 419 Forumite
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    thanks. That maturing account us rubbish isn’t it. Sounds like they rely on people not making a decision. 
    Opting to do nothing is a decision. 
    Given that maturity options are communicated well in advance, anybody deciding to do nothing, and finding their money goes into an account that they don't want, at a rate they don't like, has only themselves to blame. 
  • claire07
    claire07 Posts: 659 Forumite
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    Mine matured on 25th October so early in October (not liking their options) I opened a Secure Trust Fixed ISA and requested that be moved into it on maturity.  I presumed Shawbrook would deal with paperwork beforehand so this could be done nearer maturity but it has now been sat in their matured ISA account at 0.1% and the Secure Trust ISA is nearing getting beyond the funding date so not impressed.
  • harz99
    harz99 Posts: 3,630 Forumite
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    claire07 said:
    Mine matured on 25th October so early in October (not liking their options) I opened a Secure Trust Fixed ISA and requested that be moved into it on maturity.  I presumed Shawbrook would deal with paperwork beforehand so this could be done nearer maturity but it has now been sat in their matured ISA account at 0.1% and the Secure Trust ISA is nearing getting beyond the funding date so not impressed.
    They won't do it like that, the old account will mature and roll over into a new account with a different number, then they will look at the transfer and say they can't do the transfer as that old account number is closed...what should be simple isn't! 
    You will need to phone Secure Trust and get them to resubmit the transfer request on the new account number...
  • claire07
    claire07 Posts: 659 Forumite
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    For some reason the Fixed ISA rolled over into the maturity ISA but kept the original number and sort code which is why I didn't bother to contact Secure Trust.  However I've phoned Secure Trust now and they say they are waiting on Shawbrook so I phoned Shawbrook who say they are waiting on Secure Trust.  Hopefully both phone calls will trigger some action.
  • SickGroove
    SickGroove Posts: 255 Forumite
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    edited 2 November 2023 at 2:13PM
    I'm also having a nightmare with Shawbrook, trying to transfer out to Coventry...

    Submitted transfer request on 19/10 along with one into Charter too (splitting large ISA built up from previous tax years)

    Charter one went without a hitch...

    However, I was told by Shawbrook the Coventry one never arrived their end as they had a "technical glitch" that day (even though Charter one submitted same day & pretty much at the same time)

    Secure messaging next to useless so been calling them every day since Friday...

    Was told yesterday I had to get Coventry to cancel the original transfer their end & get them to resubmit transfer request again as Shawbrook can't locate the original...

    Did that & called Shawbrook to confirm thay could see new transfer request. They could.

    I then get a secure message from Shawbrook this morning saying my ISA transfer into Coventry had been abandoned!!! Called them to find out what's going on...

    Confirmed the abandoned transfer was for the ORIGINAL request which they magically found!!

    Absolutely awful experience with Shawbrook & would never recommend them to anyone!





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