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Shawbrook Bank

jayship
Posts: 387 Forumite


I have a ISA account with Shawbrook which matured on 1st December. Requested a transfer to another provider 2 weeks before the due date. Transfer was accepted on the maturity date and moved to Cash ISA Matured Funds paying 0.1%.
Various emails asking a date when funds are likely to be sent met with a reply that we have upto 15 days to meet the deadline and only then you can complain?
Until today the funds are sitting in the matured account earning a pittance. Shawbrook seem to be taking advantage of the 15 day rule to maximise their income.
My experience with other challenger banks has been swift transfer within a couple of days. I am trying to highlight the delay and the experience of other forumrites.
Various emails asking a date when funds are likely to be sent met with a reply that we have upto 15 days to meet the deadline and only then you can complain?
Until today the funds are sitting in the matured account earning a pittance. Shawbrook seem to be taking advantage of the 15 day rule to maximise their income.
My experience with other challenger banks has been swift transfer within a couple of days. I am trying to highlight the delay and the experience of other forumrites.
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Comments
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Shawbrook don't have 15 days to send the funds - the overall process should take no more than 15 working days but the ceding provider's chunk of that is five:https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers
The 15 days are broken down as follows:
The new ISA manager has 5 business days to forward the instruction to the old ISA manager.
The old ISA manager has 5 business days in which to send the funds and information to be provided to the new ISA manager.
The new ISA manager has 3 business days to apply the funds to the new ISA.
The other 2 days are to allow for time taken for first class post between managers.
However, any dialogue about this should be with the new provider rather than chasing the old one....1 -
Thanks esbanker for the timescale breakdown.
My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity. Below is a reply to my several emails to Shawbrook. Hence, they are not following the rules you mentioned.
We really apologise for the inconvenience caused to you. With regards to the timescale, we would like to inform you that this is a generic timescale for the ISA transfer in established by the government. We can confirm that the transfer shall take place with 15 working days from the date of acceptance. Once your transfer has been in is completed successfully you will be notified from our end. For any further assistance feel free contact us. Kind Regards, Shweta Kanamus Customer Service Representativehawbrook told me that the transfer is only accepted on maturity.
Thank you for your message. The ISA transfer may take upto 15 working days after the maturity date which was from 02/12/2023. Kind regards Sean Kearney Customer Service Representative
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jayship said:Thanks esbanker for the timescale breakdown.
My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity. Below is a reply to my several emails to Shawbrook. Hence, they are not following the rules you mentioned.
We really apologise for the inconvenience caused to you. With regards to the timescale, we would like to inform you that this is a generic timescale for the ISA transfer in established by the government. We can confirm that the transfer shall take place with 15 working days from the date of acceptance. Once your transfer has been in is completed successfully you will be notified from our end. For any further assistance feel free contact us. Kind Regards, Shweta Kanamus Customer Service Representativehawbrook told me that the transfer is only accepted on maturity.
Thank you for your message. The ISA transfer may take upto 15 working days after the maturity date which was from 02/12/2023. Kind regards Sean Kearney Customer Service Representative0 -
jayship said:Thanks esbanker for the timescale breakdown.
My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity. Below is a reply to my several emails to Shawbrook. Hence, they are not following the rules you mentioned.
We really apologise for the inconvenience caused to you. With regards to the timescale, we would like to inform you that this is a generic timescale for the ISA transfer in established by the government. We can confirm that the transfer shall take place with 15 working days from the date of acceptance. Once your transfer has been in is completed successfully you will be notified from our end. For any further assistance feel free contact us. Kind Regards, Shweta Kanamus Customer Service Representativehawbrook told me that the transfer is only accepted on maturity.
Thank you for your message. The ISA transfer may take upto 15 working days after the maturity date which was from 02/12/2023. Kind regards Sean Kearney Customer Service Representative0 -
fuzzzzy said:jayship said:Thanks esbanker for the timescale breakdown.
My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity. Below is a reply to my several emails to Shawbrook. Hence, they are not following the rules you mentioned.
We really apologise for the inconvenience caused to you. With regards to the timescale, we would like to inform you that this is a generic timescale for the ISA transfer in established by the government. We can confirm that the transfer shall take place with 15 working days from the date of acceptance. Once your transfer has been in is completed successfully you will be notified from our end. For any further assistance feel free contact us. Kind Regards, Shweta Kanamus Customer Service Representativehawbrook told me that the transfer is only accepted on maturity.
Thank you for your message. The ISA transfer may take upto 15 working days after the maturity date which was from 02/12/2023. Kind regards Sean Kearney Customer Service Representative0 -
Yes it was just wishful thinking on my part. Thinking about it logically I can see that it would make no sense for anything to be done before the maturity date as up until that point a saver could change their mind and cancel the transfer. That was my point to the OP that Shawbrook are not actually doing anything wrong with regard to timescales. Having said that though their rate for maturing funds is unforgivable and I will certainly be adding them to my list of banks not to open fixed rate ISAs with. They should at least be offering to move the funds to their easy access ISA account which has a much higher rate.
It is useful when people post their good and bad experiences. I had a fixed rate ISA with Kent Reliance mature in early December and had no hesitation rolling it over into another fixed rate as they were offering much better rates than those currently available at the time. It would be useful to know which other institutions have a tendency to offer preferential rates at maturity, especially for ISAs as you are at the mercy of the transfer process for those.
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fuzzzzy said:Yes it was just wishful thinking on my part. Thinking about it logically I can see that it would make no sense for anything to be done before the maturity date as up until that point a saver could change their mind and cancel the transfer. That was my point to the OP that Shawbrook are not actually doing anything wrong with regard to timescales. Having said that though their rate for maturing funds is unforgivable and I will certainly be adding them to my list of banks not to open fixed rate ISAs with. They should at least be offering to move the funds to their easy access ISA account which has a much higher rate.
It is useful when people post their good and bad experiences. I had a fixed rate ISA with Kent Reliance mature in early December and had no hesitation rolling it over into another fixed rate as they were offering much better rates than those currently available at the time. It would be useful to know which other institutions have a tendency to offer preferential rates at maturity, especially for ISAs as you are at the mercy of the transfer process for those.
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Just to be clear I was querying the OP's statement that
My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity.
Would the new provider have set things in motion before the maturity date of 1 December? I was told by Virgin that they had to wait to send the transfer request until the maturity date.0 -
Albermarle said:fuzzzzy said:Yes it was just wishful thinking on my part. Thinking about it logically I can see that it would make no sense for anything to be done before the maturity date as up until that point a saver could change their mind and cancel the transfer. That was my point to the OP that Shawbrook are not actually doing anything wrong with regard to timescales. Having said that though their rate for maturing funds is unforgivable and I will certainly be adding them to my list of banks not to open fixed rate ISAs with. They should at least be offering to move the funds to their easy access ISA account which has a much higher rate.
It is useful when people post their good and bad experiences. I had a fixed rate ISA with Kent Reliance mature in early December and had no hesitation rolling it over into another fixed rate as they were offering much better rates than those currently available at the time. It would be useful to know which other institutions have a tendency to offer preferential rates at maturity, especially for ISAs as you are at the mercy of the transfer process for those.0 -
fuzzzzy said:That was my point to the OP that Shawbrook are not actually doing anything wrong with regard to timescales. Having said that though their rate for maturing funds is unforgivable and I will certainly be adding them to my list of banks not to open fixed rate ISAs with. They should at least be offering to move the funds to their easy access ISA account which has a much higher rate.
I've had no problems with Shawbrook, RE: cash ISAs and some of the fastest ISA transfers I've encountered have involved them, but I always select Easy Access on maturity to avoid these issues and transfer from there.
Shawbrook's rates are normally pretty competitive and I've had quite a few of their fixed rate accounts (both ISA and non-ISA) in the last few years but their rates have dropped dramatically in the last few months so, unfortunately, I've been forced to look elsewhere.
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