Shawbrook Bank

jayship

Thanks everyone for their comments.
Update. Funds moved to my new provider on the 12th. Confirmed today.
My experience with Shawbrook has been negative and will not be using them again. Just wanted to highlight the delay and the very poor rate offered whilst in transfer.

bryfly

jayship said:

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.

Just been caught by exactly the same thing transfering to another bank from Shawbrook, our accounts matured on 22/12/23, the other bank advised Shawbrook on the 12/12/23 with maturity instructions Shawbrook have not acted on that request until the 27/12/23 and been qouted the famous 15 days from now response, our money will now be stuck at the famous 0.1% for nearly 3 weeks, which equates to a fair amount of lost interest, this would appear to be their interpretation of the rules governing ISA transfers, but i think it amounts to sharp practice, i have made an official complaint to them which can take up to 8 weeks for a final answer, at which point i am able to make a complaint to the financial ombudsman, which i will be doing, as a comparison we also had isa's with Virgin, which matured on 23/12/23 and were transferred to a new account on the same day

GrubbyGirl_2

bryfly said:

jayship said:

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.

Just been caught by exactly the same thing transfering to another bank from Shawbrook, our accounts matured on 22/12/23, the other bank advised Shawbrook on the 12/12/23 with maturity instructions Shawbrook have not acted on that request until the 27/12/23 and been qouted the famous 15 days from now response, our money will now be stuck at the famous 0.1% for nearly 3 weeks, which equates to a fair amount of lost interest, this would appear to be their interpretation of the rules governing ISA transfers, but i think it amounts to sharp practice, i have made an official complaint to them which can take up to 8 weeks for a final answer, at which point i am able to make a complaint to the financial ombudsman, which i will be doing, as a comparison we also had isa's with Virgin, which matured on 23/12/23 and were transferred to a new account on the same day

When I transferred out I got the 15 day letter but it was done in 5 days (3 business days)

cloud_dog

bryfly said:

jayship said:

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.

Just been caught by exactly the same thing transfering to another bank from Shawbrook, our accounts matured on 22/12/23, the other bank advised Shawbrook on the 12/12/23 with maturity instructions Shawbrook have not acted on that request until the 27/12/23 and been qouted the famous 15 days from now response, our money will now be stuck at the famous 0.1% for nearly 3 weeks, which equates to a fair amount of lost interest, this would appear to be their interpretation of the rules governing ISA transfers, but i think it amounts to sharp practice, i have made an official complaint to them which can take up to 8 weeks for a final answer, at which point i am able to make a complaint to the financial ombudsman, which i will be doing, as a comparison we also had isa's with Virgin, which matured on 23/12/23 and were transferred to a new account on the same day

Isn't this just a little disingenuous, probably wrong.

Your account didn't mature until the 22nd, Friday 22nd of December, and was actioned on the 27th December, the first working day after the maturity date.

You are now preemptively complaining about a possible 15 day delay; even though you don't know what the delay will be.

I have no issue with people vocalising their disappointment, but surely it needs to at least be grounded in a little bit of reality?

bryfly

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.

Just been caught by exactly the same thing transfering to another bank from Shawbrook, our accounts matured on 22/12/23, the other bank advised Shawbrook on the 12/12/23 with maturity instructions Shawbrook have not acted on that request until the 27/12/23 and been qouted the famous 15 days from now response, our money will now be stuck at the famous 0.1% for nearly 3 weeks, which equates to a fair amount of lost interest, this would appear to be their interpretation of the rules governing ISA transfers, but i think it amounts to sharp practice, i have made an official complaint to them which can take up to 8 weeks for a final answer, at which point i am able to make a complaint to the financial ombudsman, which i will be doing, as a comparison we also had isa's with Virgin, which matured on 23/12/23 and were transferred to a new account on the same day

Isn't this just a little disingenuous, probably wrong.

Your account didn't mature until the 22nd, Friday 22nd of December, and was actioned on the 27th December, the first working day after the maturity date.

You are now preemptively complaining about a possible 15 day delay; even though you don't know what the delay will be.

I have no issue with people vocalising their disappointment, but surely it needs to at least be grounded in a little bit of reality?

In this day and age of internet banking and quick transfers I would expect any bank who has been given maturity instructions from another bank, 10 days before the maturity date to have actioned it on their system to be auto activated on the maturity date.

if Virgin with advanced notice can complete both actions simultaneously on the same day an ISA matures with a date of 23/12/23 then surely Shawbrook should be able to as well...