Shawbrook 'new' Ts and Cs

steveksullivan

Apologies if I've missed something - I've been away for a while - but Shawbrook have been mentioned on here several times as a provider who's ISAs you could contribute to throughout their term. I definitely had this confirmed by them by phone  when I took out their two year fixed ISA last year.

Having opened their one year fix yesterday I received an email stating this:

'Deposits can be made into your account until the product is withdrawn.'

Is this a change in policy or another example of Ts and Cs which may or may not be enforced?

(I'm also assuming that by 'product' they mean the issue number of the ISA, not just generically the one year ISA product.)

EDIT: they are mentioned as being able to contribute to throughout term in the thread

'Fixed 1yr ISAs where you can pay in throughout term '

below.....

SECOND EDIT: Just had confirmation from the CS rep on the phone that my first guess was correct - it is just in their Ts and Cs so they can enforce it at some time in the future if they want to. She confimed that (as we know....) historically this has not been enforced and there are currently no plans to do so.

slinger2

It is a little confusing. I have an issue 89 1-year ISA which was withdrawn on 19 March 2024. The T&Cs clearly say: "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term" Seems pretty black-and-white.

I sent them new 24/25 money the other day. This was successfully added to the account and I received a letter saying "This has been added to your account" and I see that it has been when I log in. However the same letter then goes on to say "You can add money any time you like, as long as this account remains on sale. If we stop selling this account then you cannot add any more funds, even if you have not used your full ISA allowance. We will not contact you if this happens, but you can check Shawbrook.co.uk for a list of withdrawn accounts."

steveksullivan

slinger2 said:

It is a little confusing. I have an issue 89 1-year ISA which was withdrawn on 19 March 2024. The T&Cs clearly say: "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term" Seems pretty black-and-white.

I sent them new 24/25 money the other day. This was successfully added to the account and I received a letter saying "This has been added to your account" and I see that it has been when I log in. However the same letter then goes on to say "You can add money any time you like, as long as this account remains on sale. If we stop selling this account then you cannot add any more funds, even if you have not used your full ISA allowance. We will not contact you if this happens, but you can check Shawbrook.co.uk for a list of withdrawn accounts."

I agree it's confusing and I told her so in my phone call - she said she would 'feed it back', but I'm not holding my breath.

I can only repeat it seems it's there so that they can enforce it if they like but haven't so far and don't plan to.

slinger2

steveksullivan said:

slinger2 said:

It is a little confusing. I have an issue 89 1-year ISA which was withdrawn on 19 March 2024. The T&Cs clearly say: "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term" Seems pretty black-and-white.

I sent them new 24/25 money the other day. This was successfully added to the account and I received a letter saying "This has been added to your account" and I see that it has been when I log in. However the same letter then goes on to say "You can add money any time you like, as long as this account remains on sale. If we stop selling this account then you cannot add any more funds, even if you have not used your full ISA allowance. We will not contact you if this happens, but you can check Shawbrook.co.uk for a list of withdrawn accounts."

I agree it's confusing and I told her so in my phone call - she said she would 'feed it back', but I'm not holding my breath.

I can only repeat it seems it's there so that they can enforce it if they like but haven't so far and don't plan to.

Their general T&Cs do say "2.6. We may stop offering a product or refuse to accept deposits for any product at any time." However the specific T&Cs within the KPI for my account says "If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term".

steveksullivan

Think we might have done this to death, however my original point was that the quote:

'Deposits can be made into your account until the product is withdrawn.' ......was in the confirmation email for the specific ISA product I had actually taken out, not a generic T or C and as such, I would expect it to accurate.

bristolleedsfan

Title of this thread appears to be misleading being as T+C have not changed, email sent out whilst confusing was same last year when as you say  "have done this to death"

https://forums.moneysavingexpert.com/discussion/comment/80202901#Comment_80202901

slinger2

steveksullivan said:

Think we might have done this to death, however my original point was that the quote:

'Deposits can be made into your account until the product is withdrawn.' ......was in the confirmation email for the specific ISA product I had actually taken out, not a generic T or C and as such, I would expect it to accurate.

Anyway, the 1 year Issue 91 is now withdrawn, so if you want to add more money you'll have to rely on the "If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"