Shawbrook multiple ISA rules

Canny_mal

Hi everyone.

I wonder if anyone can give me a definitive answer to this...I currently have a Shawbrook 1-year fixed rate cash ISA which I opened last month (ie current tax year) which is made up completely of previous tax year funds. Would Shawbook allow me to also open one of their 3-year fixed rate Cash ISA's this tax year which would be funded with current year money?

I'm keen to take advantage further down the line of the fact Shawbrook apparently allows transfers in throughout the fixed rate period. So I would intend to open it with the minimum amount (£1000). Then when rates inevitably drop I would transfer the variable rate ISA I currently have with another provider into Shawbook.

I've tried asking Shawbrook directly but it amazes me how many customer service reps seem to have very little knowledge of ISA rules, even within the organisation they work for. When I asked them the question they didn't seem to understand what it was I was asking.

Rodders53

(I've recently transferred in to their 2 year ISA issue 82, now withdrawn...)

In the T&Cs dated 20240502 (2nd May 2024) it states:
You can only open and operate one Cash ISA account with Shawbrook Bank in any single tax year.

and 
Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused. 

So you'd appear to be likely scuppered?
But keep pressing Shawbrook for an answer...
Possibly their secure messaging system (in writing) may be better than using a telephone call centre?

Albermarle

In theory there should be no problem to open more than one cash ISA with any provider. Plus since April you can even contribute new money to more than one cash ISA per tax year.
However some providers have their own rules, and in some cases it is not entirely clear why.

Shawbrook's fixed rate ISAs do allow for further contributions during the full length of the fixed term, which is already some positive flexibility compared to most providers. However as above they retain the right to refuse transfers after the initial account opening. If interest rates drop there could be a flood of high value transfers in, so they need to protect themselves in that case, so this makes good business sense.