Shawbrook ISA - transfers out - slow for all?

Ajj513

Would be interested in hearing other people's experience with transferring out of Shawbrook ISAs. We've had issues with comms and time frames every time (3 out of 3).

We've transferred out Cash ISAs to 3 different providers on 3 separate occasions, each time transferring full balance (so should be simple). 2 out of 3 times new provider has provided instructions before maturity, and once just after maturity. Each time it has taken more than 2 weeks, this time we're on 3 weeks and counting. On no occasion have delays been communicated.

If you have transferred out an ISA from Shawbrook, how long has the transfer taken?

Mal25

We have had a similar experience. My wife registered the transfer with the new provider some 3 weeks before maturity yet the transfer didn't happen until a week after maturity for which they added 8p to her £20k investment. In the meantime she lost £15 or so in interest on her new investment; not a lot individually but they seem to do this on a regular basis. Its a disgrace in this day and age when transfers can be carried out at the press of a button. Shawbrook is obviously making a fortune at the expense of ordinary investors. Not a bank we'd use again.

Albermarle

Personally I would not consider two weeks to be excessive, although of course it does happen quicker.
Probably my view is affected by the fact that in the past you could measure how long it took, more in months than weeks.
I think the guidelines are that it should not take longer than 15 working days.

eskbanker

Mal25 said:

Its a disgrace in this day and age when transfers can be carried out at the press of a button.

You're making the common mistake of equating ISA transfers with the likes of faster payments - the time taken for an ISA transfer isn't just about physically moving the money from one institution to another but all the associated administration related specifically to ISAs.  As above, three weeks is allowed for this:

Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager, unless the investor stipulates that the 15 days starts on a later date. The 15 days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

However, it's fair to say that some ISA transfers are accomplished quicker than this, so it's certainly not all that are measured in weeks....

sparklymarkly

To be fair, my transfer from Shawbrook was quite quick in the end.
ISA matured end of September (instructions given to new provider mid September) but I’d requested it be moved into an easy access rather than the default 0.1% option. I got a message from Shawbrook on 9th October saying they had received a request and checking I still wanted to go ahead. I replied, they acknowledged same day and funds were transferred later that day so no complaints really.
Not the fastest ever transfer but certainly nothing to grumble about.

Albermarle

Mal25 said:

We have had a similar experience. My wife registered the transfer with the new provider some 3 weeks before maturity yet the transfer didn't happen until a week after maturity for which they added 8p to her £20k investment. In the meantime she lost £15 or so in interest on her new investment; not a lot individually but they seem to do this on a regular basis. Its a disgrace in this day and age when transfers can be carried out at the press of a button. Shawbrook is obviously making a fortune at the expense of ordinary investors. Not a bank we'd use again.

Shawbrook have generous flexibility rules about adding to fixed term ISA's after the usual 15/30 day window.
You can still add new money right through the full fixed term of the ISA, which is very unusual.
So for this reason alone, a bank I will definitely keep using !

Albermarle

Mal25 said:

We have had a similar experience. My wife registered the transfer with the new provider some 3 weeks before maturity yet the transfer didn't happen until a week after maturity for which they added 8p to her £20k investment. In the meantime she lost £15 or so in interest on her new investment; not a lot individually but they seem to do this on a regular basis. Its a disgrace in this day and age when transfers can be carried out at the press of a button. Shawbrook is obviously making a fortune at the expense of ordinary investors. Not a bank we'd use again.

Shawbrook have generous flexibility rules about adding to fixed term ISA's after the usual 15/30 day window.

You can still add new money right through the full fixed term of the ISA, which is very unusual.
So for this reason alone, a bank I will definitely keep using !

Albermarle

Mal25 said:

We have had a similar experience. My wife registered the transfer with the new provider some 3 weeks before maturity yet the transfer didn't happen until a week after maturity for which they added 8p to her £20k investment. In the meantime she lost £15 or so in interest on her new investment; not a lot individually but they seem to do this on a regular basis. Its a disgrace in this day and age when transfers can be carried out at the press of a button. Shawbrook is obviously making a fortune at the expense of ordinary investors. Not a bank we'd use again.

Shawbrook have generous flexibility rules about adding to fixed term ISA's after the usual 15/30 day window.

You can still add new money right through the full fixed term of the ISA, which is very unusual.
So for this reason alone, a bank I will definitely keep using !

masonic

You can say that again

sparklymarkly

And again 😂🤣

2010

I have found Shawbrook to be very slow transferring out.
I made the mistake of letting my fix ISA mature into their default maturing EA ISA which paid a paltry 0.10%.
I expected the transfer to take place either the same day or next of maturity, having given transfer instructions to my new provider well in advance.
It took Shawbrook two weeks from maturity to do the transfers losing me quite a bit of interest.

Anyone having a maturing ISA with them and thinking of transferring, should request it goes into their current rate EA ISA on maturity and then do the transfer from there.
Do not let it go into their default maturing ISA account.

Article here about the same issue.

https://www.thisismoney.co.uk/money/saving/article-13363027/Shawbrook-didnt-transfer-cash-Isa-paid-just-0-1-taken-advantage-me.html