Problem opening an ISA with Shawbrook when I already have one with them

GrubbyGirl_2

I received a reply back from Shawbrook and have asked me to give them all the details of the transfer I want to make and the ISA I want to open and they will do it manually for me

Newly_retired

SAme here, but I am still waiting for it to happen.
I actually did ask Shawbrook first if I could add an ISA transfer to an existing 2yr ISA but they said no.

fuzzzzy

VNX said:

Murmansk said:

I go to their website and log in and see what accounts are available to open and they're all not ISAs

I go to their website not logged in and see ISAs listed. I attempt to start to open one and it asks me to log in whereupon I can't get any further.

Is it the case that Shawbrook won't let you open an ISA when you already have one? 

EDIT I've since discovered that they won't allow you to have more than one Cash ISA in any tax year BUT I was proposing to open one by transferring in from another provider using funds from previous years - I wonder if they'd let me do THAT!?

Odd, I’ve  opened a two and three years isa  with them in the past few weeks all ok 

If you are still within the 14 days cooling off period for the 3 year ISA then ring them up and ask to be upgraded to issue 62 which has gone up to 4.42% from 4.37% issue 61. I was just within the 14 days and they have upgraded me. 

VNX

fuzzzzy said:

VNX said:

Murmansk said:

I go to their website and log in and see what accounts are available to open and they're all not ISAs

I go to their website not logged in and see ISAs listed. I attempt to start to open one and it asks me to log in whereupon I can't get any further.

Is it the case that Shawbrook won't let you open an ISA when you already have one? 

EDIT I've since discovered that they won't allow you to have more than one Cash ISA in any tax year BUT I was proposing to open one by transferring in from another provider using funds from previous years - I wonder if they'd let me do THAT!?

Odd, I’ve  opened a two and three years isa  with them in the past few weeks all ok 

If you are still within the 14 days cooling off period for the 3 year ISA then ring them up and ask to be upgraded to issue 62 which has gone up to 4.42% from 4.37% issue 61. I was just within the 14 days and they have upgraded me. 

I rung them earlier and am now on issue 62, thank you 

Rusty190

They were too slow getting back to me so I've gone with Castle Trust.

LL_USS

Albermarle said:

paul235 said:

I opened two fixed rate ISA accounts  funded by transfers in November without any issues.

Even better that Shawbrook allow you to top the fixed rate ISA's with new money through the whole length of the term, which is very unusual. Although transfers in after the initial window are only at their discretion.

I have just opened a new Shawbrook 3years fixed ISA, depositing 1K and transferring in an old ISA, no problem so far. I still keep an active Trading 212 flexible ISA and plan to leave the money there a bit longer before withdrawing most of the rest of it (15k) to put into the new Shawbrook account when I can still put additional deposit into Shawbrook (within this fiscal year). This means this year's ISA allowance (16K, less than 20K as I also keep a LISA) is put in Shawbrook and I can accumulate more in Trading 212 after 5 Apr.

The key product information says "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." This means even when they don't sell this product any more, you can still deposit more until Jan 2028, right?

Yet in an email that they sent after the account opening for FAQs, question 6: Can I make more than one deposit?
A: Yes, please ensure that the product is still open for funding as the credit will be returned if the product was no longer available. You can check if the product is still available by visiting our website (available products) --> meaning if the product is no longer sold, you cannot deposit more, money will be returned, right?

These two statements seem to be contradictory. So though keeping Trading 212 longer before dumping the money into Shawbrook would earn me an extra £9/m, I perhaps should just add what I can to Shawbrook 3 year fixed ISA asap in case the product is withdrawn any time (they say they won't inform us personally when the product is withdrawn )

EDIT: more information has just been sent to me by Shawbrook, and now there's this link: https://www.shawbrook.co.uk/savings/help/depositing-withdrawing-from-your-account/#can-i-make-more-than-one-deposit

"If your bond is removed from sale (we'll do this when we have new rates), you'll usually have seven days from removal to add any more funds to your account." - So at least there's a window of 7 days there! £9/m extra is not worth the risk though :-)

refluxer

LL_USS said:

EDIT: more information has just been sent to me by Shawbrook, and now there's this link: https://www.shawbrook.co.uk/savings/help/depositing-withdrawing-from-your-account/#can-i-make-more-than-one-deposit

"If your bond is removed from sale (we'll do this when we have new rates), you'll usually have seven days from removal to add any more funds to your account." - So at least there's a window of 7 days there! £9/m extra is not worth the risk though :-)

The statement you quoted is for fixed rate (non-ISA) bonds. 

The information below that confirms you can continue to pay into a fixed rate ISA throughout the duration of the fixed rate period...

"Fixed rate bond ISAs

You can deposit up to the maximum ISA allowance per year into a fixed rate ISA, each tax year, up to the maximum deposit amount of the account. Even if your fixed rate bond has been withdrawn, you can still make a deposit if it's an ISA."

The misleading information in the email you mentioned is likely to be a result of a cut-and-paste error from a (non-ISA) fixed rate bond welcome email. The proper T&C's for the fixed rate cash ISA should override any info from a welcome email.

LL_USS

@refluxer thank you very much indeed for pointing that out. I am glad I checked - for some reason I could not see through those details.

A bank rate drop is expected early February anyway. I'll wait to decide when exactly to bring the ISA allowance for this year to the new Shawbrook account without the worry of the product being pulled leading to no more deposit, and perhaps I will add in this account future ISA allowances through the duration of the fixed period too.

Again thanks a lot.

GrubbyGirl_2

Just to update, I gave all my details to Shawbrook including the details of the transfer and have manually opened a new ISA account and are managing the transfer, so all is good so far.

LL_USS

For mine the account opening and the transfer were both very quick. Just a couple of days and the money already in! All straight forward.