Shawbrook fixed rate cash ISA - initial deposit

LL_USS

I meant only Shawbrook among the two I tried for 3 years fixed.

As the rate is still to be used for new money for the whole length of the 3 years period, it is very good. I still have to keep this money liquid for a big decision in the next 3 years so I am very happy to be able to fix the rates.

fuzzzzy

clairec666 said:

Albermarle said:

LL_USS said:

I had a question about 3 year fixed ISA accounts on this forum before, and it was said here that a perk with Shawbrook ISAs is that the added money in the subsequent years within this 3 years still gets the same rate.

I had a chat with Shawbrook in my account and this was confirmed by the agent. I put in a small amount to test and yes just a day after, the new money (of this year) entered the same account receiving the same fixed rate from the entry point onward to the end of the 3 years period.

I also opened a Close Brothers 3 years fixed ISA (for a transfer in) just after the Shawbrook one, also asked the agent about adding new money in, they messaged back to say yes (same as above). I did the same test, a few days later now they email me saying they need to refund the new money as the funding window is closed and we need to open a new account for that. So only Shawbrook 3 years ISA still accept new payments in during the fixed period!

I think there are a couple of other providers, who will also accept payments into a fixed rate ISA, during the fixed rate period, but I can not remember who !

Barclays 1 year flexible ISA does - but it's a bit of an unusual account because it's fixed rate (3.8%) yet also allows withdrawals.

I believe Kent Reliance, Lloyds, and Bath BS may also allow additional payments into fixed rate ISAs.

Albermarle

fuzzzzy said:

clairec666 said:

Albermarle said:

LL_USS said:

I had a question about 3 year fixed ISA accounts on this forum before, and it was said here that a perk with Shawbrook ISAs is that the added money in the subsequent years within this 3 years still gets the same rate.

I had a chat with Shawbrook in my account and this was confirmed by the agent. I put in a small amount to test and yes just a day after, the new money (of this year) entered the same account receiving the same fixed rate from the entry point onward to the end of the 3 years period.

I also opened a Close Brothers 3 years fixed ISA (for a transfer in) just after the Shawbrook one, also asked the agent about adding new money in, they messaged back to say yes (same as above). I did the same test, a few days later now they email me saying they need to refund the new money as the funding window is closed and we need to open a new account for that. So only Shawbrook 3 years ISA still accept new payments in during the fixed period!

I think there are a couple of other providers, who will also accept payments into a fixed rate ISA, during the fixed rate period, but I can not remember who !

Barclays 1 year flexible ISA does - but it's a bit of an unusual account because it's fixed rate (3.8%) yet also allows withdrawals.

I believe Kent Reliance, Lloyds, and Bath BS may also allow additional payments into fixed rate ISAs.

You could well be right, but I assume like Shawbrook, that transfers in after the initial window are restricted/not allowed/at their discretion, and only new money is allowed to be added.

fuzzzzy

LL_USS said:

I meant only Shawbrook among the two I tried for 3 years fixed.

As the rate is still to be used for new money for the whole length of the 3 years period, it is very good. I still have to keep this money liquid for a big decision in the next 3 years so I am very happy to be able to fix the rates.

Yes I opened a 3 year fixed rate to Shawbrook with a small ISA transfer in January hoping I would be able to pay in £20k new money for the next 3 years if the interest rate was not surpassed in later years by other offerings. Plan might be slightly scuppered if the annual cash ISA limit is reduced in coming years.

Darnhall123

I opened a Shawbrook 5yr fix in the 2023/2024 tax year at 5.22% and maxed it out. 

I’ve subsequently put £20k in 2024/2025 & 2025/2026 tax years at the same 5.22% rate despite current interest rates being well below this. 

I’ll also continue investing to the full in future years of the product. 

They’re a great option. 

Kim_13

PaulW63 said:

I opened a Shawbrook 5yr fix in the 2023/2024 tax year at 5.22% and maxed it out. 

I’ve subsequently put £20k in 2024/2025 & 2025/2026 tax years at the same 5.22% rate despite current interest rates being well below this. 

I’ll also continue investing to the full in future years of the product. 

They’re a great option. 

Would have done the same but could not as had already contributed to a Cash ISA in that year (the last of the one ISA per year HMRC rules.)

In hindsight I should have taken a penalty on a 4.4% YBS fix from 22/23 to secure said Shawbrook ISA. 

NatWest 5.9% fix matures in September so will transfer to Skipton Quadruple Access and leave it there until tempting long funding window products come along.

Bath are currently showing as a 14 day window only, but they did have longer at one time. No transfers with them either.

soulsaver

Albermarle said:

fuzzzzy said:

clairec666 said:

Albermarle said:

LL_USS said:

I had a question about 3 year fixed ISA accounts on this forum before, and it was said here that a perk with Shawbrook ISAs is that the added money in the subsequent years within this 3 years still gets the same rate.

I had a chat with Shawbrook in my account and this was confirmed by the agent. I put in a small amount to test and yes just a day after, the new money (of this year) entered the same account receiving the same fixed rate from the entry point onward to the end of the 3 years period.

I also opened a Close Brothers 3 years fixed ISA (for a transfer in) just after the Shawbrook one, also asked the agent about adding new money in, they messaged back to say yes (same as above). I did the same test, a few days later now they email me saying they need to refund the new money as the funding window is closed and we need to open a new account for that. So only Shawbrook 3 years ISA still accept new payments in during the fixed period!

I think there are a couple of other providers, who will also accept payments into a fixed rate ISA, during the fixed rate period, but I can not remember who !

Barclays 1 year flexible ISA does - but it's a bit of an unusual account because it's fixed rate (3.8%) yet also allows withdrawals.

I believe Kent Reliance, Lloyds, and Bath BS may also allow additional payments into fixed rate ISAs.

You could well be right, but I assume like Shawbrook, that transfers in after the initial window are restricted/not allowed/at their discretion, and only new money is allowed to be added.

Lloyds allows transfers in throughout IME. Click on 'More Actions/Add Money' (not 'Top Up').

fuzzzzy

PaulW63 said:

I opened a Shawbrook 5yr fix in the 2023/2024 tax year at 5.22% and maxed it out. 

I’ve subsequently put £20k in 2024/2025 & 2025/2026 tax years at the same 5.22% rate despite current interest rates being well below this. 

I’ll also continue investing to the full in future years of the product. 

They’re a great option. 

Yeah they are a great option, but if you put a full £20k in for the 4th year in the 2026/2027 tax year it may take you over the FSCS limit of £85k, depending on exactly when you initially funded and added the subsequent years funding.

Albermarle

soulsaver said:

Albermarle said:

fuzzzzy said:

clairec666 said:

Albermarle said:

LL_USS said:

I had a question about 3 year fixed ISA accounts on this forum before, and it was said here that a perk with Shawbrook ISAs is that the added money in the subsequent years within this 3 years still gets the same rate.

I had a chat with Shawbrook in my account and this was confirmed by the agent. I put in a small amount to test and yes just a day after, the new money (of this year) entered the same account receiving the same fixed rate from the entry point onward to the end of the 3 years period.

I also opened a Close Brothers 3 years fixed ISA (for a transfer in) just after the Shawbrook one, also asked the agent about adding new money in, they messaged back to say yes (same as above). I did the same test, a few days later now they email me saying they need to refund the new money as the funding window is closed and we need to open a new account for that. So only Shawbrook 3 years ISA still accept new payments in during the fixed period!

I think there are a couple of other providers, who will also accept payments into a fixed rate ISA, during the fixed rate period, but I can not remember who !

Barclays 1 year flexible ISA does - but it's a bit of an unusual account because it's fixed rate (3.8%) yet also allows withdrawals.

I believe Kent Reliance, Lloyds, and Bath BS may also allow additional payments into fixed rate ISAs.

You could well be right, but I assume like Shawbrook, that transfers in after the initial window are restricted/not allowed/at their discretion, and only new money is allowed to be added.

Lloyds allows transfers in throughout IME. Click on 'More Actions/Add Money' (not 'Top Up').

So if you have a fixed term Cash ISA with LLoyds, paying 5% and interest rates in the market plummet. They would have no problem with a client transferring in hundreds of thousands of Pounds from another cash ISA to take advantage?
Seems a bit unlikely, but who knows ?

Darnhall123

fuzzzzy said:

PaulW63 said:

I opened a Shawbrook 5yr fix in the 2023/2024 tax year at 5.22% and maxed it out. 

I’ve subsequently put £20k in 2024/2025 & 2025/2026 tax years at the same 5.22% rate despite current interest rates being well below this. 

I’ll also continue investing to the full in future years of the product. 

They’re a great option. 

Yeah they are a great option, but if you put a full £20k in for the 4th year in the 2026/2027 tax year it may take you over the FSCS limit of £85k, depending on exactly when you initially funded and added the subsequent years funding.

Yeah I know. That’s the gamble I’m going to have to consider. If interest rates continue to fall I may well take the chance. If I can get another product elsewhere 4%+, I’ll prob share out the £20k keeping my Shawbrook total balance there or thereabouts £85k at the end of the term.