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Shawbrook fixed rate cash ISA - initial deposit

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  • soulsaver
    soulsaver Posts: 6,606 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 26 May at 2:34AM
    soulsaver said:
    fuzzzzy 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 ?
    I do. That's why I said 'IME'.

    They may not like it but it's what their terms allowed.. so they're having to lump it.

    I've transferred into the same Lloyds 2 year 5.55% fix ISA from 3 different other providers at different times throughout the term. And it doesn't mature for another few months.







  • Albermarle
    Albermarle Posts: 27,808 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    soulsaver said:
    soulsaver said:
    fuzzzzy 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 ?
    I do. That's why I said 'IME'.

    They may not like it but it's what their terms allowed.. so they're having to lump it.

    I've transferred into the same Lloyds 2 year 5.55% fix ISA from 3 different other providers at different times throughout the term. And it doesn't mature for another few months.







    @soulsaver

    Looking at the FAQs on the Lloyds website today about transfers, I think they may have woken up to the fact that they have been a bit too flexible with their T's & C's .

    Yes, provided the account has been open for less than 30 days. After this period, you won’t be able to transfer or pay money into it. If you opened your Fixed Cash ISAs before 2nd June, you can continue to transfer or pay money into it.

  • soulsaver
    soulsaver Posts: 6,606 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 8 June at 1:31AM
    soulsaver said:
    soulsaver said:
    fuzzzzy 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 ?
    I do. That's why I said 'IME'.

    They may not like it but it's what their terms allowed.. so they're having to lump it.

    I've transferred into the same Lloyds 2 year 5.55% fix ISA from 3 different other providers at different times throughout the term. And it doesn't mature for another few months.







    @soulsaver

    Looking at the FAQs on the Lloyds website today about transfers, I think they may have woken up to the fact that they have been a bit too flexible with their T's & C's .

    Yes, provided the account has been open for less than 30 days. After this period, you won’t be able to transfer or pay money into it. If you opened your Fixed Cash ISAs before 2nd June, you can continue to transfer or pay money into it.

    Yes, coincidently I noticed that today, too.

    Fortunately for me I opened a 2 year fix at the end of May on the off chance it could become a useful option.
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