Shawbrook Bank are a complete shower!

Disgruntlednow

I've been trying to transfer my matured ISA from Shawbrook to another bank for over a month now.
Despite me filling the forms in correctly, requesting old monies only, my transfer request has now been refused around 5 times because they say I'm trying to transfer the current tax year's allowance!
I'm at the end of my tether. 
And now my matured ISA is attracting a miserly 0.1% rate of interest.
What do I do?
I've filled the forms in correctly. I've sent them repeated requests when they've asked me to. I've raised an official complaint. I've telephoned, messaged etc.
It's beginning to make me ill 
Does anyone have any wise words?
Thank you

Aidanmc

Is it a full or partial transfer you are trying to get done?

I don't understand why the matured ISA is oly getting 0.1% interest, when Shawbrook easy access ISA is 3.7%

Albermarle

Aidanmc said:

Is it a full or partial transfer you are trying to get done?

I don't understand why the matured ISA is oly getting 0.1% interest, when Shawbrook easy access ISA is 3.7%

Savings providers do not always use their standard easy access account when a fixed term ends.

Kim_13

Albermarle said:

Aidanmc said:

Is it a full or partial transfer you are trying to get done?

I don't understand why the matured ISA is oly getting 0.1% interest, when Shawbrook easy access ISA is 3.7%

Savings providers do not always use their standard easy access account when a fixed term ends.

I think it depends on the provider and what their default option is. Kent Reliance, where the default is to reinvest for the same term or the closest equivalent to the maturing account, do offer an Easy Access at the going rate as a maturity option. It was the fixed terms that were lower than those available to new customers.

Shawbrook mention on their website that the default is a Matured Funds Account, therefore I would ask them to move you to the Easy Access ISA and transfer onwards from there. This prevents a significant loss of interest if the transfer doesn’t go through quickly.

Disgruntlednow

It's a full transfer. I can't quite believe how badly they have messed this up. I submitted the instructions well before the maturity date and it is now 10 days beyond that.
I'm on the phone to them every day. They just want to blame the other bank. And yet, I can see that I have completed the transfer forms correctly, stating old monies only.
Pretty much in despair. Don't know where else to go with this.

booneruk

It's a full transfer but you say you requested 'old monies' only?

Either way I'm confused why there's a distinction re 2025/26 contributions. ISA providers are legally obligated to enact transfers.

Disgruntlednow

The ISA matured on 2nd June with the 2024/25 contributions in it. I was a one year fix.
I now want to transfer those monies to another ISA provider - which perfectly legitimate.
I just can't see why they won't do it and keep mentioning the current tax year allowance.
They did say last week that the computer turned it down - and I read somewhere on the Ombudsman's site that Shawbrook staff previously had not been able to see the full information contained in an ISA transfer request.
The Ombudsman didn't rule against Shawbrook in that instance because the transfer forms were dealt with by a third party.
If I don't get any joy from them after their 3 day complaints process, I'll definitely transfer to their easy access ISA and try to get it out that way.
They are just not doing their job.

Kim_13

Disgruntlednow said:

The ISA matured on 2nd June with the 2024/25 contributions in it. I was a one year fix.
I now want to transfer those monies to another ISA provider - which perfectly legitimate.
I just can't see why they won't do it and keep mentioning the current tax year allowance.
They did say last week that the computer turned it down - and I read somewhere on the Ombudsman's site that Shawbrook staff previously had not been able to see the full information contained in an ISA transfer request.
The Ombudsman didn't rule against Shawbrook in that instance because the transfer forms were dealt with by a third party.
If I don't get any joy from them after their 3 day complaints process, I'll definitely transfer to their easy access ISA and try to get it out that way.
They are just not doing their job.

By definition if you are asking for old monies only it cannot be a full transfer. The paperwork needs to be filled out for either a full transfer (in which case nothing should need to be said about when the contributions are from) or a partial transfer stating previous year contributions only (which I doubt is what you are trying to achieve given the rate.)

Filling out a part of the form meant for partial transfers when you want full is likely to have confused them, but it would be reasonable to expect them to seek clarification from you if this is the case. The fault is probably on the other bank’s side as it was their form you filled out.

Where are you trying to transfer to? I’ve found some provider’s forms easier to understand than others. 

Disgruntlednow

Firstly I tried Santander. Gave up with them after about 5 days. Virgin Money looked like it was going through until this morning when I was told I couldn't transfer to them either.
Virgin Money have confirmed that I filled out the forms correctly.
I just want my mature ISA to go somewhere else.
I'm not a banker, I'm just Joe Public. Is it too much to ask for banks to actually speak to each other?!?

Disgruntlednow

I did ask for a full transfer though. I wanted all the money from the mature ISA to be transferred. It's Shawbrook who keep mentioning current year's allowance...

kaMelo

Just to clarify
Who are you transferring the matured ISA to, Santander or Virgin (or both)?
Do you have any money from this years (25-26) ISA allowance saved with Shawbrook? (If so is it in the same account as the matured ISA or a different account.

All contact for you over ISA transfers should be with your new provider, you shouldn't really need to contact your old provider