Shawbrook Bank are a complete shower!

Disgruntlednow

Ok - I'll clarify.
The mature ISA I want to transfer out matured on 2/6/25. This was my 2024/25 ISA. I sent a transfer request on 5/5/25. This was from Santander to request that the mature ISA be transferred to them on maturity.
In April I opened a new fixed ISA with Shawbrook and put my 2025/26 allowance in there.
Two completely separate ISAs.
I was told on maturity that Shawbrook hadn't received my instruction. Then they said they had accepted the transfer request. Then the next day they said they had refused it - no reason given - and asked Santander to send it again. This happened 3 or 4 times. Santander washed their hands of me. The window to transfer into their ISA had expired. Shawbrook eventually gave the reason for them turning down the request as that I had asked for the transfer if my current year allowance and that I should have requested old monies only. It pretty sure I did but Santander couldn't/wouldn't show me my transfer request. Their chat bot allows about 100 characters. Completely useless.
So then I opened a new ISA with Virgin Money, thinking I'll try again. I made sure I put in a request for the matured ISA only, not anything else and Virgin Money confirmed on the phone today that it was completely correct.
Yesterday I got a message from Shawbrook, the transfer request had been accepted. Today another message - it had been rejected because I'd asked for current year monies.
It's the same cycle over and over. More than a month since my original maturity instruction and nothing has changed.
I take your point that I should only be in touch with the bank(S) requesting the transfer but Shawbrook keep asking me to contact them on Shawbrook's behalf.
Surely both Santander and Virgin Money can't have made the same error. Surely, it must be something wrong in Shawbrook's system.
I'm a lay person, I know nothing. I just wish they'd sort it out!

Kim_13

Keep a copy of your next transfer instruction.

As current year monies are with Shawbrook in a different ISA, it would be correct to say that you haven’t subscribed within the current year when you ask for a full transfer - if you haven’t already.

If the above doesn’t work, Shawbrook have this on their website: We don't offer partial transfers, so if you wish to transfer funds from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA

I wonder if they are effectively treating your combined holding as one ISA, therefore rejecting it as their interpretation amounts to a request for a partial transfer that they don’t offer. I’d certainly take it to official complaint and the ombudsman if so, as any reasonable person would consider accounts with independent account numbers as separate, and a failure to do so is effectively holding you hostage as you cannot transfer out your full holding with Shawbrook without taking a penalty on the current year fixed ISA.

Disgruntlednow

Thank you for that excellent advice. I will wait and see what Shawbrook say to my complaint. I'm also spamming them on social media and trust pilot. I don't want anyone else to suffer what I'm going through.

35har1old

Disgruntlednow said:

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.

Perhaps it's that you said old monies only.
If it's a full transfer that answer is not applicable 
You didn't submit it you new ISA provider did so did they tell you when they submitted it
They are more likely to wait to maturity date to submit 
Is it a requirement of the new provider to have the transfer form at time of application and only then if the transfer has failed there is no way of resubmitting a new transfer request.
The only route left is open a new ISA
State full transfer
If asked does it contain money from this year allowance answer no

Disgruntlednow

I did ask for a full transfer of the matured ISA. It's Shawbrook who have muddied the waters by telling me I have to tell Santander/Virgin Money that they need to request old monies not the current year monies 
Honestly Shawbrook have been evasive and confusing at all points. It took me days to get them to tell me what was wrong. Before that they just said the transfer request "contained incorrect information". I have had to fight them every step of the way. Their default response is "it's the other bank's fault".

masonic

It almost sounds as though Shawbrook are managing ISAs as a "portfolio ISA" where each customer has a single ISA split between product pots. Except I don't think Shawbrook was a provider that previously did this. But a partial transfer of all previous year subscriptions might be a way to break the impasse, despite what they say about partial transfers on their website. It can't be less successful than what you've tried already.

Seems unusual this hasn't come up regularly as a lot of savers use Shawbrook for fixes over multiple tax years.

Kim_13

masonic said:

It almost sounds as though Shawbrook are managing ISAs as a "portfolio ISA" where each customer has a single ISA split between product pots. Except I don't think Shawbrook was a provider that previously did this. But a partial transfer of all previous year subscriptions might be a way to break the impasse, despite what they say about partial transfers on their website. It can't be less successful than what you've tried already.

Seems unusual this hasn't come up regularly as a lot of savers use Shawbrook for fixes over multiple tax years.

They don’t manage ISAs as a portfolio ISA normally, given they (as is their right) say that customers can only open one ISA with them per tax year. Kent Reliance, a portfolio ISA provider back when portfolio ISAs were a thing (there has been no need for portfolio ISAs since 2024/2025, as HMRC no longer restrict how many Cash ISAs can be paid into) have no problem with customers opening as many ISAs with them as they like. 

If Shawbrook are operating OPs ISAs as a portfolio, they are doing it only when it suits them. 

Please keep us updated, as Shawbrook are popular with forumites for the reason masonic mentioned.

Disgruntlednow

I will certainly let you know how things go. No response to my complaint yet.
I could transfer to an easy access ISA with them but if I do the account number will change, fouling the transfer process even more.
I just don't know why they are not listening to the bank that is requesting the transfer.

Disgruntlednow

This fiasco is still ongoing - with both sets of banks still blaming each other.
I request full transfer of old monies (not current year), accepting bank confirm that is what I've asked for and what they've sent to Shawbrook.
Shawbrook refuse transfer request on the basis that old and current monies have been requested.
Accepting bank(S) say, Shawbrook's fault. Shawbrook say it requesting/accepting bank's fault.
After 15 days of this hell, banks' ISA teams talk to each other. Maybe perhaps, fingers crossed, the transfer might actually happen (although they have another 15 days in which to complete it).
In the meantime, I'm missing out on interest, sleep, sanity... And still no one will accept responsibility or answer why there is such a gaping hole in the system.
Help!!!

Shylock_249

Aidanmc said:

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

I spoke to Shawbrook a couple of days ago regarding matured accounts both ISA and non-ISA accounts.

The lady said that if no maturity instructions are given the funds are transferred into their maturity account paying 0.1% interest.

I asked what happens to fixed rate accounts (ISA and non-ISA) when the account matures with NO maturity instructions.

The specific scenario I put forward: If one took out a fixed rate account on 1 Jan with a maturity date of 31 Dec and the person died on 7 Jan?  The answer was that the account would continue on the fixed rate until 31 Dec.  During the period 7 Jan - 31 Dec it would be expected that probate if necessary had been obtained and the account could be moved to the surviving spouse's account or whatever.

I then asked what would happen if the person died on 25 Dec?  The lady said that on 31 Dec the account would be moved to their maturity account paying 0.1%.  She stated that in her experience some probates were actioned within 4 weeks.  Oh yeah!

Yes Aidanmc, I agree with you, why doesn't Shawbrook move the money into an easy access ISA account or easy access non-ISA account.

I phoned other banks where we hold ISA regarding maturity, this was their (telephone conversation) reply:

Charter - Moved to their easy access account.
Close Bros - Moved to their 1.0% maturity account.
Kent Reliance - Moved to the closest similar account - As a poster on this thread has stated.
Paragon - Moved to easy access account
Virgin - Moved to their maturity account 1.25%