Shawbrook Bank are a complete shower!

2010

I've got an ISA maturing with Shawbrook shortly but I'm taking no chances with their transferring times, whilst lingering in a .10% account.
I'm instructing them,on maturity,to put it in their variable rate ISA and will transfer from there as soon as it's in to another provider.

VNX

2010 said:

I've got an ISA maturing with Shawbrook shortly but I'm taking no chances with their transferring times, whilst lingering in a .10% account.
I'm instructing them,on maturity,to put it in their variable rate ISA and will transfer from there as soon as it's in to another provider.

Quite right.

why anyone would not give maturity instructions baffles me. 

bucksman

I have just posted a separate thread but now seen this - I am in exactly the same position - Virgin do not understand the issue in terms of why Shawbrook are rejecting a transfer.  Shawbrook are blaming Virgin!  meanwhile, my ISA sits likewise in a 0.1% interest account  (it was in a fixed term ISA that matured).  I started all this a few days before it matured and it goes on ...Virgin have now suggested I complete by hand their transfer form! What a saga - can anyone come to our rescue, please! 

2010

All I can advise is to phone Shawbrook NOW and tell them to immediately transfer your ISA into their easy access ISA account paying 3.7% and start the transfer to Virgin all over again.
Also put in a complaint to Shawbrook about the rejection of the transfer.

bucksman

Thank you 2010, for your suggestion here.  I received a secure message from them this morning blaming 'human error' at Virgin Money for not making it clear that this transfer was for previous year ISA funds. I have raised a complaint with Shawbrook and Virgin, as they are both blaming each other.  I do like the idea of asking Shawbrook in the meantime to transfer to a better interest account.  Talking to Virgin this afternoon it is now (once again!) back with thier ISA team.  Their transfer form (online) is ambiguous in terms of current or previous years funds - I am sure this is where the issue is. Watch this space I guess! It is shocking that they are both so poor. 

fuzzzzy

VNX said:

2010 said:

I've got an ISA maturing with Shawbrook shortly but I'm taking no chances with their transferring times, whilst lingering in a .10% account.
I'm instructing them,on maturity,to put it in their variable rate ISA and will transfer from there as soon as it's in to another provider.

Quite right.

why anyone would not give maturity instructions baffles me. 

I guess the problem is that sometimes as your ISA is coming close to maturity there might be a good fixed rate deal with another provider that you don't want to miss out on by hanging around waiting for the maturity date. So you open the new fixed rate ISA and request a transfer on maturity. Once you have done that you would likely scupper the transfer process if you also gave maturity instructions to your current ISA provider, although in the case of Shrawbrook I think I might try that process in the future to try and mitigate the risk of funds being stuck at 0.1% for any length of time.

bucksman

Update on my transfer issue - Shawbrook was quick to move my matured ISA funds from their 0.1% holding easy-access ISA to their 3.7% easy-access ISA - there's a positive! In terms of the transfer to Virgin ...no updates! 

VNX

bucksman said:

Update on my transfer issue - Shawbrook was quick to move my matured ISA funds from their 0.1% holding easy-access ISA to their 3.7% easy-access ISA - there's a positive! In terms of the transfer to Virgin ...no updates! 

Internal transfers can often be quick.

3.7pc however isn’t very competitive.

Rusty190

VNX said:

bucksman said:

Update on my transfer issue - Shawbrook was quick to move my matured ISA funds from their 0.1% holding easy-access ISA to their 3.7% easy-access ISA - there's a positive! In terms of the transfer to Virgin ...no updates! 

Internal transfers can often be quick.

3.7pc however isn’t very competitive.

No, but it's better than 0.1%.
My question would be, does the new easy access. Shawbrook account have a different account number to the old one thereby offering Virgin more excuses to be confused? 

refluxer

Rusty190 said: My question would be, does the new easy access. Shawbrook account have a different account number to the old one thereby offering Virgin more excuses to be confused? 

When I requested that my last maturing Shawbrook fixed rate cash ISA be transferred into their easy access ISA, it gained a new account number so I would presume the same would be true if you were transferring from their Matured Funds ISA account.