Shawbrook ISA useful quirk?

info_maniac

I called Shawbrook today to clarify this point and the advisor confirmed that I can add another £20k in the upcoming tax year(s). 

Initially, she added that I can also transfer-in previous years ISAs/contributions from other providers into this 5 year fix ISA in future tax years, but she later corrected herself when I pointed out the 14 day rule. 

Not sure what to make out of it, as I am now doubting the information she gave.

Albermarle

info_maniac said:

I called Shawbrook today to clarify this point and the advisor confirmed that I can add another £20k in the upcoming tax year(s). 

Initially, she added that I can also transfer-in previous years ISAs/contributions from other providers into this 5 year fix ISA in future tax years, but she later corrected herself when I pointed out the 14 day rule. 

Not sure what to make out of it, as I am now doubting the information she gave.

If I remember the rules correctly, you can transfer in funds at a later date but only 'at their discretion'

Clearly the rule is there to protect themselves, and to stop a potential flood of money transferring in, if interest rate movements made it advantageous to do that.
The fact they allow new contributions to an existing fixed term is in itself quite generous, but at least for them it is limited by the ISA limit. 

SacredStephan

https://www.shawbrook.co.uk/media/viqb2mdn/5-year-fixed-rate-cash-isa-62.pdf

charlie12525

A couple of days ago I went ahead and opened a Shawbrook 5 year fixed ISA.

I have already received a message from RBS confirming that the ISA transfer will happen upon maturity of my RBS ISA on 05/09/25.

Regarding the option to add new funds to a Shawbrook multi-year fixed rate ISA - I was also told by a phone advisor a few days ago that I could add up to 20k of new money to this ISA every tax year.

It does not mention it in the terms but it does in the product summary as detailed in my previous post.

35har1old

Albermarle said:

35har1old said:

Albermarle said:

charlie12525 said:

From the Shawbrook website...

Summary Box

5 Year Fixed Rate Cash ISA - Issue 62

How do I open and manage the account?

You can only open and operate one Cash ISA with Shawbrook in any single tax year. 

You add new ISA funds to your Shawbrook Cash ISA each tax year until the expiry of the fixed term, but there's a limit set by the UK government. For 2025-2026, that limit is £20,000 each tax year. The tax year runs between 6 April to 5 April. If you have more than one ISA account, this £20,000 limit applies to all of them together for that tax year.

The wording is poor. I think there is a missing word and the sentence above should read.. 

You CAN add new ISA funds to your Shawbrook Cash ISA each tax year until the expiry of the fixed term...

I am opening this account today with a partial transfer of about 10k from a soon to mature RBS fixed term ISA.

It is a good rate for a 5 year account but the main reason for me is the ability to top it up for the next 5 years at 4.25% when the forecast trajectory for rates is downwards over this period.

From my experience, the info you receive after opening the account is the worse part , as it seems to contradict the above ( as mentioned in my post above)

Does the one account rule apply when your are transferring in only no new money added 

I would presume so, as you would still have to open an ISA to transfer in.

Update
Allowed to open as many as wanted but only able to add new money to one in tax year others transfer in only

35har1old

info_maniac said:

I called Shawbrook today to clarify this point and the advisor confirmed that I can add another £20k in the upcoming tax year(s). 

Initially, she added that I can also transfer-in previous years ISAs/contributions from other providers into this 5 year fix ISA in future tax years, but she later corrected herself when I pointed out the 14 day rule. 

Not sure what to make out of it, as I am now doubting the information she gave.

info_maniac said:

I called Shawbrook today to clarify this point and the advisor confirmed that I can add another £20k in the upcoming tax year(s). 

Initially, she added that I can also transfer-in previous years ISAs/contributions from other providers into this 5 year fix ISA in future tax years, but she later corrected herself when I pointed out the 14 day rule. 

Not sure what to make out of it, as I am now doubting the information she gave.

If you have a ISA maturing within 30 days just open another you are allowed to open any number of ISAs as long as you only add new money to one per tax year 

charlie12525

35har1old said:

Albermarle said:

35har1old said:

Albermarle said:

charlie12525 said:

From the Shawbrook website...

Summary Box

5 Year Fixed Rate Cash ISA - Issue 62

How do I open and manage the account?

You can only open and operate one Cash ISA with Shawbrook in any single tax year. 

You add new ISA funds to your Shawbrook Cash ISA each tax year until the expiry of the fixed term, but there's a limit set by the UK government. For 2025-2026, that limit is £20,000 each tax year. The tax year runs between 6 April to 5 April. If you have more than one ISA account, this £20,000 limit applies to all of them together for that tax year.

The wording is poor. I think there is a missing word and the sentence above should read.. 

You CAN add new ISA funds to your Shawbrook Cash ISA each tax year until the expiry of the fixed term...

I am opening this account today with a partial transfer of about 10k from a soon to mature RBS fixed term ISA.

It is a good rate for a 5 year account but the main reason for me is the ability to top it up for the next 5 years at 4.25% when the forecast trajectory for rates is downwards over this period.

From my experience, the info you receive after opening the account is the worse part , as it seems to contradict the above ( as mentioned in my post above)

Does the one account rule apply when your are transferring in only no new money added 

I would presume so, as you would still have to open an ISA to transfer in.

Update
Allowed to open as many as wanted but only able to add new money to one in tax year others transfer in only

Did you get that info from customer services because it contradicts the wording in their website product summary?

Hal17

I opened a 1 Year Fixed Isa on-line this morning along with a transfer request from Virgin Money. When I look at the documents showing the account details it has a place for my signature. I have not received or seen any request that these should be signed and retuned to Shawbrook. Does anyone know if these need to be signed? Many thanks. 

refluxer

Hal17 said:

I opened a 1 Year Fixed Isa on-line this morning along with a transfer request from Virgin Money. When I look at the documents showing the account details it has a place for my signature. I have not received or seen any request that these should be signed and retuned to Shawbrook. Does anyone know if these need to be signed? Many thanks. 

There's usually no need for signatures for BACs (electronic) ISA transfers so if you haven't been asked to sign the form and send it to them, then I wouldn't worry about it. 

I've current got a Shawbrook fixed rate cash ISA running and have a similar, unsigned transfer form PDF. They'll presumably only need to be printed, signed and posted to Shawbrook when transferring from an ISA provider who doesn't do electronic ISA transfers and are just provided for your reference.

Albermarle

Hal17 said:

I opened a 1 Year Fixed Isa on-line this morning along with a transfer request from Virgin Money. When I look at the documents showing the account details it has a place for my signature. I have not received or seen any request that these should be signed and retuned to Shawbrook. Does anyone know if these need to be signed? Many thanks. 

I have some vague memory of the same for me. I think it is possible to sign it electronically, using their software.
However do not quote me on this !