Shawbrook ISA useful quirk?

Hal17

Thank you both for the replies. Refluxer was correct as I have now received an email informing me that my transfer request has already been sent to Virgin Money. I also have on-line access to the new Isa account, so no need to send any signed documents. Thanks again.

intalex

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

refluxer

intalex said:

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

I know someone who asked Shawbrook if they could transfer-in a month or two after the fixed ISA account was opened and they said that wasn't possible.

clairec666

refluxer said:

intalex said:

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

I know someone who asked Shawbrook if they could transfer-in a month or two after the fixed ISA account was opened and they said that wasn't possible.

It might depend on which member of the customer service team you get. Given that their own T&Cs, welcome letter etc. appear to contradict each other at times, it's possible that two different members of staff might interpret the rules differently.

Albermarle

intalex said:

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

Say for example, you had a fix at 4% and then interest rates shot up unexpectedly, so you could easily get say 6% in the ISA savings market. Then I am sure they would happily accept any transfers in. 

intalex

Albermarle said:

intalex said:

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

Say for example, you had a fix at 4% and then interest rates shot up unexpectedly, so you could easily get say 6% in the ISA savings market. Then I am sure they would happily accept any transfers in. 

I wondered if they might accept one if the reverse was true, but that seems unlikely even if a large portion of eligible new ISA allowance funds hadn't arrived each tax year, as they would have little incentive to offer a higher than market interest rate on any more funds than they need to.

GlasgowExpat2

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. 

Just a word of caution. I had my transfer rejected as i had chosen the wrong Virgin Money option (apparently my ISA account is with Clydesdale though i opened it via VM). Shawbrook were very helpful on the phone and processed it manually. 

Hammer_Time

Same here I transferred  mine Virgin (Clydesdale) which was rejected, phoned Virgin to be told use Virgin (Northern Rock). Phoned Shawbrook who sorted it all out over the phone.

clairec666

I've got a Virgin ISA maturing in a few months' time - which option should I be using? Sort code is 08-60-64. Never realised when applying that Virgin were such a pain with their split personalities and multiple different login systems!

Albermarle

intalex said:

Albermarle said:

intalex said:

Albermarle said:

Note though that transfers in are only definitely allowed in the first 30? days. After that they are only allowed at their discretion.

Any idea what it takes to convince them to accept a transfer in after the initial period?

Say for example, you had a fix at 4% and then interest rates shot up unexpectedly, so you could easily get say 6% in the ISA savings market. Then I am sure they would happily accept any transfers in. 

I wondered if they might accept one if the reverse was true, but that seems unlikely even if a large portion of eligible new ISA allowance funds hadn't arrived each tax year, as they would have little incentive to offer a higher than market interest rate on any more funds than they need to.

It is very unlikely that they would accept a transfer if the reverse was true.
That is why they have the restriction.