Transfer recently from Shawbrook to Virgin Money

NewPieman

We often see observations from folks about "How long does it take to transfer" and also other poor reports……so here's a personal anecodote…..

Opened up a VM 1 yr Fixed ISA on Friday (PM), put the transfer info for my Shawbrook 1 yr which matured on the Sunday.

Message on Monday from Shawbrook "We have received your request from VM"…….

Email from Shawbrook on Tuesday PM "We have completed your request"……

Money is showing in my VM account dated Tuesday 17th……

refluxer

Yes, I've had a number of accounts with Shawbrook over the years (both ISA and non-ISA) and always found them to be pretty efficient.

Your experience reflects well on Virgin Money too, who haven't had a great reputation in the past in terms of how well they deal with cash ISA transfers.

HUMBUG

I am in the process of transferring my cash isa from Shawbrook to Vida and they have parked my cash ISA in their measly 0.1% holding account like they did last time over a year ago . So for every day they delay the transfer , I am losing about £9 , so I'm raising a formal complaint again because they have broken the same rule again as follows (even though this measly 0.1% account is mentioned in their T&C's):

• Consumer Duty Compliance: Under the Consumer Duty, firms must act to deliver good outcomes for retail customers and ensure products provide fair value.
• Lowest Rate Review: The FCA has been actively investigating firms offering the lowest interest rates (typically under 1%). They require these firms to justify these rates through detailed Fair Value Assessments.
• Outlier Action: The regulator has stated it will take robust action against firms that are "outliers" on price or cannot demonstrate how a near-zero rate provides value to the consumer.
• Closing vs. Open Products: From July 2024, these rules apply to closed products (like your matured ISA) as well as open ones. Any significant difference between a bank's "on-sale" rate (e.g., their current 2.70% easy access) and their "off-sale" or matured rate (0.10%) must have a clear, justified rationale

When I raised the case to the Financial Ombudsman they decided in my favour and told Shawbrook to pay me back the lost interest I would have made on the highest 'Easy Access Cash Isa ' rate on the market at the time over the period my funds were held in their holding rate 0.1% account.

So even though I won that case, they've gone and done the same this year . If they do the transfer within the next day, I won't bother to complain but if it's over 3 days , I will request compensation.