Shawbrook Bank - how do they get away with it?

MrRee_2

I had a 1 year ISA, maturing on 10th April 2026.
In March they asked me what I wanted to do with the funds. As they didn't have any decent rates I informed them, with 30 days notice, that I would be transferring all of the funds out of the ISA on maturity.
The ISA transfer was pending for 30 days.
I would have thought a decent Bank would have transferred the funds on maturity, given they had 30 days notice!
But, no!!! They now tell me they have 15 days to transfer - in the meantime they have moved the funds into their account at 0.1%!!! 0.1%!!!!!
What a disgraceful way to treat a customer who has been with them, on and off, for many years.
They are now hiding behind the minimum legal requirement of 15 days - odd that, as I gave them over 30 days notice!! Customer service is absolutely awful, just hiding behind the minimum legal requirement - they need to be better than that, but aren't.................. AVOID!!

eskbanker

They don't have 15 days, as that's the time for the whole end-to-end process

https://forums.moneysavingexpert.com/discussion/comment/81944981#Comment_81944981

MrRee_2

They claim to have 15 days from the maturity of the ISA, not from my instruction.

My instruction to the receiving Bank was to transfer on the maturity date, they informed Shawbrook Bank straight away and replied to me that my funds were pending maturity and will be released then. Which I was perfectly happy with.

I find it disgusting that they have placed my funds at 0.1% - at the worst case put them in their cash ISA at 2.7% to be fair and reasonable.

They have now replied telling me that they have 15 days and they expect me to drop my claim as they have outlined the legal position.

I find it totally outrageous how they can get away with such truly awful customer service - I'm old now and this feels like the 1970's where customers were sometimes treated this badly….. I thought that had changed, not according to Shawbrook Bank it seems.

mebu60

Shawbrook are totally correct in what they say. However, most transfers are completed much quicker. But the clock does not start until the fixed ISA matured.

MrRee_2

Thanks - I get the feeling that they are leaning into the 15 days to profit as they're only paying 0.1% after paying 4.88% for a year. Which is a disgraceful way to treat customers IMO.

As a comparison, I am also moving ISA's from Ford Money to Vanquis Bank, the transfer is how I expect it should be - swift and with a duty of care.

Are Shawbrook just incompetent or mean?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81962993#Comment_81962993

They're not totally correct - as shown in the HMRC documentation linked from the above post, the ceding provider has no more than five "business days to send the funds and information to be provided to the new ISA manager", starting from the later of receipt of the transfer request or the maturity date.

Peter999_2

This is a bit odd. I did the same as you and transferred from Shawbrook (I went with Vida). The ISA was transferred and in the Vida account the day after the ISA matured (I gave them about 10 days notice).

Hopefully it will be done very soon for you.

masonic

A shorter notice period is often better. When a transfer is pended then this can lead to additional delays or failure (in the case of some providers). I would normally aim for a little over 5 working days notice, or wait until the maturity date and submit an immediate transfer request for the maturity account.

subjecttocontract

Shouldnt this be in the ISA section of the forum ?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81963080#Comment_81963080

Seems hardly worth bothering the forum team. At least it is categorically correct.

MrRee_2

It's not about an ISA - it's about Shawbrook Bank - the ISA is simply the vehicle that carries the message, not the subject.