Shawbrook Bank - how do they get away with it?

Growingold

I had a FR ISA with Shawbrook. I did not give them any maturity instructions. I initiated the transfer with the new provider asking them to wait until the maturity date. I received an acknowledgement from Shawbrook that the transfer request had been received from the new provider.

Before maturity I received another email from Shawbrook re maturity instructions but it said :-

If you’ve requested a transfer to another provider

You don’t need to take any action. We’re waiting to receive the instruction from your new ISA provider. We’ll keep you updated when we receive it.

I have no problems with the transfer timescale. Yes when it matured it went to their maturity account (08/05) at 0.10% but was transferred out on 12/05 and received by my new provider the same day well within the 15 working day timescale for ISA transfers Matured on a Friday with the transfer the following Tuesday.

I have no problems with this. I accepted that with maturity over the weekend it might complicate things.

clairec666

OP, can you confirm that you initiated a transfer with your new provider?

It doesn't matter when you initiated it - if you specified that they should wait until maturity then the clock starts ticking at the maturity date. If it hasn't completed in a reasonable timeframe after that date then you have grounds to complain.

Shylock_249

That's what me and the wife do. We just contact the new provider and do NOT advise the maturing provider. Thus far we've had NO problems.

I don't trust Shawbrook one bit and as such me and the wife transferred out our ISAs with them (over 181k).

They passed my details to a research company who contacted me regarding how satisfied I was with Shawbrook…..

It's a poor state of affairs when customers like myself, Humbug and others do NOT trust a bank. Disliking a bank (I don't like my high street bank) is one thing; NOT trusting them is another.

And their maturity account paying 0.1% is a disgrace. I guess they believe that most savers will NOT read the small print when opening accounts with them.

Of course; there is always TRUSTPILOT.