Shawbrook 1.05% AER Variable Easy Access A/c

alanq
alanq Posts: 4,216
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edited 18 May 2017 at 9:27AM in Savings & investments
Shawbrook will launch Easy Access Issue 9 paying 1.05% AER Variable at 11:30 today. Minimum opening balance £1000. Above interest rate only applies while balance exceeds £1000.
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  • badger09
    badger09 Posts: 11,128
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    I'm not interested:p for myself, but thanks for the heads up.

    I've helped my sister to use them in the past. She's 80, won't use internet for anything, and by now will have several £ in a non interest bearing current account. Not an earth shattering rate, but better than 0.
  • alanq
    alanq Posts: 4,216
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    edited 18 May 2017 at 11:21AM
    It is unclear whether with monthly interest the 1.04% is Gross or AER. If I understand correctly it cannot be both, as claimed on the web site. I suspect 1.04% Gross and 1.05% AER.

    https://www.shawbrook.co.uk/savings/personal-accounts/easy-access-accounts/easy-access-issue-9/
  • alanq
    alanq Posts: 4,216
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    edited 18 May 2017 at 5:32PM
    Buried in the Ts&Cs is the mention that one can only have one Easy Access account. This covers ALL issues. To move funds from an earlier issue to Issue 9 for the higher interest rate one must phone or send a secure message requesting this.

    I wonder how long Issue 9 will remain earning a higher rate than the earlier issues.

    N.B. If you have long term plans for the account - each issue tends to be closed to additional deposits after a few months. Of the earlier issues only issue 8 is currently accepting new deposits.
  • buffman
    buffman Posts: 436
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    alanq wrote: »
    Buried in the Ts&Cs is the mention that one can only have one Easy Access account. This covers ALL issues. To move funds from an earlier issue to Issue 9 for the higher interest rate one must phone or send a secure message requesting this.

    Indeed. I sent Shawbrook a secure mention at lunch time today. By 4pm my older issue Easy Access Account had been converted into the latest issue (9), keeping the same account number. Very straight forward and efficient.
  • alanq
    alanq Posts: 4,216
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    Made an enquiry call at 12.39. A couple of minutes wait as 3rd in queue. Sent private message at end of the call. At 13:54 I received a reply saying that my request had been actioned. I was very happy with that.

    The account number was unchanged so no interest was added when making the move. I trust that interest will be added on the anniversary of the opening of the Issue 5 account and not that of the opening of the Issue 9 account otherwise I will be missing out on compounding.
  • buffman
    buffman Posts: 436
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    alanq wrote: »

    I trust that interest will be added on the anniversary of the opening of the Issue 5 account and not that of the opening of the Issue 9 account otherwise I will be missing out on compounding.

    And I thought that I was the only person who could be bothered to chase an extra 0.05%!
  • alanq
    alanq Posts: 4,216
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    buffman wrote: »
    And I thought that I was the only person who could be bothered to chase an extra 0.05%!

    I had initially misunderstood and thought that Issue 5 rate had dropped from 1% to 0.75% (which was issue 8). Still I did the right thing because I wanted to make an additional deposit and that was no longer possible with Issue 5.
  • isasmurf
    isasmurf Posts: 1,999
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    alanq wrote: »
    I wonder how long Issue 9 will remain earning a higher rate than the earlier issues.
    Looking at their rates for withdrawn issues, they seem to be quite good at maintaining interest rates. Issues 1 to 3 and 6, for example, are still paying 1.1%. In fact, it's only issue 8 that pays less than 1%.
  • Chloe_G
    Chloe_G Posts: 314
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    I'm quite happy with Shawbrook. Their communication when rates change and new products start is much clearer than any other institution that I deal with!
  • mt99
    mt99 Posts: 472 Forumite
    Their instant access rate is now 1.2%
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