Closing or maturing your business savings accounts

Maturing accounts

What happens when my business savings account matures?

When your account matures, you can withdraw your money, or put it into a new bond or notice account.

We'll write to you before your account matures and let you know what the options are if you want to transfer to a new product with us.

If you don't tell us what you'd like to do, the balance will remain as 'matured funds' until you let us know what you'd like to do. The account number will remain the same, but your interest rate will change to the 'matured funds' rate.

You can withdraw funds from this account at any time, but you cannot deposit additional funds.

My business savings fixed rate bond is about to mature. You've written to me about new rates on offer, but they're different to the rates on your website.

We create your maturity invite a few weeks before your bond is due to mature. That means that we may have new products on offer by the time your bond matures. You're more than welcome to choose any of our current products, or we'll honour the products on your maturity letter - whichever you prefer.

To take advantage of your maturity rates, we'll need to receive your instruction before the maturity date.

Can I close a business savings account and transfer the balance of my account into a different Shawbrook business savings product?

Easy access accounts

You can transfer your Easy Access account to any of our products, although only one of your accounts with us can be an easy access account.
For any additional accounts, you'll need to contact us.

You can contact the savings team by logging in and sending a secure message, or getting in touch by phone on 0345 266 6611.

Our team are available Monday to Friday, 9.00am - 5.00pm, excluding public holidays.

Notice accounts

You can transfer your notice account to any of our products once you’ve served the notice period on the account.

Fixed term bonds

Just before your account matures, we’ll get in touch about how to transfer to a new product. You can’t transfer your fixed term bond to another product until your current product matures.

Closing an account

How do I let you know someone has died?

If we were entrusted with the late account holders savings, we're committed to ensuring their savings are released to the person(s) they have chosen. In most cases, the account can be transferred or closed. We can also arrange to pay funeral costs directly from the account should this be needed.

We work with the Death Notification Service (DNS) to make the process as simple as we can.

Once you’ve used the service to let us know someone has passed, we’ll be in touch to let you know what the next steps are. If they had more than one account with us, there’s no need to tell us separately. We’ll check all Shawbrook accounts and let you know about them together.

You can find out more about how to use the service on our dedicated bereavement page.

Can I cancel my business savings account if I change my mind?

With most accounts you have a 14-day cooling off period. Please check your key product information, which will give you more information.

If your product does have a cooling off period, and you change your mind, please let us know.

Please note that fixed rate bond accounts don’t have a cooling off period. Once you've opened a fixed rate bond account, it can't be closed until the term ends.