Business, Charity and Trust FAQs

Business, Charity and Trust FAQs

Making Deposits

How do I make a deposit into my Savings account?

You can deposit funds into your account via the following methods:

Cheque – send your cheque to our address referencing your Shawbrook Savings Account number on the reverse of the cheque.  Cheques must be made payable to your business, charity, or trust and must come from a bank in the name of your business, charity or trust and not a third party.

Electronic Payments (Faster Payments, BACS, CHAPS) – contact your bank or building society and provide the following details:

  • Beneficiary: The name of your business, charity or trust
  • Account Number: Your Shawbrook Savings Account Number
  • Sort code: 16-58-73
  • Reference: Reference of your choice (this will appear on your statement)

Transfer funds from another Shawbrook Savings Account – in some circumstances you may be able to transfer funds from existing Shawbrook Savings accounts.  The Shawbrook Savings Accounts must be held in the name of your business, charity or trust.  Please contact our dedicated customer servicing team on 0845 266 6611 (9am-5.30pm Mon-Fri excluding Bank Holidays) who will be able to assist you with this request.

Can I make a deposit into my account at any time?

You can make a deposit into your account at any time until the product is closed for funding.  Once a product is closed for funding we may refuse new deposits into the account.  You can check whether a product has been closed for funding by visiting the ‘Withdrawn Products’ section of our website – shawbrook.co.uk.  We will not normally notify you when a product is closed for funding, however, customers who register their email address with us during the application process, will be added to our email distribution list.  We do endeavour to send an email notification of rate changes.  

What is Shawbrook Banks sort code?

Our sort code is 16-58-73.

Is there a minimum/maximum deposit amount?

There are minimum and maximum deposit amounts which are specific to each account type.  The minimum and maximum deposit amount will be shown on the Key Product Features document that is provided to you when you apply for a new account.  For our current product range the minimum is £1000 for a notice account and £5000 for a fixed rate bond.  For amounts over £2m, please contact us.

How quickly will the funds show in my account and when will I start to earn interest?

When you make a deposit, funds will normally be credited to your account on the following basis:

Cheque

  • when a cheque is received on a working day and within banking hours, it will be credited to your account on that working day
  • when a cheque is received on a non-working day or after banking hours it will be credited to your account on the next working day
  • your cheque deposit will normally clear within six working days although it will start to earn interest from the second working day after it is credited to Your account

Faster Payment/BACS/CHAPS

  • Electronic Payments received on a working day will normally be credited into your account on that day and start to earn interest on that day.

Transferring funds from another Shawbrook Savings Account

  • Funds transferred between Shawbrook accounts will show as cleared funds and start to earn interest in the destination account on the same working day the transfer takes place.  Transfers between Shawbrook accounts will only take place on a working day.

IMPORTANT NOTE:

A working day is Mon-Fri 9am-5.30pm excluding Bank Holidays

Banking hours are 9.30am-3.00pm Mon-Fri excluding Bank Holidays


Making withdrawals

Are there withdrawal restrictions on accounts?

The ability to make withdrawals depends on the type of account you hold:

-        Notice Accounts – if your account has a notice period, then you will not be able to withdraw funds within your applicable notice period.  You will need to submit a withdrawal request to us and once your Notice period has expired your funds will be sent to you.

-        Fixed Term Accounts – you will not be able to withdraw funds prior to end of your fixed term.  Before expiry of your fixed term we will write to you to let you know the Shawbrook Savings options available for your maturing funds which will include withdrawing the funds out of the bank.

-        Easy Access Accounts – withdrawals can be requested by you and actioned by us on the same working day providing the withdrawal request is received by 2.30pm on a working day (Please see question ‘When will I receive my funds?’ for further information).

IMPORTANT NOTE:

A working day is Mon-Fri 9am-5.30pm excluding Bank Holidays.

Please read this question in conjunction with the question entitled ‘Where will my funds be sent?’ and ‘When will I receive my withdrawn funds?’

How do I submit my withdrawal request? (for Notice Accounts and Easy Access Accounts)

Write to us – you can write to us to make a withdrawal.  Send your request to our address stating:

-        the account you wish to make the withdrawal from

-        the amount of the withdrawal

-        the date of withdrawal (or applicable notice period)

-        how you wish the funds to be paid to you (subject to ‘Where will my funds be sent?’)

Contact our dedicated customer servicing team on 0845 266 6611 (Mon-Fri 9am-5.30pm excluding Bank Holidays).

Where will my funds be sent?

Withdrawals out of Shawbrook Bank will be made to the bank account held in the name of your business, charity or trust.  We cannot issue a payment to a third party from Your Savings account.

Where your Savings account does not have an associated bank account held in the name of the business, charity or trust (or we cannot verify the account is owned by your organisation) we will send yourfunds via Cheque.  Cheque withdrawals will be sent by post to the trading address we hold for your business, charity or trust.

Withdrawals may also be transferred to an alternative Shawbrook Savings Account (subject to the destination account being open and not withdrawn).  The Shawbrook Savings Accounts must be held in the name of your business, charity or trust.

When will I receive my withdrawn funds?

Notice Accounts

When you put an account on Notice, the expiry of your notice period will always be on a working day (you will be notified of the date in advance) and you will normally receive your funds on the next working day.

Fixed Term Accounts

You will receive your funds on the working day after your maturity day, provided we have received confirmation from you that you wish to withdraw your maturing deposit.

Easy Access Accounts

Next day electronic transfer - Where a withdrawal is request is received prior to 2.30pm on a working day, your payment should be received by the beneficiary bank on the next working day.

CHAPS - Where a payment request is via CHAPS, providing the CHAPS payment details are received by 2.30pm on a working day then the funds will normally be received by the beneficiary bank the same day.  CHAPS payments are subject to a £20 fee.

Cheque withdrawals – cheque withdrawal requests received prior to 2.30pm on a working day will normally be processed and sent via the post that day.

IMPORTANT NOTE:

A working day is Mon-Fri 9am-5.30pm excluding Bank Holidays


Opening Your Account

Can I open an account?

You can open an account if you are a sole trader, limited company, partnership or limited liability partnership.

Companies and shareholding companies must be UK registered. All directors/additional signatories/shareholders must be UK residents.

How do I open my account?

You can open an account via the post.    To apply by post, click on the application download button on our website www.shawbrook.co.uk.

Alternatively, contact our dedicated customer servicing team on 0845 266 6611 (Mon-Fri 9am-5.30pm excluding Bank Holidays) who can send you an application pack.

Can I cancel my account?

If you change your mind and wish to cancel your account, you can do so within the first 14 days from the opening date of your account.  Please note this cancellation right does not apply to Fixed Term Deposit accounts. You cannot cancel a fixed rate fixed term account once it is open.

You can notify us of your cancellation by writing to us at our address or (if you are a registered user of Personal eSavings) sending us a secure message.

What checks do you do before I can open a savings account?

We will verify your business, charity or trust entity, the registered address of your organisation, as well as verifying the identity of all key individuals detailed (Partners, Directors, Members, Authorised Signatories etc). We do this by checking various electronic databases. In the event that we are unable to verify your organisation or the individuals involved in its management or operation, we may ask you to supply us with some identity documents by post.  We will not be able to open your account until we have successfully verified your details.

Can I receive gross interest on my savings account?

Interest can be paid gross subject to the tax status of your business, charity or trust


About Shawbrook Bank

Who are Shawbrook Bank?

Shawbrook Bank specialise in the savings and lending markets where we have solid experience and knowledge.

We give our customers a straightforward, no-nonsense alternative to the high street. And we combine traditional banking values with a modern approach.

We think of ourselves as the best of banking past – good customer service and common sense decisions – with the easy access of a modern bank. We use common sense and judgement when we take decisions, not a rigid computer score.

We have been in business since 1944 and became a licensed bank in 1971. RBS Equity Finance bought the bank in January 2011, and provided substantial capital to help the business grow. In 2011 we bought additional lending businesses, and we changed our name to Shawbrook in October 2011.

Shawbrook has no legacy lending from the financial crisis, so we’re free of toxic debt.  We are UK owned, operate exclusively in the UK and have office locations in England and Scotland.  The dedicated customer servicing team are based at our office in Brentwood, Essex.

Are my deposits protected?
Shawbrook Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The FCA and PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly.  Find out more at www.fca.org.uk orwww.bankofengland.co.uk/pra.

Shawbrook Bank is a member of the Financial Services Compensation Scheme (FSCS), a scheme that protects customers’ deposits. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.  Some charities are also covered by FSCS.  Currently £85,000 per person is protected under the scheme.  For more information about the scheme, and the limits of the protection, visit www.fscs.org.uk.

What is the address for Shawbrook Bank?

Our address for correspondence is:

Shawbrook Bank Limited, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE.


Operating your account

How can I operate my account?

You can operate your account in the following ways:

-        Contacting our dedicated customer servicing team - our dedicated customer servicing team can be reached on 0845 266 6611 (Mon-Fri 9am-5.30pm excluding Bank Holidays)

-        You can write to us – please send your correspondence to our address

Where can I find my Savings Account Number?

Your Savings account number will normally be provided to you when you open your account in the following ways:

-        If you apply via the post your account number is provided within your welcome letter sent to the trading address of your business, charity or trust

-        On statements – you will be able to view your account number on any statements you have been sent by us.

If you cannot locate your account number using any of the approaches outlined above please give us a call on 0845 266 6611 (Mon-Fri 9am-5.30pm excluding Bank Holidays).

When will I receive a statement?

You will normally receive a statement every January covering the previous year as well as a statement at the closure of your account.  If your account has a duration of less than a year, for example, a 6 month bond, you will only receive a statement at the closure of your account.

How can I view my statement?

You will be sent a statement via the post to the trading address we hold for your business, charity or trust.

How do I obtain a tax statement for my account?

Tax statements are normally sent to the trading address of your business, charity or trust within 4 weeks of the end of the tax year.

How we verify you when you contact us

When accepting instructions over the telephone (either when we call you or when you call us), we will ask you a number of security questions in order to verify your identity.  If we cannot verify you, we will be unable to talk to you about your account(s). We will be unable to fulfil instructions over the phone where more than one individual is required to authorise an instruction.

When accepting instructions in writing, we will verify that the signature(s) used on the instruction matches the signature (s) you have provided us.