Savings accounts

You can open a savings account with Shawbrook online.

Before you open an account, you’ll need to know the minimum deposit required and the maximum balance you can hold.

This will vary depending on the account you choose:

• Cash ISAs
  All of our cash ISAs have the same balance limits, with a minimum of £1,000 and a maximum of £250,000.
  
  
• Fixed rate bonds
  Our fixed rate bonds have a minimum balance of £1,000 and a maximum balance of £2,000,000.
  
  
• Notice accounts
  Shawbrook’s 45 day and 120 day notice accounts require a minimum balance of £1,000 and have a maximum threshold of £500,000.
  
  
• Easy access accounts
  Our easy access accounts require a minimum balance of £1,000. The maximum is £85,000 for sole accounts or £170,000 for joint accounts.

We are currently only able to accept deposits into customer accounts via electronic transfer. Please log in to your portal to obtain your customer details.

You can deposit funds into your account by making a Clearing House Automated Payments System (CHAPS) or electronic transfer from your nominated account.

Many banks have introduced the ‘Confirmation of Payee’ scheme, which is designed to match the account name you have entered with the name on the account where the deposit is intended – so you’re aware of any potentially fraudulent or misdirected payments.

Because Shawbrook is not currently part of this scheme, your bank may warn you that they are unable to match the account name with the account number. Your bank will ask you to check with us that the details are correct or to continue with the payment, ignoring this warning. As long as you have set up your electronic transfer using the sort code 16-58-73 and entered your eight-digit account number correctly, your deposit will reach Shawbrook safely and there is no need to contact us to confirm the details.

How much you can withdraw and how often will depend on the type of account:

• Cash ISAs
  All our ISAs allow withdrawals but if you choose what’s known as a fixed cash ISA, you’ll be charged an interest fee for any withdrawals. Our easy access cash ISA allows fee-free withdrawals but redepositing is less flexible than a standard easy access account, as you’ll need to keep within your £20,000 tax-free allowance.
  
  
• Fixed rate bonds
  With a fixed rate bond, you can’t withdraw money until the end of the term – also known as when the account reaches maturity. If you think you may need your savings before the maturity date, a notice account or easy access account may be more suitable for you.
  
  
• Notice accounts
  Withdrawals can only be made subject to the notice period of the account, which is either 45 or 120 days. Just let us know you want to access your savings, and we’ll send your money to your nominated account when the notice period has passed.
   
• Easy access
  With an easy access account, there are no limitations on the number of withdrawals you can make up to the full balance, but the account is subject to minimum withdrawal amounts. Our standard easy access accounts have a minimum withdrawal amount of £500.

Cash ISAs are free of income tax. In the tax year of 2023 - 2024, you can pay up to £20,000 into a cash ISA tax-free.