Your ISA allowance is the total amount of money you can save in an ISA in the current tax year. An ISA is an Individual Savings Account which protects your savings in a tax-free wrapper, so you will never pay any tax on the interest you earn. The government decides each tax year how much can be saved in an ISA – this is known as the ISA Allowance or Maximum Annual Subscription Allowance and for tax year 2020/2021 (which runs from 6th April 2020 – 5th April 2021) it is £20,000.
You cannot fund more than one Cash ISA in the same tax year. If you have already opened a Cash ISA in this tax year with another provider, then you cannot open and fund a new Cash ISA with Shawbrook unless:
However, please be aware you can hold a Stocks and Shares ISA as well as a Cash ISA in the same tax year and split your total annual ISA allowance across both up to a combined limit of £20,000 in the 2020/2021 tax year. This means if you currently hold a stocks and shares ISA in this tax year, but do not hold a Cash ISA, you can open and fund a Shawbrook Cash ISA.
We monitor the total level of deposits made during any tax year and if we receive a payment that takes your account above the maximum annual ISA allowance, we will return the whole amount of that individual payment. To review your level of remaining subscription allowance for your current tax year simply log on to your eSavings account and review your Account Information - note this will only appear when there are funds in your ISA.
The ISA allowance for the 2020/21 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year. Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000. If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2020/2021.
Monday to Friday, 9:00am to 5:30pm, excluding English Bank holidays.
Our sort code is 16-58-73.
Your customer number is a six-digit number unique to you, used when logging into your eSavings account. It is provided to you via email when you first open an online account.
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.
Easy Access Accounts Next day electronic transfer where a withdrawal 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.
ISA Accounts (Notice ISA, Fixed ISA, Easy Access ISA) Next day electronic transfer where a withdrawal 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 - Requests received prior to 2.30pm on a working day will normally be processed and sent via the post that day.
Companies, partnerships and shareholding companies must be UK registered and only liable for UK tax.
All partners/directors/sole traders/additional signatories and shareholders must be:
Our sort code is 16-58-73
The account is not available to Charities or Trusts. Shawbrook Bank offers Charity Savings accounts through the Charities Aid Foundation. You can find out more at https://www.cafonline.org/charities/savings
We do not apply account fees or charges.