Below you will find the answers to our top 5 customer queries.
Open banking is a way to connect your current account to other accounts and services.
Sometimes we need to take extra steps when we verify your nominated account. This might be because you’re changing your nominated account, or it might be because we couldn’t verify your account when you opened your account.
If you’d like to make a payment to your ISA allowance for 2023/24, you’ll need to send this from your nominated account no later than 3pm on 5 April, 2024.
Payments made after this time will be counted toward your 2024/25 allowance.
This does not apply to ISA transfers. They’ve already been counted for your allowance this year, so even if we receive the transferred funds after the deadline, they’ll still count toward your 2023/24 allowance.
You cannot fund more than one Cash ISA in the same tax year. If you have already added money to a Cash ISA in this tax year with another provider, then you cannot open and fund a new Cash ISA with Shawbrook unless the total balance of your current tax year Cash ISA is being transferred across to Shawbrook Bank.
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 accounts.
The ISA allowance for the 2023/24 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 2023/24.
If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.
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.
Once we have the request from your new provider, your request should be completed within 15 working days of the request being accepted.
Please note that some transfers can be complex and transfers cannot be guaranteed within the 15 working day period.
If you’re transferring your ISA allowance for the current tax year, it will still count toward this year’s allowance, even if it reaches your new provider after the ISA payment deadline, leaving your full allowance available for the new tax year.
All of our cash ISAs allow withdrawals. However, any money you withdraw will lose its ISA status, and it can’t be replaced. This means that if you’ve already used your full ISA allowance, then withdrawn the money, you wouldn’t be able to add that money back into your ISA this year.
You won't be charged a fee if you withdraw money from your easy access cash ISA. There are no limits to the number of withdrawals you can make with an easy access cash ISA, but the account is subject to a minimum withdrawal amount of £500.
With our fixed cash ISAs, partial withdrawals or account closures made before the end of the fixed term are subject to a fee (also known as the early exit charge).
The amount will depend on the product you take. You’ll be able to find out what this charge is in the product summary for the product you’re interested in. If you’re already a customer, you’ll find it in the product information we sent to you when you opened your account.
Eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 per person by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This means that any deposits you hold above the limit are unlikely to be covered. If you have a joint account, you'll be protected for £85,000 each. This means that up to £170,000 could be protected in your joint account.
It depends on the account.
If your account does allow you to withdraw funds, taking your account below the minimum balance will affect the interest we pay. Check your terms and conditions for more details.
Yes they can, but we need to make sure we keep your account secure.
Standard fixed rate bonds
You can add more money to your account as long as the product is still open for funding, up to the maximum deposit amount
Eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 per person by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
If your account does allow you to withdraw funds, taking your account below the minimum balance will affect the interest we pay. Check your terms and conditions for more details.
Yes, you can add more money to your fixed rate bond if the product is still open for funding, up to the maximum deposit amount.
If your bond is removed from sale (we'll do this when we have new rates), you'll usually have seven days from removal to add any more funds to your account.
With most accounts you have a 14-day cooling off period. Please check your key product information, which will give you more information.