All you need to know about ISAs

Can I have more than one Cash ISA in a single tax year?

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 up to a combined limit of £20,000 in the 2022/23 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.

Can I withdraw money from my ISA?

You can withdraw your funds from any of our ISAs at any time, but this will result in you losing your tax benefits from the point of the withdrawal.

To maintain your tax benefits you can transfer out your cash ISA balance to another ISA provider at any point. To make a transfer out you must contact your new ISA provider and request a transfer. Your new ISA provider will undertake the transfer on your behalf. If you withdraw funds or transfer funds out to another provider before the end of any fixed term or notice period you may incur an early exit charge (normally a loss of interest). After the exit charge has been applied you may have less money than you originally deposited depending on the terms of your particular Shawbrook Bank cash ISA. Details of early exit charges will be contained in the Key Product Information document provided when you open your account.

If you make a withdrawal from a cash ISA account you cannot deposit funds back into your account if the deposit amount means you exceed the maximum annual subscription allowance.

How do I transfer my Cash ISA?

We can help you transfer your ISA to a Shawbrook ISA.

How long do I have to add money to my ISA?

You can continue to fund your ISA as long as you have a remaining ISA allowance for the current tax year.

View All you need to know about ISAs FAQ's

Personal Savings

Are my deposits protected?

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.

Are there withdrawal restrictions on accounts?

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.

Can a third party speak to you on my behalf?

Yes they can, but we need to make sure we keep your account secure.

Can I add more money to my fixed rate bond?

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

View Personal Savings FAQ's

Business Savings

Are my business savings deposits protected?

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.

Are there withdrawal restrictions on business savings accounts?

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.

 

Can I add more money to my business savings fixed rate bond?

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.

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.

View Business Savings FAQ's