All you need to know about ISAs

All All you need to know about ISAs FAQ's

What is the deadline for ISA payments for 2023/24

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.

Can I fund 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 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.

I’ve asked you to transfer my Shawbrook ISA to a new provider. How long will this take?

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.

Can I withdraw money from my ISA?

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.

How do I transfer my Cash ISA?

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

Transferring an ISA to a new Shawbrook ISA
To transfer an existing Cash ISA account from another provider across to Shawbrook, you should complete an application for a new Cash ISA. As part of your application process we will capture the details of your current Cash ISA. We will then work with your existing Cash ISA provider to complete the transfer for you.

Transferring an ISA to an existing Shawbrook account
To transfer in an ISA to an existing Shawbrook account, get in touch by secure message from your customer portal and we will work with you to complete the transfer.

Transferring from one Shawbrook ISA to another
To transfer your Shawbrook ISA to another Shawbrook ISA you just need to let us know with a secure message from your customer portal and we will complete the transfer.

Please note, if you simply withdraw money 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, and you will lose your tax free status ISA benefits.

When can I make payments to my 2023/24 ISA allowance?

We’ll be accepting payments to 2023/24 ISA allowance from 6 April 2023.

Why has my ISA transfer not completed?

There may be a number of reasons your ISA transfer hasn't completed.

The industry timescales are 15 business days from the transfer being accepted or the maturity date of the other provider. If your transfer has taken longer, please log in and send us a secure message and we’ll follow this up for you.

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

You can add more money to your account whenever you like, as long as you do not exceed maximum ISA allowance.

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.

You can only open and fund one ISA account with Shawbrook in any tax year.

How to make a deposit into your account.

How much can I save in an ISA?

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.

How much do I need to deposit to open the account?

For our ISA accounts, the minimum balance to receive the advertised rated is £1,000. This does not need to be deposited immediately. You may wish to transfer money in several instalments.

If you have less than the minimum balance in your Easy Access ISA, you'll receive 0.25% Gross/AER (Variable / Tax Free) instead of the advertised rate.

Once you have funded your account to the minimum £1,000, your rate will switch to the advertised rate.

I've told you the amount I want to start my account with and I've given you the bank details for my nominated account, why is my ISA not funded?

You need to send us the funds - we never take them from your account.

You can make a payment to us by electronic payments only. This includes Faster Payments, BACS and CHAPs.

As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:

Sort Code: 16-58-73
Account number: Your Shawbrook Savings Account number
Reference: Your name as the payment reference

If you're not sure what account number to use, you can  get help on how to find your account number.

We're not part of the confirmation of payee scheme, so your bank may tell you this when you try and make a payment. It's nothing to worry about.

For peace of mind, you may wish to make a small 'test' payment of £1. Once the payment has processed, you'll see it in your account.

If you already have an ISA and want to transfer your previous allowances to us, you can find out more on how to transfer an ISA.

What happens if I exceed the maximum annual Cash ISA subscription allowance?

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 in to your eSavings account and review your Account Information. This information will only appear when there are funds in your ISA.

I’d like to transfer an ISA to you from another provider. Will this be applied to my 2023/24 allowance?

Yes. Because you’ve made the payments toward an ISA in the 2023/24 allowance period, if you transfer it to us, it will remain a part of your 2023/24 allowance, even if the transferred funds reach us after the payment deadline.

What is an ISA allowance?

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 2023/24 (which runs from 6th April 2023 – 5th April 2024) it is £20,000.

What is a Tax-free account?

Cash ISAs are free of income tax. In 2023/24 tax year, you can pay up to £20,000 into a cash ISA tax-free.

You can find out more about ISAs in our guide to ISAs.

What is a cash ISA?

A cash ISA (individual saving account) is a tax free savings account. This means you won’t pay tax on any interest you earn. You can find out more about ISAs and how they work in our guide to ISAs.

Am I eligible to open a cash ISA?

You can open an ISA with us if:

• You’re at least 18 years old
• You’re a permanent UK resident, and only subject to UK tax
• Your cash ISA will be in your name only (we don’t offer joint ISAs)

You can only open and subscribe to one cash ISA account in any given tax year. You cannot open a cash ISA acting on behalf of an account holder with power of attorney, guardianship or an intervention order.

Why choose a cash ISA

Whether a cash ISA is the best option will depend on your circumstances and savings goals. But some of the benefits include:

• Tax free savings up to £20,000 (for the 2023/24 tax year)
• Choose an easy access account for flexibility, or choose a fixed rate bond to guarantee your rate
• Transfer previous ISA allowances

You can only open and fund one ISA account with Shawbrook in any tax year.

When can I make a deposit into my cash ISA?

You can add more money to your account whenever you like, as long as you do not exceed the £20,000 limit (for 2023/24).
You can only open and fund one ISA account with Shawbrook in any tax year.

The maximum balance for our ISAs is £250,000. If you’re transferring in an existing cash ISA, this must be valued as £250,000 or below.

How to make a deposit into your account.

How long does an ISA transfer take?

The length of time it takes to transfer depends on the type of ISA you’re transferring.

• Cash ISA – within 15 working days
• Stocks and shares ISA – within 30 working days

What kind of ISAs can I transfer to Shawbrook Bank?

At Shawbrook, we only provide cash ISAs. You can transfer or convert the following ISAs to a Cash ISA with Shawbrook:

    • Cash ISA
    • Stocks and Shares ISA

But you can't transfer or convert:

      • Lifetime ISA
      • Junior ISA
      • Innovative Finance ISA

Electronic ISA Transfers

The below list details the ISA providers who can transfer your ISA to us online.

AA (One Family/Post Office)
Abundance Investment Ltd
Adam & Co Investment Management Ltd
Aldermore
Ascentric
Bank of Scotland
Barclays
Birmingham Midshires
Brent Shrine Credit Union Ltd (My Community Bank)
Britannia
Charter Court Financial Services
Chelsea Building Society
Cheltenham & Gloucester
Chorley & District Building Society
Clydesdale Bank
Co-operative Bank (trading as Smile)
Coutts & Co
Coventry Building Society
Cumberland Building Society
Cynergy Bank
DanskeBank
Darlington Building Society
FCE Bank (Ford Money)
First Direct
First Trust Bank
Halifax
Hargreaves Lansdown
HSBC Bank
Intelligent Finance
Interactive Investor
Kent Reliance
Leeds Building Society
Lloyds Bank
M&S Bank
Market Harborough Building Society
National Westminster Bank – NatWest
Nationwide Building Society
Newcastle Building Society
Nottingham Building Society
OakNorth Bank
One Family (Post Office/AA)
Paragon Bank
Progressive Building Society
Royal Bank of Scotland – RBS
SAGA
Sainsbury’s Bank
Santander
Scottish Widows Bank
Secure Trust Bank
Skipton Building Society
St James’ Place
Standard Life Savings Ltd
State Bank of India
Swansea Building Society
Tesco Bank
TSB Bank
Ulster Bank Ltd
United National Bank Ltd
United Trust Bank Ltd
Virgin Money
West Bromwich Building Society (WeBSave)
Yorkshire Bank
Yorkshire Building Society