All you need to know about ISAs

All All you need to know about ISAs FAQ's

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.

How long will my ISA transfer take?

All electronic and non-electronic transfers for Cash ISAs should be completed within 15 business days. Any transfers from a Stocks and Shares ISA should be completed in 30 business days. Some transfers can be complex, which could take a little longer.

How much can I save in an ISA?

The ISA allowance for the 2022/23 tax year is £20,000. 

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.

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.

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 2022/23 (which runs from 6th April 2022 – 5th April 2023) it is £20,000.

Why has my ISA transfer not completed?

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

What is a Tax-free account?

Cash ISAs are free of income tax. In 2022/23 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...

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:

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 2022/23).
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.

When can I withdraw money from my cash 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 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:

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