All about ISAs

If you’d like to make a payment to your ISA allowance for 2024/25, you’ll need to send this from your nominated account no later than 3pm on 5 April, 2025.

Payments made after this time will be counted toward your 2025/26 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 2024/25 allowance.

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 2024/25 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 2024/25.

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.

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.

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 This means that if you’ve already used your full ISA allowance, then withdrawn the money, you wouldn’t be able to add that money back into your ISA this year.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.

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.

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 with Shawbrook 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.

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.

Transferring an ISA from Shawbrook to another provider

In 2024, it became possible to operate more than one ISA in the current tax year. 
This means you can open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA.

We don't offer partial transfers, so if you wish to transfer any contributions you’ve made in the current tax year from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA. 

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.

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

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.

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

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.

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