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.

Notice Accounts 

if your account has a notice period, then you will not be able to withdraw funds within your applicable notice period. You will need to submit a withdrawal request to us and once your notice period has expired your funds will be sent to you. 

Fixed Term Accounts 

You will not be able to withdraw funds prior to end of your fixed term. Before expiry of your fixed term we will write to you to let you know the Shawbrook Savings options available for your maturing funds which will include withdrawing the funds out of the bank. 

Easy Access Accounts 

Withdrawals can be requested by you and actioned by us on the same working day providing the withdrawal request is received by 2.30pm on a working day (Please see question When will I receive my withdrawn funds? for further information).

Some Easy Access Accounts have a minimum withdrawal limit. Please check your Key Product Information for more information.

ISA Accounts 

You can withdraw your funds (even on Fixed and Notice accounts) 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.