Closing or maturing your account

You can change your mind at any time and choose another product up until the maturity date of your current product.

You may want to do this if rates have increased since you gave your original instruction and you’d like to take advantage of the new rates.

Step 1 – you’ll need to cancel the original instruction first:

Go to your eSavings homepage
Go to the product that is maturing
Click on the 3 dots under the column ‘Action’
Choose ‘Delete Maturity Instructions’
Confirm that you want to delete your instructions

Step 2 -  set up a new instruction

Go to the product that is maturing
Click on the 3 dots under the column ‘Action’
Choose ‘Setup Maturity Instructions’
Pick a product from the scrollable options
Tell us how much you want to reinvest

Your request will then be processed immediately, and the money will be transferred to the new account on the date your current product matures. 

When your fixed rate product comes to an end, we’ll let you know about the options you’ve got to take another fixed rate with us. 

We'll write to you before your account matures and let you know what your options are.

If you decide to take a new rate with us, it’s easy to tell us what you want to do, using your eSavings account. There’s no need to call or send a secure message, you can do everything right in eSavings.

You’ll have access to exclusive maturity rates only available to existing customers as well as products available through our website. When you’re choosing a new rate through eSavings, we’ve made it simple. If there’s a product with both an exclusive maturity rate and a standard rate, we’ll only show the higher of the rates.

How to give your instruction

All you have to do is go to your eSavings homepage and follow these steps:

• Go to the product that is maturing
• Click on the 3 dots under the column ‘Action’
• Choose ‘Setup Maturity Instructions’
• Pick a product from the scrollable options
• Tell us how much you want to reinvest.

Moving to another type of product

You’ll only see maturity offers for the type of product you are currently on. You’ll need to send a message if you’d like to move:

• From a fixed rate to an easy access or notice product at maturity
• From a fixed rate ISA to a standard fixed rate bond
• From a standard fixed rate bond to an ISA.

Changing your mind

You can change your mind at any time until the maturity date of your current product, and choose another product. You may want to do this if rates have increased since you gave your original instruction and you’d like to take advantage of the new rates available.

Step 1 – you’ll need to cancel the original instruction first:

• Go to the product that is maturing
• Click on the 3 dots under the column ‘Action’
• Choose ‘Delete Maturity Instructions’
• Confirm that you want to delete your instructions.

Step 2 -  set up a new instruction following the steps above under ‘how to give your instruction’.

Your request will be processed immediately, and you’ll be able to check the maturity instruction is in place. The money will be transferred to the new rate on the date your current product matures.

When your account matures, you can withdraw your money, or put it into a new bond or notice account.

We'll write to you before your account matures and let you know what the options are if you want to transfer to a new product with us.

If you don't tell us what you'd like to do, the balance will remain as 'matured funds' until you let us know what you'd like to do. The account number will remain the same, but your interest rate will change to the 'matured funds' rate. You can withdraw funds from this account at any time, but you cannot deposit additional funds.

We create your maturity invite a few weeks before your bond is due to mature. That means that we may have new products on offer by the time your bond matures.

You're more than welcome to choose any of our current products, or we'll honour the products on your maturity letter - whichever you prefer.

To take advantage of your maturity rates, we'll need to receive your instruction before the maturity date.

Easy Access Accounts

You can transfer your Easy Access account to any of our products. Please log in and open the new account online, then send us a secure message to request that we close the older account and transfer money to the new account.

Notice Accounts

You can transfer your notice account to any of our products once you’ve served the notice period on the account.

Fixed term bonds

Just before your account matures, we’ll get in touch about how to transfer to a new product. You can’t transfer your fixed term bond to another product until your current product matures.

If we were entrusted with the late account holders savings, we're committed to ensuring their savings are released to the person(s) they have chosen. In most cases, the account can be transferred or closed. We can also arrange to pay funeral costs directly from the account should this be needed.

We work with the Death Notification Service (DNS) to make the process as simple as we can.

Once you’ve used the service to let us know someone has passed, we’ll be in touch to let you know what the next steps are. If they had more than one account with us, there’s no need to tell us separately. We’ll check all Shawbrook accounts and let you know about them together.

You can find out more about how to use the service on our dedicated bereavement page.

It depends on the account you have.

Easy Access

If your account is an ISA, you can cancel your new account within the 14 day cooling off period. You might want to cancel if your account is an ISA and you want to open another as you can only open one cash ISA account per tax year. If you want to transfer your funds to another ISA account (with us or elsewhere), please contact us. We’ll talk you through the process and what the next steps are so that your money maintains its ISA status.

If you have a standard easy access account, you can close it any time without penalty. To close your account, please contact us.  When you cancel your account, we’ll return any deposits to your nominated account.

Notice accounts

Yes, you can cancel your new account within the 14 day cooling off period. When you cancel your account, we’ll return any deposits to your nominated account. To cancel your account, please contact us.

Fixed term bonds

You don’t have a cooling off period with fixed term bonds - once you've opened a fixed term deposit account, it can't be closed until the term ends (also known as maturity).

Fixed term bond ISAs

If your fixed term bond is an ISA, you will have a 14 day cooling off period. You can cancel your ISA account within 14 days with no charge. If you’re transferring your funds to a new ISA account (with us or elsewhere), please contact us before closing your account.

After 14 days, you can't cancel your ISA. You are able to withdraw your funds early, but there will be an early exit charge to pay, even if you transfer funds to another provider. Please contact us for more information.

Getting in touch

You can contact the savings team by logging in and sending a secure message, or getting in touch by phone on 0345 266 6611. 

Our team are available Monday to Friday, 9.00am - 5.00pm, excluding public holidays.

Notice accounts

You have a 14 day cooling off period on your notice account from when the account is opened, but after this, you'll need to wait until the notice period has been served.

Fixed term bonds

You don’t have a cooling off period with fixed term bonds - once you've opened a fixed term deposit account, you are unable to withdraw funds until the term has expired.

Fixed term bond ISAs

If your fixed term bond is an ISA, you are able to withdraw your funds early, but there will be an early exit charge to pay, depending on the product you’ve chosen. Please contact us for more information. 

You can contact the savings team by logging in and sending a secure message, or getting in touch by phone on 0345 266 6611. 

Our team are available Monday to Friday, 9.00am - 5.00pm, excluding public holidays.

You’ll also find details of early exit charges in the Key Product Information document provided when you open your account.

In the event of your death, we will transfer savings held solely in your name to your executor or administrator. They will have the choice to receive the savings immediately, or let the account run for its contractual period and be released at the end of the fixed term or the expiry of any notice period.

We work with the Death Notification Service to help those administering your estate to inform many companies like us with one set of paperwork.

You can find out more about how we’ll work with those administering your wishes by visiting our dedicated bereavement page.