Cash ISA Accounts
Invest up to £20,000 this tax year, and you won’t pay tax on any income you receive.
Once you have applied and opened your Shawbrook Cash ISA, you will need to log into your account and in your eDocuments please view our letter titled ‘ISA Etransfer In’ as this will advise whether your transfer has proceeded as an electronic or postal transfer. Electronic transfers are the default and straight-forward way to transfer your ISA. However, some providers are not compatible with electronic transfers and by exception we may need to transfer by post.
You can continue to fund your ISA as long as it remains open to funding and you have remaining ISA allowance for this tax year.
All electronic and non-electronic transfers for Cash ISAs will be completed within 15 business days. Any transfers from a Stocks and Shares ISA will be completed in 30 business days. If your transfer is referred or delayed this process may take longer.
All our Cash ISAs allow withdrawals; however Fixed Cash ISAs are subject to an interest fee for any withdrawals made. Please see your Key Product Information document for more details as the fee varies based on length product term. You can withdraw from our Easy Access Cash ISA without receiving a fee.
You do not need to deposit the minimum balance of £1,000 to open your ISA account. However, if you deposit less than £1,000 in your Easy Access ISA you will receive 0.25% Gross/AER (Variable/Tax Free).
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk