Savings Accounts

A personal savings account is a financial product provided by banks and building societies for depositing money and earning interest over time. There are various types of personal savings accounts, each with specific terms, conditions, and interest rates. Depending on the type of account, they can be held individually or jointly.

Personal savings accounts let people put their money in a safe place where it can earn interest. Banks use the money deposited to provide loans and pay interest to the savings account holders. This system helps people grow their savings. 

Interest is calculated daily, so it is calculated on both the original deposit and the interest already earned if left in the account. Personal savings accounts offer a secure way to store money and earn extra income through the interest.

Step 1: Compare savings accounts

Research different personal savings accounts based on your needs, such as interest rates, access type (easy access, fixed term, notice accounts), minimum deposit requirements and any account fees or restrictions.

Step 2: Choose your preferred savings provider

When choosing a bank for your savings account, consider more than just the interest rate. Look at other factors such as customer reviews, service quality, fees, and whether the bank offers accounts with FSCS protection.

Step 3: Gather the required documents

Before your savings account can be opened, your identity and address need to be confirmed. Most UK banks now carry out these checks electronically using secure databases.

You may be asked to:

• Upload a photo of your passport or driving licence
• Take a quick selfie or video for facial verification

If the bank cannot verify your details automatically, you might be asked to provide additional documents.

Step 4: Apply

Follow the application process for your chosen savings provider. Applications may be subject to eligibility and verification of your identity.

• If you do not have a Shawbrook account, you can open an account on our website by browsing our savings comparison table and selecting Learn more and apply next to the account you'd like.
• If you already have a Shawbrook account, you can open another one easily from your online account. Log in, compare accounts and apply in a few steps.

Step 5: Fund your savings account

Once your application has been completed and approved, you can make your initial deposit and watch your savings grow.

Shawbrook offers various types of savings accounts. Understanding the different features of each account can help you determine which one is most suitable for your needs. 

• Fixed Rate Bonds: Offers a fixed interest rate for the term. Access to funds is restricted until the maturity date, making it essential to plan ahead. Shawbrook offers Fixed Rate Bonds with terms available from 9 months to 7 years. 
• Fixed Rate Cash ISAs: Provides a fixed interest rate and tax-free savings for a specified term. Early withdrawals are allowed but are subject to an early exit charge. Shawbrook offers Fixed Rate Cash ISAs with terms ranging from 1 to 7 years. 
• Easy Access Cash ISAs: Allows deposits and withdrawals of funds with next working day access, in addition to providing tax-free benefits. Shawbrook offers one Easy Access Cash ISA with a variable interest rate. 
• Easy Access Savings Accounts: Allows deposits and withdrawals of funds with next working day access. Shawbrook offers an Easy Access Savings Account with a straightforward variable interest rate, available to both new and existing customers. We also offer a Bonus Easy Access Savings Account, which provides a boosted rate for a set period and is only available for new customers. 
• Notice Accounts: No fixed term but requires advance notice for withdrawals. Our personal Notice Accounts are available with 45 days’ or 120 days' notice, with variable interest rates.

You can have as many savings accounts as you like, including multiple accounts with different savings providers. However, some savings providers may also have restrictions on the number of savings accounts you can open with them, so be sure to check any restrictions when choosing your accounts.

You should also keep in mind the £120,000 sole account and £240,000 joint account FSCS protection limit is per banking group. Check with your bank or provider to confirm that your savings are eligible for this protection.

If you have one or more ISAs, then make sure that you’re not exceeding your annual ISA Allowance. Whilst you can open more than one Shawbrook Cash ISA, you cannot spread your £20,000 annual ISA allowance across more than one Shawbrook Cash ISA in the same tax year.

Yes, you may pay tax on savings interest in the UK, depending on your income tax band and annual interest earnings. Under the Personal Savings Allowance, basic rate taxpayers can earn up to £1,000 in interest tax-free each tax year (£500 for higher rate taxpayers). Additional-rate taxpayers do not qualify for a Personal Savings Allowance.  The Personal Savings Allowance excludes ISAs, which have their own tax-free allowance. If your savings interest exceeds your allowance, it’s added to your income and taxed accordingly.

The Personal Savings Allowance lets you earn a certain amount of interest tax-free each year on savings held outside of ISAs. The allowance depends on your income tax band:

• Basic-rate taxpayers: up to £1,000 in interest tax-free
• Higher-rate taxpayers: up to £500 interest tax-free
• Additional-rate taxpayers: no Personal Savings Allowance

Cash ISAs are separate from the Personal Savings Allowance. Any interest earned within an ISA is tax-free and does not count towards your Personal Savings Allowance limits.

Some Savings Accounts may have charges.

At Shawbrook, we don't apply maintenance or transaction charges to our personal savings products. However, like most banks, we do apply an early exit charge to our Fixed Rate Cash ISA for withdrawals before maturity.  

There’s no one-size-fits-all amount. An emergency fund can help cover unexpected costs like job loss or car repairs. Beyond that, how much you save depends on your personal goals, such as buying a home, travelling, or retirement planning.

To open an account with Shawbrook Bank you must:  

• Be aged 18 or over  
• Be a permanent resident in the UK (excluding Channel Islands, Isle of Man and other Crown dependencies)  
• Only be liable to pay tax in the UK   

Some accounts will have further eligibility criteria. You can find a full breakdown for each of our account’s eligibility criteria within our category pages and within the subsequent product pages.  

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:

• Payee: your name
• Account number: your eight-digit account number
• Sort code: 16-58-73
• Reference: your name again 

If you're not sure what account number to use, you can get help on how to find your account number.

If you already have an ISA and want to transfer some or all of your balance to us, visit our How to transfer an ISA page.

It depends on the type of account you have.  

Fixed Rate Bonds 

You can fund your account within 28 days after opening. We’ll close it if it remains unfunded by this time. If you fund it within the 28 days, you can add more money to your account as long as the product is still open for funding, up to the maximum balance of £2,000,000. 

You can check if a product is withdrawn by checking our savings documentation page and and checking the withdrawn product list. You're welcome to take out an additional bond if you wish to deposit further funds. 

Fixed Rate Cash ISAs and Easy Access Cash ISAs 

You can fund your account within 90 days after opening. We’ll close it if it remains unfunded by this time. If you fund it within the 90 days, you can make further deposits up to the £20,000 ISA allowance per tax year. This can be over several deposits if you wish, up to the maximum account balance of £250,000 for Fixed Rate Cash ISAs and £500,000 for Easy Access Cash ISAs. The minimum opening balance is £1,000.

Each tax year, you can save up to £20,000 across multiple accounts with different providers. You can also transfer funds from other ISAs beyond this limit.   

While you can open multiple Shawbrook cash ISAs per year, you cannot spread your £20,000  allowance across more than one Shawbrook cash ISA in the same tax year.

For more information, visit our Cash ISA Allowance for 2025/2026 page 

Easy Access Savings Accounts  

You can fund your account within 28 days after opening. We’ll close it if it remains unfunded by this time. You can deposit money at any point, up to the maximum deposit amount which is £500,000 for sole accounts and £1,000,000 for joint accounts.

Notice Savings Accounts  

You can deposit money at any point, up to the maximum deposit amount of £500,000. You can fund your account within 28 days after opening. We’ll close it if it remains unfunded by this time.

To understand how to make a deposit into your Shawbrook Savings Account, visit our How to make a deposit into your account page.  

It depends on the type of account you have.  

Fixed Rate Bonds 

With a Fixed Rate Bond, access to funds is restricted until the maturity date, making it essential to plan ahead. Before the expiry 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. 

Fixed Rate Cash ISAs 

An early exit charge is applied to our Fixed Rate Cash ISA for withdrawals before maturity. The amount will depend on the product you take. Below is a summary of the early exit charges applicable for our Fixed Rate Cash ISAs.  

• 1 Year Fixed Rate Cash ISA: loss of 90 days’ interest on the withdrawn amount  
• 2 Year Fixed Rate Cash ISA: loss of 180 days’ interest on the withdrawn amount  
• 3 Year Fixed Rate Cash ISA: loss of 270 days’ interest on the withdrawn amount  
• 5 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount  
• 7 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount 

The minimum account balance is £1,000. 

If you do decide to withdraw money from your Fixed Rate Cash ISA, it is essential to consider the potential impact on your tax-free ISA allowance. More information on the ISA allowance below. 

Easy Access Cash ISAs, Easy Access, Bonus Easy Access and Easy Access Plus Savings Accounts  

You can withdraw money from your Easy Access Cash ISA, Easy Access, Bonus Easy Access or Easy Access Plus Savings Account at any point without incurring early exit charges.

The minimum account balance depends on the type of Easy Access Account you hold:

• £1 for our Bonus Easy Access Account
• £1,000 for our Easy Access Account and Easy Access Cash ISA Account
• £10,000 for our Easy Access Plus Account

The minimum withdrawal amount is £1 for all Easy Access Savings Accounts.

Before withdrawing money from an Easy Access ISA, it is essential to consider the potential impact on your tax-free ISA allowance. More information on the ISA allowance below. 

If we receive a withdrawal request online (excluding secure message) before 9:30pm, or by phone before 2:30pm, on a working day, you should receive your funds into your linked account on the next working day. You can also send us a secure message, and we’ll respond as soon as possible. Find out more information on when you'll receive withdrawn funds.

Notice Savings Accounts  

At Shawbrook, Notice Savings Accounts are available with two term length options: 45 days or 120 days. This means you are required to notify Shawbrook 45 or 120 days in advance before you can withdraw and access your funds. The minimum balance is £1,000. 

Withdrawing money from Cash ISAs  
 
Unless you undertake a transfer to another ISA, when you take money out of an ISA, you stop earning tax-free interest on the withdrawn amount. Every tax year, you have an Annual ISA Allowance, which for 2025/2026 is £20,000.   
 
Once you have deposited money within an ISA, it counts towards your Annual Allowance — even if you withdraw it within the same year (unless you have a flexible ISA, which Shawbrook does not offer). So, removing money from an ISA could prevent you from maximising your allowance. 

For more information on Cash ISAs and withdrawals visit our pages below: 

• Cash ISAs   
• 2025/2026 Cash ISA Allowance 
• Withdrawing Money from ISA

Still wanting to withdraw? Learn how to submit a withdrawal request.

Yes. Both minimum and maximum  balance requirements varies by product.

Minimum balance requirements
Bonus Easy Access Account: £1 
Easy Access Plus Account: £10,000   
All other Shawbrook Savings Accounts: £1,000 

Maximum balance requirements
Fixed Rate Bonds: £2,000,000 
Fixed Rate Cash ISAs: £250,000 
Easy Access Cash ISAs: £500,000
Easy Access Savings Accounts: £500,000 for sole accounts and £1,000,000 for joint accounts
Bonus Easy Access Account:  £500,000 for sole accounts and £1,000,000 for joint accounts
Easy Access Plus Account: £500,000 for sole accounts and £1,000,000 for joint accounts
Notice Savings Accounts: £500,000