PERSONAL - FAQs

About Shawbrook Bank

Who are Shawbrook Bank?

Shawbrook Bank specialise in the savings and lending markets where we have solid experience and knowledge.

We give our customers a straightforward, no-nonsense alternative to the high street. And we combine traditional banking values with a modern approach.

We think of ourselves as the best of banking past – good customer service and common sense decisions – with the easy access of a modern bank. We use common sense and judgement when we take decisions, not a rigid computer score.

Shawbrook’s principal private investor purchased the banking licence of the British bank, Whiteaway Laidlaw Bank in 2011, providing substantial capital to help the business to grow.

We are UK owned, operate exclusively in the UK and have office locations in England and Scotland. The dedicated customer servicing team are based at our office in Brentwood, Essex.

Are my deposits protected?

Shawbrook Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The FCA and PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/pra.

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk.

Changes to the Financial Services Compensation Scheme Deposit Protection Limit

On 3 July 2015, the Prudential Regulation Authority (PRA) announced that the FSCS deposit protection limit was changing from £85,000 to £75,000. 

For individuals and small corporate depositors, the change to the compensation limit will not take effect until 1 January 2016.  We will be contacting all customers likely to be affected by this change by 1 September 2015, to confirm the options available to them to adjust their balance in light of the new deposit protection limit.

Large companies and small local authority depositors, who are new to FSCS protection, are protected up to £75,000 from 3 July 2015.

What is the address for Shawbrook Bank?

Our address for correspondence is:

Shawbrook Bank Limited, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE

Opening Your Account

Can I open an account?

To open an account you need to be at least 18 years of age and a permanent resident in the UK (excluding the Channel Islands and the Isle of Man). 

Non-Cash ISA accounts
You can open an account in your name only (sole account) or with one other eligible person. There is no limit to the number of accounts you can hold. 

Cash ISA Accounts
The Shawbrook Bank ISA is an online only product and can only be held as a sole account in your name. To open a Shawbrook Bank ISA:

a) you must hold a UK bank account
b) you must be 18 years of age or older
c) you must be a resident in the UK for tax purposes 
d) you have not already opened a cash ISA in the current tax year and 
e) you have a National Insurance number. (Ask your HMRC tax office if you are in any doubt about this). 

How do I open my account?

You can open any personal account online. In addition some personal accounts can be opened via a postal application formThe quickest way to open an account is to complete the online application form and subject to you being eligible and us being able to verify your identity, we will normally be able to set your account up immediately. If postal applications are supported for the product you wish to apply for simply click on the application download button on our website. 

If you are a registered user of Personal eSavings, you can also apply for an account via the ‘Apply Online’ section of the site. By making an application in this way, the amount of information you have to provide will be significantly less than completing a full new application. In addition, your new account can be viewed using your existing Personal eSavings log on details.

Can I open an account as a Power of Attorney?

To make an application for an account as a Power of Attorney please contact our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).

ISA Accounts – We do not currently offer ISA Accounts as a Power of Attorney

Easy Access Accounts (online only) - We do not currently offer online only Easy Access Accounts as a Power of Attorney. 

 

Can I cancel my account?

If you change your mind and wish to cancel your account, you can do so within the first 14 calendar days from the opening date of your account. Please note this cancellation right does not apply to fixed term accounts. You cannot cancel a fixed rate fixed term account once it is open. 

You can notify us of your cancellation by writing to us at our address or (if you are a registered user of Personal eSavings) sending us a secure message.

ISA Accounts – If you change your mind and cancel the ISA within the period set out in your terms and conditions, the payment made will not count as a subscription into an ISA in that tax year and you will be free to put money into an alternative cash ISA in that tax year (with Shawbrook Bank or a different ISA Manager).

What is a nominated account?

A Nominated Account is a UK Bank or Building Society account (that you nominate when opening your account) that allows you to make and receive electronic payments (including Faster Payments, BACS, and CHAPS). Deposits into your account must come from your Nominated Account and any withdrawals out of Shawbrook Bank (including interest payments) will be sent to your Nominated Account. 

You can hold one nominated account for each savings account you hold. If your nominated account is a sole account it must be in your name, or (in the case of a joint account held with Shawbrook Bank) at least one of your names. If the nominated account is a joint account, then at least one of you must be named on that account.

You can hold one nominated account for each savings account you hold. If your Nominated Account is a sole account it must be in your name, or (in the case of a joint account held with Shawbrook Bank) at least one of Your names. If the Nominated Account is a joint account, then at least one of You must be named on that account.

Do you collect money from my Nominated Account?

No. Your Nominated Account is a UK bank account that you should use to make deposits from and where any withdrawals will be paid in to. Shawbrook Bank will never collect money from your Nominated Account. To make an electronic transfer from your Nominated Account into your new savings account contact your bank or building society where your Nominated Account is held and make a payment using the following details: 

  • Sort Code: 16-58-73
  • Account number: Your Shawbrook Savings Account number
  • Reference: Your name as the payment reference

Alternatively you can send us a cheque drawn on your Nominated Account.

Why do I need to provide nominated bank account details?

Nominated Account details are required for security reasons. We want to make sure that your money is safe and therefore we check that the UK bank account you nominate is owned by you. This means that when we receive new deposits into your account and make withdrawals out of your account we can be sure the funds are being received and sent to your bank account.

Where can I view my Nominated Account?

If you are a registered user of Personal eSavings, you can view your Nominated Account details by logging on and going to the ‘My Accounts’ tab, clicking on Account Details and then select an account to view. There will be a summary of your product details shown and the Nominated Account details for that specific Savings account will be shown.

If you are not a registered user of Personal eSavings, you can contact our dedicated customer servicing team on 0345 266 6611 Monday to Friday, 9am to 5:30pm, excluding English bank holidays) who can confirm your Nominated Account details.

Can I change my Nominated Account or add a new Nominated Account?

Yes, you can change your Nominated Account details associated with an account or add Nominated Account details to an existing account. If you are a registered user of eSavings, you can submit a secure message detailing the new nominated account details you wish to use. Alternatively, you can write to us at our address or contact our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).

What checks do you do before I can open a savings account?

We will verify your address, identity and Nominated Account details before opening an account for you. We do this by checking various electronic databases. In the event that we are unable to verify you in this way, we may ask you to supply us with some identity documents by post. We will not be able to open your account until we have successfully verified your details.

Can I receive gross interest on my savings account?

Interest can be paid gross if you are a non-tax payer and you notify us of this  by submitting a secure message (if you are a registered user of Personal eSavings), or contacting our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).  

ISA Accounts – interest on cash ISA accounts is paid gross (tax-free).

Operating your account

How can I operate my account?

You can operate your account in the following ways:

We think of ourselves as the best of banking past – good customer service and common sense decisions – with the easy access of a modern bank. We use common sense and judgement when we take decisions, not a rigid computer score.

  • Personal eSavings (see ‘Personal eSavings’ FAQs) - operate your account online
  • Contacting our dedicated customer servicing team - our dedicated customer servicing team can be reached on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays)
  • You can write to us - please send your correspondence to our address

Where can I find my Savings Account Number?

Your Savings account number will normally be provided to you when you open your account in the following ways: 

  • If you apply via the post your account number is provided within your welcome letter sent to your home address
  • If you apply on-line you will be sent a customer number to your email address. You use this number along with the password you set up during the on-line application process to log into Personal eSavings where you can view your account numbers
  • On statements – you will be able to view your account number on any statements you have been sent by us

If you cannot locate your account number using any of the approaches outlined above please give us a call on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).

When will I receive a statement?

Non-Cash ISA Statements
You will normally receive a statement every January covering the previous year as well as a statement at the closure of your account. If your account has a duration of less than a year, for example, a 6 month bond, you will only receive a statement at the closure of your account. 

Cash ISA Statements
You will receive a statement on the anniversary of account opening.

How can I view my statement?

If your account is registered for Personal eSavings you can view your statement on-line within your eDocuments section. You can also save copies of your statements to your computer and print copies of your statements.

If your account is not registered for Personal eSavings your statement will be sent via the post to the address we hold for you. IMPORTANT NOTES FOR JOINT ACCOUNTS: Although we will address the statement to all joint account holders, all postal correspondence will be forwarded to the address of the account holder named first in our records.

How do I obtain a tax statement for my account?

Tax statements are normally made available within 4 weeks of the end of the tax year on the following basis: 

If your account is registered for Personal eSavings a tax certificate will be made available in your eDocuments store where it can be viewed, saved to your computer and printed.

If your account is not registered for Personal eSavings, you can request a paper tax statement after the end of the tax year by contacting our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).

How we verify you when you contact us

When accepting instructions over the telephone (either when we call you or when you call us), we will ask you a number of security questions in order to verify your identity. If we cannot verify you, we will be unable to talk to you about your account(s). 

When accepting instructions in writing, we will verify that the signature used on the instruction matches the signature you have provided us. If you have not provided us with a signature, we will call you to verify your instruction before actioning it. 

When accepting instructions by secure message your identity will have been verified by the secure log in information required to gain access to Personal eSavings (this is usually customer number and password). We cannot accept instructions by general non secure email.

Personal eSavings

What is Personal eSavings?

Personal eSavings is the internet banking service provided by us that enables you to service your Savings account on-line. For your accounts registered within Personal eSavings you can:

  • View transactions on your accounts (deposits, withdrawals, transfers and interest paid)
  • Check your account balances and interest rates on your accounts
  • View various documents associated with your account including statements
  • Send secure messages to undertake a wide range of requests, including putting your account on notice and changing your details
  • Review your total gross and net interest paid in a tax year for your individual accounts

Once you are a registered user of Personal eSavings you can also apply for new products using a much shorter application form than you would if you applied via our on-line form as a new customer.

IMPORTANT NOTES:
You can currently only view Personal Savings accounts held with Shawbrook Bank. If you hold a Business, Charity or Trust account you cannot view them on-line at this time although we are looking to develop this functionality in 2014.

How do I register for Personal eSavings?

At this time the only way to gain access to Personal eSavings is when applying for a new product on-line where you will be asked to set up the security details and password required to have access. We are working on a registration process for existing customers that we hope to be available during early 2015.

How do I view all of my Shawbrook savings accounts within Personal eSavings?

If you are an existing Shawbrook Personal Savings customer and apply for a new Personal Savings account online, you will be able to view your new account within Personal eSavings. If you wish to view any existing Savings accounts within Personal eSavings you can send us a secure message instructing us to register your existing accounts. 

IMPORTANT NOTES:
You will not be able to view any Business, Charity or Trust Accounts you hold with us. We are developing a Business eSavings service but this will not be available until 2014.

What is a secure message?

A secure message is an email system that only works within your secure Personal eSavings. This means that messages sent by you to us, and messages that we send back to you are only viewable within your Personal eSavings service. Information about your accounts is therefore sent and received securely as it can only be viewed once you have successfully logged into Personal eSavings (which requires a customer number and password which are known only to you).

How do I create a secure message?

You can create a secure message by logging into Personal eSavings, clicking on ‘Messages’, and then clicking on ‘Create Message’. You can then select an account and a subject you wish to message us about. Some of the messages you select will have templates that you can use to help you provide the information we need to action your message. Secure messages can be used for a wide variety of requests and queries including withdrawals, changing personal details, requesting forms etc.

How do I know you have responded to my secure message?

When we respond to a secure message you will receive a message to your non secure email address we hold for you (for example, a Hotmail address). This message will not contain any personal information but it will inform you that you have a new message waiting for you in your secure message box within Personal eSavings. To view your new secure message simply log into Personal eSavings, click on ‘Messages’ and ‘View Messages’.

What is a Customer Number?

Your customer number is a six digit number unique to you. It is usually provided to you when you first open an account that can be operated via Personal eSavings. Your customer number is sent (only once) to the email address you have given us as soon as your account is opened.

I have forgotten or misplaced my Customer Number?

Please contact our dedicated customer servicing team on 0345 266 6611 between Monday to Friday, 9am to 5:30pm, excluding English bank holidays.

What is a ‘Login Name’?

You can choose to select a Login Name when using Personal eSavings that will be remembered by your computer whenever you log in. When you go to the log in screen of Personal eSavings you will no longer be asked to enter your customer number and password, instead you will see your Login Name appear and you will be asked to enter your password only. This will save you having to remember your customer number AND password every time you log in. WE STRONGLY RECOMMEND THAT YOUR LOGIN NAME IS NOT USED ON SHARED OR PUBLIC COMPUTERS.

Personal eSavings Password

Your password is set up by you and known only to you. It is used along with your customer number to access your Personal eSavings service. It is usually created by you (only once) during the application process when you first open an account that can be operated via Personal eSavings. We will never ask you for details relating to your Personal eSavings password. PLEASE ENSURE YOU KEEP YOUR PASSWORD SECRET AND TAKE CARE WHEN ENTERING PASSWORDS, ESPECIALLY WHEN USING A PUBLIC OR SHARED COMPUTER. PLEASE TELL US IMMEDIATELY IF YOU KNOW SOMEONE ELSE KNOWS (OR IF YOU SUSPECT SOMEONE ELSE KNOWS) YOUR PASSWORD OR LOGIN NAME.

I have forgotten my password?

Simply click on the password re-set button on the login page and follow the instructions. You will be required to enter your customer number and the answers to a few security questions and you will normally be able to re-set your password instantly.

I cannot re-set my password on-line

If you are unable to re-set your password using the process outlined in the question above then please contact our dedicated customer servicing team on 0345 266 6611 between Monday to Friday, 9am to 5:30pm, excluding English bank holidays.

Can I change my password?

Log in to Personal eSavings and click on the ‘My Details’ link in the top right hand corner of the page. Click on the tab called ‘Change Password’ and follow the on-screen instructions.

What are Cookies?

To use Personal eSavings you must have cookies enabled on your internet browser. Cookies are small pieces of software that reside on your computer. The cookies used to enable Shawbrook Personal eSavings will not hold any personal data (apart from your login name if you choose that option).

Unfunded ISA Accounts

If you do not make a deposit into your cash ISA account in any tax year and that account is open and accepting additional deposits, your account will be treated as dormant. You will need to complete a new cash ISA declaration before any new deposits are accepted into your account. 

Making Deposits

How do I make a deposit into my Savings account?

You can deposit funds into your account via the following methods:

Electronic Payments (Faster Payments, BACS, CHAPS) – Contact your bank or building society and provide the following details: 

  • Beneficiary: Your name or, (in the case of a joint account) one or both of your names
  • Account Number: Your Shawbrook Savings Account Number
  • Sort Code: 16-58-73
  • Reference: Your name or, (in the case of a joint account) one or both of your names

Transfer funds from another Shawbrook Savings Account – in some circumstances you may be able to transfer funds from existing Shawbrook Savings Accounts. The Shawbrook Savings Accounts must be held in your name (in the case of a sole account), or (in the case of a joint account) one or both of your names. Please contact our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English Bank Holidays) who will be able to assist you with this request.

ISA Transfers – You may be able to transfer your current or previous tax years ISA balance held with other ISA providers to fund your Shawbrook Bank Cash ISA. The Key Product Information Document provided when you open your account will specify whether transfers in are accepted.  If transfers are permitted, simply fill out an ISA transfer form when you apply online for a Shawbrook ISA product and we will do the rest. Please note, if your existing ISA has a notice period or is a fixed term account that has not yet expired, you may lose some interest if you choose to transfer those funds before the expiry of the fixed term or notice period.  Your existing ISA provider will be able to provide you with details of any early withdrawal or exit charge.

Cheque – send your cheque to our address referencing your Shawbrook Savings Account number on the reverse of the cheque. Cheques must be made payable to you, or, (in the case of a joint account) to one or both of you. Please note that cheque payments take time to process. For more information on cheque clearance times, please go to “How quickly will the funds show in my account and when will I start to earn interest?” section of the FAQs.

With the exception of funds transfers from other Shawbrook Savings Accounts and ISA transfers from other ISA providers, deposits into your account must come from your Nominated Account or (if there is no Nominated Account associated with your account) from: a) bank or building society account held in your  name (if that account is a sole account) or (if a joint account) where you are one of the joint account holders and b) an account that allows Electronic Payments. This account will be set up as your Nominated Account before a transfer can be made.

Can I make a deposit into my account at any time?

You can make a deposit into your account at any time until the product is withdrawn. This means that the product will become closed to new applications or new deposits. Once a product is withdrawn we may refuse new deposits into the account. You can check whether a product has been withdrawn by visiting the ‘Withdrawn Products’ section of our website. We will not normally notify you when a product is withdrawn.

Cash ISA Accounts - Some Cash ISA accounts will accept new deposits even after the product to which the account relates is withdrawn.  If this is the case, you will be able to make new deposits into the account during any tax year up to your maximum annual subscription allowance.  To ensure that deposits are included within a specific tax year and count towards that tax year’s subscription allowance, your deposit must be received by us on or after 6th April and before midnight on 5th April of the applicable tax year.  Please note, if the end of the tax year falls on a weekend or bank holiday you need to ensure that any cheques or faster payments are received by us within banking hours on the last working day before the weekend/bank holiday.  For example, in the tax year 2014/2015, cheque or faster payments deposits must be received by 5.30pm on the 2nd April 2015.  We will provide further details for ISA application and payment deadlines on our website and on our telephone line prior to the end of the tax year.

What is Shawbrook Bank's sort code?

Our sort code is 16-58-73.

Is there a minimum/maximum deposit amount?

There are minimum and maximum deposit amounts which are specific to each account type. The minimum and maximum deposit amount will be shown on the Key Product Information document that is provided to you when you apply for a new account.

How quickly will the funds show in my account and when will I start to earn interest?

When you make a deposit, funds will normally be credited to your account on the following basis:

Cheque

  • When a cheque is received on a working day and within banking hours, it will be credited to your account on that working day
  • When a cheque is received on a non-working day or after banking hours it will be credited to your account on the next working day
  • Your cheque deposit will normally clear within six working days although it will start to earn interest from the second working day after it is credited to your account 

Faster Payment/BACS/CHAPS

  • Electronic payments received on a working day will normally be credited into your account on that day and start to earn interest on that day.

Transferring funds from another Shawbrook Savings Account

  • Funds transferred between Shawbrook accounts will show as cleared funds and start to earn interest in the destination account on the same working day the transfer takes place. Transfers between Shawbrook accounts will only take place on a working day.

ISA Account Transfers 

Interest will be earned when the transfer from your current ISA provider has been received into your account as cleared funds. 

IMPORTANT NOTE:
A working day is Monday to Friday, 9am to 5:30pm, excluding English bank holidays.

Banking hours are Monday to Friday, 9am to 5:30pm, excluding English bank holidays.

Making Withdrawals

Are there withdrawal restrictions on accounts?

The ability to make withdrawals depends on the type of account you hold:

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 exist 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 re-deposit funds back into your account if the deposit amount means you exceed the maximum annual subscription allowance. 

Example;
Claire opens a cash ISA with £10,000 in July 2014.  A few weeks later she withdraws £8,000.  Later in the same year, Claire decides to re-deposit the £8,000 she withdrew by putting new funds into the account.  However, she can only deposit a maximum of £5,000.  This is because the annual subscription allowance for a Cash ISA is £15,000 in the tax year 2014-15, and Claire has already deposited £10,000 in the current tax year.  

IMPORTANT NOTE:
A working day is Monday to Friday, 9am to 5:30pm, excluding English bank holidays

Please read this question in conjunction with the question entitled ‘Where will my funds be sent?’ and ‘When will I receive my withdrawn funds?’

How do I submit my withdrawal request? (for Notice Accounts, Easy Access and ISA Accounts)

Personal eSavings – If your account is registered for Personal eSavings then you can submit a withdrawal request via secure message. Simply go to ‘Messages’, then click on the tab ‘Create Message’. Select the product you wish to make a withdrawal from in the account list then select one of the withdrawal options from the subject list.

Write to us – you can write to us to make a withdrawal. Send your request to our address stating:

  • the account you wish to make the withdrawal from
  • the amount of the withdrawal
  • the date of withdrawal (or applicable notice period)
  • how you wish the funds to be paid to you (subject to ‘Where will my funds be sent?’)

ISA Accounts - If you simply withdraw money out of the account it will result in a loss of your tax benefits on the withdrawn amount from the date of withdrawal. If you would like to transfer your Shawbrook ISA balance to another ISA provider at any point, you must contact your new ISA provider and request a transfer to ensure you maintain your tax benefits. Your new ISA provider will undertake the transfer service on your behalf.

You can also make a withdrawal request by contacting our dedicated customer servicing team on 0345 266 6611 (Monday to Friday, 9am to 5:30pm, excluding English bank holidays).

Where will my funds be sent?

Withdrawals out of Shawbrook Bank will be made to your Nominated Account. We cannot issue a payment to a third party from your Savings account. 

In exceptional circumstances (such as where your Savings account does not have an associated Nominated Account) we can also send funds via cheque upon request only. Cheque withdrawals will be sent by post to the address we hold for you. Cheque withdrawals may be subject to further identification and verification checks.

Withdrawals may also be transferred to an alternative Shawbrook Savings Account (subject to the destination account being open and not withdrawn). The Shawbrook Savings Accounts must be held in your name (in the case of a sole account), or (in the case of a joint account) one or both of your names.

When will I receive my withdrawn funds?

Notice Accounts
When you put an account on notice, the expiry of your notice period will always be on a working day (you will be notified of the date in advance) and you will normally receive your funds on the next working day. 

Fixed Term Accounts
You will receive your funds on the working day after your maturity day.

Easy Access Accounts
Next day electronic transfer - Where a withdrawal request is received prior to 2.30pm on a working day, your payment should be received by the beneficiary bank on the next working day.

ISA Accounts (Notice ISA, Fixed ISA, Easy Access ISA) -
Next day electronic transfer - Where a withdrawal request is received prior to 2.30pm on a working day, your payment should be received by the beneficiary bank on the next working day. 

CHAPS - Where a payment request is via CHAPS, providing the CHAPS payment details are received by 2.30pm on a working day then the funds will normally be received by the beneficiary bank the same day. CHAPS payments are subject to a £20 fee.

Cheque withdrawals – Cheque withdrawal requests received prior to 2.30pm on a working day will normally be processed and sent via the post that day.

IMPORTANT NOTE:
A working day is Monday to Friday, 9am to 5:30pm, excluding English bank holidays.

Using your ISA Account

What is an ISA?

An ISA is an Individual Savings Account. It is a tax-efficient account for your savings or investments. From July 1 2014 all ISAs will become New ISAs (NISAs). This applies to all existing ISAs and new accounts opened after 1 July. The Government is changing the name to reflect the significantly increased limits and flexibility that will be available to account holders. The NISA is more generous and offers flexibility as you can save your NISA annual allowance in cash, stocks and shares or any combination of the two. Under the NISA rules you will also be able to transfer previous years’ ISA savings freely between stocks and shares and cash ISAs if you wish.  Shawbrook Bank only offer cash ISAs and in line with many other banks and building societies will continue to use the term 'cash ISA' rather than 'cash NISA' when detailing the ISA products we operate.

Can I have more than one cash ISA in a single tax year?

HMRC rules mean that you cannot hold more than one cash ISA in the same tax year.  If you have already opened a cash ISA in this tax year with another provider then you cannot open and fund a new cash ISA with Shawbrook Bank unless:

  1. the total balance of your current tax year cash ISA is transferred across to Shawbrook Bank
  2. your existing cash ISA account is closed

In order to transfer an existing cash ISA account across to Shawbrook Bank simply complete an application for a new cash ISA and as part of the 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.  Please note: you cannot undertake a cash ISA transfer by simply making a withdrawal from your existing cash ISA and depositing it into your new Shawbrook Bank cash ISA as you will lose your tax benefits.

You can hold a stocks and shares ISA as well as a cash ISA in the same tax year but your total subscription allowance for the year remains the same (for 2014/15 the total maximum annual subscription amount is £15,000).  This means if you currently hold a stocks and shares ISA in this tax year, but do not hold a cash ISA, you can open and fund a Shawbrook Bank cash ISA.  Please see examples below: 

  • You can invest £7,500 in a Shawbrook cash ISA and £7,500 in a stocks and shares ISA with another bank or building society
  • You can invest £10,000 in a stocks and shares ISA with another bank or building society and £5,000 in a Shawbrook Bank cash ISA

What happens if I exceed the maximum annual cash ISA subscription allowance?

We will monitor the total level of deposits made during any tax year and if we receive an individual payment that takes your account above the maximum annual subscription amount, we will return the whole amount of that individual payment.  To review your level of available subscription allowance for your current tax year simply log on to Personal eSavings and review your specific cash ISA account.

Can I transfer my existing ISAs held with other providers across to Shawbrook Bank?

You can transfer your current ISA(s) with another bank to Shawbrook Bank whenever you want.  Simply apply for a Shawbrook ISA product online and complete the ISA transfer form giving us account details of your current ISA(s) and we will do the rest.  If you are transferring a Stocks and Shares ISA into a Cash ISA, your current provider will sell some or all of your investments according to your instructions. Once all the sales have been settled and any closing fees deducted (if applicable), the money will be transferred by your existing provider to your Shawbrook Bank Cash ISA.  

Please note, if your existing cash ISA has a notice period or is a fixed term account that has not yet expired, you may lose some interest if you choose to transfer those funds to Shawbrook Bank before the expiry of the fixed term or notice period.  Your existing ISA provider will be able to provide you with details of any early withdrawal or exit charge.

What happens if I die?

If a sole account holder dies, the deposit will transfer to the deceased’s executors/administrators. The deposit can (at the option of the executors/administrators) either be repaid to the executors/administrators or continue to run for its contractual period, and funds will be released at the end of the fixed term or the expiry of any applicable notice period, as the case may be. In either case, grant of probate/letters of administration will be required before funds can be released.   

ISA Accounts – In the case of Cash ISAs, tax will be paid at the applicable rate from the date of death and your account balance will be paid to your executors/administrators prior to the expiry of any applicable notice period or the end of any fixed term, provided that we receive grant of probate or letters of administration from your executors or personal representatives.

What happens if I move abroad?

If you become non-resident in the UK or  you are planning to become a non-UK resident for tax purposes, you must inform us as soon as reasonably practicable of your intention to do so and in any event, you must inform us before the date you become a non-UK resident. Your account will be closed in line with the terms and conditions of the account. 

ISA Accounts – If you hold a Shawbrook ISA and become a non-UK resident, you will not be able to make additional deposits into your Shawbrook ISA and in any given tax year any deposits or subscriptions to a Shawbrook ISA received from the date you became non-resident will be removed from your Shawbrook ISA and returned to you. Those subscriptions cannot be reinstated into your account after tax year end even if you establish that you were a UK resident or you become a UK resident again. 

If we become aware that you have become non-resident in the UK in an earlier tax year, any subscriptions you have made in a tax year after you became non-resident including any income and/or growth relating to those subscriptions will be removed from your account and returned to you.

Where can I find out more information on ISAs?

There is more information available from HMRC regarding ISAs at http://www.hmrc.gov.uk

You can also get more information from TISA at http://www.tisa.uk.com

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2014 Moneyfacts Award

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