Closing or maturing your account

You can change your mind at any time until the date your account matures. 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.

The quickest way to change your maturity instruction is in your online account. We're in the process of upgrading the online experience for all of our customers. We'll contact you before this happens.

Follow these steps if your online account has not been upgraded yet.

1. Log in, go to Home and look for the account that's maturing.
2. Select the three dots under Action.
3. Select Delete Maturity Instructions and then Confirm.
4. Go back to Home and look for the account that's maturing.
5. Select the three dots under Action.
6. Select Setup Maturity Instructions.
7. Follow the steps to give your new instruction.

Follow these steps if your online account has been upgraded.

1. Log in, go to Home and look for the account that's maturing.
2. Select View maturity instruction.
3. From there, you can either edit your instruction or cancel it and start again.

The change will be processed immediately and your new instruction will be actioned when your account matures.

We'll write to you before your account matures and let you know your options. Then you can log in to your online account to send your maturity instruction.

We're in the process of upgrading the online experience for all of our customers. We'll contact you before this happens.

Follow these steps if your online account has not been upgraded yet.

1. Log in, go to Home and look for the account that's maturing.
2. Select the three dots under Action.
3. Select Setup Maturity Instructions.
4. Follow the steps to send your instruction.

Follow these steps if your online account has been upgraded.

1. Log in, go to Home and look for the account that's maturing.
2. Select Explore maturity options.
3. Follow the steps to send your instruction.

If you decide to reinvest with us, you’ll have access to exclusive maturity rates only available to existing customers. You can also choose any of the accounts on our website.

You’ll only see maturity offers for the type of account you currently have. Contact us if you’d like to reinvest:

• from a fixed rate to an easy access or notice account
• from a fixed rate ISA to a standard fixed rate bond
• from a standard fixed rate bond to an ISA

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.