Depositing & withdrawing from your account

Making a deposit

How do I make a deposit into my savings account?

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 you balance to us, visit our How to transfer an ISA page.

When can I make a deposit into my Savings Account?

It depends on the type of account you have.

Fixed Rate Bonds

You can add money to your Shawbrook Fixed Rate Bond up to the maximum deposit amount of £2,000,000.

You can check if a product is withdrawn by checking our savings documentation page and checking the withdrawn product list.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

Shawbrook Fixed Rate Cash ISAs and Easy Access Cash ISAs have minimum opening balance of £1,000 and a maximum balance limit of £250,000.

When adding funds to your ISA make sure you do not exceed the maximum Annual ISA Allowance. 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.

However, you can only open one Cash ISA with Shawbrook per tax year, and you cannot spread your £20,000 allowance across more than one Shawbrook ISA in the same tax year.

For more information, visit our Cash ISA Allowance for 2024/2025 page

Easy Access Savings Accounts

You can deposit money at any point, up to the maximum deposit amount - £85,000 for sole accounts and £170,000 for joint accounts.

Notice Savings Accounts

You can deposit money at any point, up to the maximum deposit amount of £500,000

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

Do you collect money from my nominated account?

No, we never collect money from your linked (nominated) account.

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

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

If you already have an ISA and want to transfer your previous allowances to us, you can find out more on how to transfer an ISA.

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

Funds are credited to your account the same working day, if you send them before 3.30pm. If you send the funds after this time or not on a working day (Saturday and Sunday or English bank holiday), the funds will credit your account the following working day.

For example, if you send funds from your bank account on Friday after 3.30pm, your account will show that the money has left, but it won’t show that we’ve received it in your Shawbrook account until the Monday, when we’ve applied it to your account.

If the Monday is an English public holiday, it won’t show until Tuesday.

You will begin to earn interest once the credit has been applied to your account.

If you've registered a mobile number with us, we'll send you a text to let you know the funds have been credited.

I have just sent an electronic payment but it's not showing on my online account?

Funds are credited to your account the same working day, if sent prior to 3.30pm.

If funds are sent after this time or not on a working day (Saturday and Sunday or English public holiday), the funds will credit your account the following working day. You will begin to earn interest once the credit has been applied to your account.

If you've registered a mobile number with us, we'll send you a text to let you know the funds have been credited.

If it's been more than one working day since you transferred the funds, check your linked (nominated) account in case it's been returned. This could happen if your account is no longer open for funding. Please contact us if you have any issues and we'll take a look.

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

Can I add more money to my fixed rate bond?

Standard fixed rate bonds

You can add more money to your account as long as the product is still open for funding, up to the maximum deposit amount.

If your bond is removed from sale (we'll do this when we have new rates), you'll usually have seven days from removal to add any more funds to your account.

You can check if a product is withdrawn by checking our savings documentation page and checking the withdrawn product list.

You're welcome to take out an additional bond if you wish to deposit further funds.

ISAs

You can deposit up to maximum ISA allowance per year into a fixed rate ISA, each tax year, up to the maximum deposit amount of the account. This can be over several deposits if you wish.

The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.

Our Cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.

If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.

If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.

For more in-depth information, visit our Cash ISA Allowance for 2024/2025 page.

If you've already opened an ISA with us this tax year, any other accounts would need to be from our standard, non ISA range.
You can apply for any new products online by logging in as an existing customer.

What is Shawbrook's sort code?

Our sort code is 16-58-73.

Withdrawing your money

How do I withdraw money from my account?

Please check if there are withdrawal restrictions on your account before submitting a request.

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

If your online account has not been upgraded yet, log in and select Requests
If your online account has not been upgraded yet, log in and select Move money

For postal accounts
You can submit your request by post or by calling us and stating:

the account you wish to make the withdrawal from
amount of the withdrawal
how you'd like the funds to be paid to you

By post: The Savings Team, Shawbrook Bank Limited, Sunderland SR43 4AG

By phone: If you'd rather call, you can get in touch by phone.

Are there withdrawal restrictions on accounts?

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 and Easy Access Savings Accounts

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

The minimum withdrawal amount on both accounts is £500 and the minimum account balance is £1,000.

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 an online withdrawal request before 9:30pm on a working day (or a request made by phone or secure message by 2:30pm), you should receive your funds into your nominated account on the next working day. 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 2024/2025 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:

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

Where will my funds be sent?

Withdrawals out of Shawbrook Bank will be made to your linked (nominated) account. We cannot issue a payment to a third party from your savings account. If you need to, you can change your nominated account.

Withdrawals may also be transferred to an alternative Shawbrook savings account (subject to the destination account being open for funding and not withdrawn). The Shawbrook savings accounts must be held in your name (in the case of a sole account), or one or both of your names (in the case of a joint account). You'll need to contact us to arrange this.

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

When will I receive my withdrawn funds?

Easy Access Accounts & ISA accounts
It takes a working day for funds to reach your account, so if you make your request on a Wednesday, the funds will be with you by midnight on Thursday.
Our payment process halts at the weekends and on public holidays, so payments can take longer.

Cut-off times for online withdrawals
You'll need to request a withdrawal by 9.30pm on a working day in order for your funds to reach you the next working day.
Cut-off times for phone and secure message requests
You'll need to request a withdrawal by 2.30pm on a working day in order for your funds to reach you the next working day.
Requests made at the weekend
If you make a withdrawal request after the cut-off point on Friday, or at any point on a Saturday or Sunday, you will receive your funds by midnight on Tuesday. If there's bank holiday, this will add an extra day to the process.

Notice Accounts
When you request a withdrawal of funds from your notice account, you will be told which date the notice expires on, in advance. You'll typically receive your funds the next working day after this date.

Fixed Term Accounts
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.

If you tell us you wish to withdraw your money, you'll receive your funds on the working day after the account matures.

Transferring an ISA

What you should know before transferring an ISA

The differences between withdrawing and transferring an ISA

There is a difference between withdrawing and transferring. If you withdraw money from an ISA into a non-ISA, before then placing it into another ISA, the money will lose its tax-free status.

In addition, if the money was deposited in the same tax-year, it may reduce how much money you can pay back into an ISA during that tax-year given the Annual ISA Allowance of £20,000.

Transferring from one ISA to another ISA ensures you maintain ISA tax-free status benefits.

Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs.

Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status. 

For more information, visit our pages below:

Operating multiple ISAs across different providers 

In 2024, it became possible to operate more than one ISA in the current tax year. This means you can invest in multiple ISAs with different providers at the same time – spreading your annual allowance across them all. However, at Shawbrook you can only open one Cash ISA per tax year, and you cannot split your allowance across more than one Cash ISA in the same tax year.

For more information, visit our 2024/25 cash ISA allowance page. 

How to transfer your ISA

Transferring an ISA is a straightforward process, provided you follow the correct steps to maintain your tax-free benefits. Before proceeding with the transfer, please consult our guidance: What You Should Know About Transferring an ISA. 

Transferring an ISA from another provider to a Shawbrook ISA
To transfer an existing ISA from another provider to a new Shawbrook ISA you will need complete the online ISA application form. If your provider is not part of the Electronic Transfer Scheme, a separate form is required for a manual transfer.

As part of your application process, we will capture the details of your current ISA. We will then work with your existing ISA provider to complete the transfer for you, and you'll keep your ISA tax-free status benefits.

To transfer money into a Shawbrook ISA that’s newly opened please contact our friendly Savings Team by phone, or log in and send us a secure message.

At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.

Transferring from one Shawbrook ISA to another Shawbrook ISA 
To transfer your Shawbrook ISA to another Shawbrook ISA please contact our friendly Savings Team by phone, or log in and send us a secure message and we will complete the transfer.

Transferring a Shawbrook ISA to another provider 
If you want to transfer your Shawbrook ISA to a new provider, you need to follow their process for transferring ISAs to them. The information your new ISA provider asks for may vary, but in general you will need to provide a sort code and account number of your Shawbrook ISA.  

Your account number - You can find your account number by logging in to your account. Your account number is displayed on the home screen next to your account name. 

Your sort code - Our sort code is 16-58-73. This is the same sort code used on all Shawbrook savings accounts.   

Other references - Your new provider may ask you for information like a roll number or reference number. We don't use role numbers or reference numbers, so you can leave this blank if your new provider asks for it.   

What happens next  
Your new provider will manage the transfer, confirm next steps and let you know if they have any questions. They'll also confirm when the transfer is complete. 

Partial Transfers 
We don't offer partial transfers, so if you wish to transfer funds from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA.  