Shawbrook Bank

[SebsCat]

Small interest increase from Shawbrook today, now 4.68% AER (4.58% monthly). Should be automatically applied to anyone on issue 36. A bit disappointing given that Tandem are now paying 5.0% and a couple of others are at 4.8%.

[raybarrow]

Hi,
Another automatic rate increase from Shawbrook, with no input from me. Very rare I have to intervene but no harm in checling now and again.
Ray.

[bluedonkey]

at the risk of teaching grandmothers to such eggs, maybe its time to extract that KR money and put it elsewhere paying substantially better ?

Quite. I'll wait for their reply first though.

I ended up having to open an account for Kent Reliance's latest issue 63 and then transfer from my old instant access issue to the new one. This meant a change from 3.88% to 4.5%. I would be reluctant to use Kent again after this.

[bluedonkey]

Quite. I'll wait for their reply first though.

I ended up having to open an account for Kent Reliance's latest issue 63 and then transfer from my old instant access issue to the new one. This meant a change from 3.88% to 4.5%. I would be reluctant to use Kent again after this.

Further update.

Kent are now increasing the rate on their instant access issue 57 to 4.2% AER even though the current issue 63 is paying 4.5% AER. It's ridiculous the games they play. Why not increase issue 57 to 4.5% as well? Presumably they are relying on inertia dissuading holders from switching, and so Kent get to pocket the 0.3% difference.

[stevensfo]

I ended up having to open an account for Kent Reliance's latest issue 63 and then transfer from my old instant access issue to the new one. This meant a change from 3.88% to 4.5%. I would be reluctant to use Kent again after this.

Further update.

Kent are now increasing the rate on their instant access issue 57 to 4.2% AER even though the current issue 63 is paying 4.5% AER. It's ridiculous the games they play. Why not increase issue 57 to 4.5% as well? Presumably they are relying on inertia dissuading holders from switching, and so Kent get to pocket the 0.3% difference.

Presumably they are relying on inertia dissuading holders from switching,

Yes, of course. This was a recurring topic when I discovered TMF in 1999.

Nothing has changed.

Nationwide are masters at this.

Steve

[swill453]

I ended up having to open an account for Kent Reliance's latest issue 63 and then transfer from my old instant access issue to the new one. This meant a change from 3.88% to 4.5%. I would be reluctant to use Kent again after this.

Further update.

Kent are now increasing the rate on their instant access issue 57 to 4.2% AER even though the current issue 63 is paying 4.5% AER. It's ridiculous the games they play. Why not increase issue 57 to 4.5% as well? Presumably they are relying on inertia dissuading holders from switching, and so Kent get to pocket the 0.3% difference.

It's weird though, I've also got an instant access account that's no longer open to new subscribers, issue 33 I think, and it has just increased to 4.5%.

I don't know how they decide.

Scott.

[Maroochydore]

I've just ditched my Shawbrook Instant Access Account because it's not 'instant access'.

You have to make withdrawal before 9:30pm on a working day to get your cash in your nominated account on the next working day. Usually it arrives in my Lloyds nominated account mid-afternoon. Of course, withdraw on Friday and you won't see it until the following Monday afternoon.

Also you have to withdraw a minimum £500 - I seem to recall it was £1,000. That meant having to resend the balance back if you don't want £500 out.

Not worth the hassle to me regardless of interest rates. My Marcus account withdraws instantly (a few seconds to arrive in my nominated account) and as much or as little that I need. I use it to store cash at 4.3% rather than leave it in my current account knowing I can retive it instantly - the whole point of an 'instant access account' surely.

[mc2fool]

I've just ditched my Shawbrook Instant Access Account because it's not 'instant access'.

You must be thinking of some other bank, Shawbrook don't have an Instant Access Account.

"Easy access savings accounts

With an easy access account, you can get next working day access to your money whenever you want while earning a competitive, variable interest rate." https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/

Always a good idea to RTFM ...

[SebsCat]

Not worth the hassle to me regardless of interest rates. My Marcus account withdraws instantly (a few seconds to arrive in my nominated account) and as much or as little that I need. I use it to store cash at 4.3% rather than leave it in my current account knowing I can retive it instantly - the whole point of an 'instant access account' surely.

As mc2fool says, Shawbrook is an "easy", not "instant" access account. Easy access accounts often have restrictions of some kind on withdrawals, eg some limit the number of withdrawals you can make in a year. The delay in processing withdrawals is the one thing I don't like about Shawbrook - not so much the delay itself but that you effectively lose a day's interest.

FWIW, Shawbrook have just upped their rates again to 4.73% monthly, 4.83% annually. Should be automatically applied to anyone on issue 36.

[GeoffF100]

I have just had a look at the account description. It says that there is a minimum opening balance of £1,000. I normally set up a bill payment and send a test deposit of £1. Can I do that with this account? If not, is there another safe way of proceeding?

[NotSure]

I have just had a look at the account description. It says that there is a minimum opening balance of £1,000. I normally set up a bill payment and send a test deposit of £1. Can I do that with this account? If not, is there another safe way of proceeding?

You can.

You can also hold less than £1000 if you wish, you just get no interest (or just a tiny amount).

[SebsCat]

Another increase from Shawbrook - now 4.82% monthly, 4.93% annual. No change to issue number so if you are on issue 36 you should get the increase automatically.

[GeoffF100]

I have taken the plunge. A landline number is mandatory. Fortunately, I still have one but I do not use it unless I have to. You are still a fly by night if you only have a mobile number it seems.

[Gerry557]

I opened an account yesterday, well hopefully I have. I put in an alternative phone number that was a mobile and was rejected.

I don't have a landlines to submit so deleted the number and clicked proceed. I'll check later that all went OK.

[Gerry557]

The account opened successfully without a landline number, I just left it blank.

Added some funds yesterday and checked this morning but its not showing up. Hopefully its just a weekend issue and that the correct balance will show up on Monday when the banks get back to normal.

[orangepekoe]

The account opened successfully without a landline number, I just left it blank.

Added some funds yesterday and checked this morning but its not showing up. Hopefully its just a weekend issue and that the correct balance will show up on Monday when the banks get back to normal.

Shawbrook always send a text confirming the amount when they receive it, so yes it's probably due to the weekend.

[fromdusktilldawn]

If you don't like having to stay on top of the latest rates offered I recommend you avoid Cynergy bank -- their rates are usually very good but in the 2 years since I first opened an easy access a/c with them I've upgraded through 19 issues! Some within a couple of weeks of the last, although it's pretty quick and easy to open a new one and transfer-all-and-close the previous one (and all done within your online access to them, no need for secure messages.)

I went through 14 issues with my Cynergy ISA. The reason I know it was 14 is that they recently sent me 14 separate annual paper statements, each sent separately, and all arriving in the same post!

Same here, although not quite so many issues. I don't intend to use them again, it's too much bother.

[Gerry557]

The account opened successfully without a landline number, I just left it blank.

Added some funds yesterday and checked this morning but its not showing up. Hopefully its just a weekend issue and that the correct balance will show up on Monday when the banks get back to normal.

Shawbrook always send a text confirming the amount when they receive it, so yes it's probably due to the weekend.

I received a text this morning so I expect everything will be well next time I sign in.

[GeoffF100]

I phoned Santander today to move some money in. (Shawbrook is not a member of Confirmation of Payee, so I did not dare try to transfer the money online.) Success, but I was told that Santander is now offering 5.2%:

https://www.santander.co.uk/personal/savings-and-isas

Oh no! I do not want too many of these accounts. It is a pain to track them all. The Santander account is new issue. I will stick with Shawbrook for now, with some cash in Marcus for instant access.

[mc2fool]

I phoned Santander today to move some money in. (Shawbrook is not a member of Confirmation of Payee, so I did not dare try to transfer the money online.) Success, but I was told that Santander is now offering 5.2%:

https://www.santander.co.uk/personal/savings-and-isas

Oh no! I do not want too many of these accounts. It is a pain to track them all. The Santander account is new issue. I will stick with Shawbrook for now, with some cash in Marcus for instant access.

How is doing it by phone any less "daring" than doing it online? Online at least you can copy'n'paste details, which reduces one source of errors.

And if you've got a current account with Santander and it's your "hub" account, you can't get any more instant access than a savings a/c with the same bank.....