Shawbrook Bank

[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.

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.....

When I last tried to make a large online payment to a new own account with a bank that was not a member of Confirmation of Payee, I had my online access revoked. I had to ring up and be put through to security to sort that out. I was also asked to ring the people who compensated scam victims... It was mess.

I am not keen on having savings with the same bank as my current account. A big payment coming in can push me over £85K. That should not be problem with Santander, but is best avoided nonetheless.

[GeoffF100]

Shawbrook has upped its rate. Now 4.95% AER, only a 0.02% increase but better than nothing. Not the highest, but they do seem to be keeping their rate competitive.

[Gerry557]

I thought it was 4.85%, so a bigger jump unless I have missed a previous rise.

Fortunately I opened the Santander account in the small window it was available which is a tad higher on he interest.

I might become a rate tart

[Nimrod103]

I thought it was 4.85%, so a bigger jump unless I have missed a previous rise.

Fortunately I opened the Santander account in the small window it was available which is a tad higher on he interest.

I might become a rate tart

I too opened the Santander account, but I am not very clear on its limitations, if there are any. It is instant access, and is in addition to their previous instant access account, in which I now have 49 pence, and where the interest rate has been reduced from 4.7% (previously) to 4%.

I would have thought the new Santander instant access account would have been targetted at existing savers first, but that seems not to be the case. Some must have missed out and now would be rather upset. Treating loyal long term customers as badly as Nationwide isn't a good look.

[Gerry557]

I found out about the Santander account almost by accident when checking out Shawbrook. I dont know if Santander publicised it as Im a newbie. It looks very easy access. I did a test transfer and it was in my bank immediately. It looks like Shawbrook might take a day or two and it gives you a message when you log in ref that. I haven't tried moving it out yet.

Nationwide shot themselves in the foot

[Gerry557]

I received a letter yesterday asking for proof of being named on my linked account as they couldn't do it electronically. I returned my "void cheque" in the supplied envelope same day.

Today they have emptied out my account and returned my funds. They also sent me an email about an "edocument" on my account that also requests proof of linked account same as above. Not much time to sort out especially using snail mail. Its less than 24 hours.

Anyway it sorts out the dilemma of should I rate tart Shawbrook into Santander or not. The lot has gone to Santander pending Shawbrook sorting out some admin to enable my access.

[NotSure]

Shawbrook easy Access nudges up again (last rise was only Friday).

Now 4.91% gross, 5.02% AER (I have a monthly interest account).

Now more than -2% real! "Feels" better than getting 0% when CPI is 2% though - I have some control over my exposure to CPI.

[Gerry557]

Something not quite right. I made notes of :-

4.91% Monthly 5.02% AER 20 Sep 23
4.95% Monthly 4.84% AER 15 Sep 23
4.82% monthly 4.93% AER 01 Sep 23

Was 15 Sep wrong?

[mc2fool]

Something not quite right. I made notes of :-

4.91% Monthly 5.02% AER 20 Sep 23
4.95% Monthly 4.84% AER 15 Sep 23
  ↑         ⇄        ↑                  
4.82% monthly 4.93% AER 01 Sep 23

[Gerry557]

Something not quite right. I made notes of :-

4.91% Monthly 5.02% AER 20 Sep 23
4.95% Monthly 4.84% AER 15 Sep 23
  ↑         ⇄        ↑                  
4.82% monthly 4.93% AER 01 Sep 23

Whilst I think you might be correct, the text I received definitely has it the way I wrote it.

I wonder if Shawbrook isn't good with numbers. After having my account funds returned, see above, for identification. I received a reply to my message. The reply said I would be given 14 days to provide proof but then I was only give 24 hours.

The good news is my account is now open for use again so I must be me again.

[GeoffF100]

Something not quite right. I made notes of :-

4.91% Monthly 5.02% AER 20 Sep 23
4.95% Monthly 4.84% AER 15 Sep 23
4.82% monthly 4.93% AER 01 Sep 23

Was 15 Sep wrong?

Yes. It was 4.95% AER on 15 Sep 23. See my post above. The AER will never be smaller than the interest rate. The AER will never be smaller than the interest rate. You have got the rates the wrong way around. (1+0.0484/12)^12 = 1.049488

[Gerry557]

Geoff I agree with you but the text from Shawbrook was the way I wrote it down. I think their text is wrong.

[GeoffF100]

Shawbrook up to 4.99% gross 5.11% AER.