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David Stuart

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Review of the Shawbrook Bank, Savings:

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Painfully Slow ISA Transfer So They Fleece Money From You

Zero stars if I could. Started a ISA transfer of £60k transfer from Shawbrook to NatWest on 19th October, given ISA maturity on 27th October. I wrongly thought this would provide Shawbrook with plenty of time to act on the day of maturity, as my previous experience of many other transfers were measured in low number of days. On 27th October my funds matured and Shawbrook transferred them into their matured funds account paying 0.1% interest. You can guess why they operate at a snails pace while creaming 5.25% depositing my money overnight with the Bank of England and paying 0.1% to me. Funds were ‘ready for payment’ 1st November. It is now close of business on 3rd November and still no transfer. More delays with the weekend ahead. Zero customer service when you call for any updates. Avoid, avoid, avoid. Cheap, grubby tactics to rinse customers out of £150 lost interest and soon to be rising. Reviewed on: 3rd November 2023

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