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Shawbrook
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Shawbrook Bank - Savings, Loans, Business & Property Finance
Shawbrook is a specialist savings and lending bank, offering personal loans, residential and commercial mortgages, business finance, and savings products.
Website
shawbrook.co.uk
David Stone
"When you want to close or transfer "
A competitive interest rate when opening but a nightmare when trying to switch to another provider at maturity As soon as I received notification of my maturity options I decided to switch and from then the service went downhill Despite sending my maturity instructions online I continued to be advised that the bank was waiting for my instructions After two secure messages I was advised to ignore the last advice On maturity date i received another message to advise it might take 15 days before the swicth was completed The switch was to Kent Reliance from whom I had an email 26 03 24 advising We are contacting you to confirm that your transfer request has been accepted by your current ISA Provider along with your instructions to wait until your maturity notice period of your ISA before you transfer your funds to Kent Reliance So still waiting
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B F P
"I m on my second ISA with them"
I m on my second ISA with them I never check the account but when I did in January there was no interest paid Sent them a message only to be told interest was paid annually and it would be paid on the 1st of March 2024 Today is the 5th of April and still no interest payment When I first opened an account with them it was because they offered the best interest rates Now this is no longer the case and they are even reducing interest rates Considering this I completely lost faith in them and will be moving my account elsewhere
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Owen
"Makes you ASK for interest rate rise but drops it themselves automatically"
I find them exceptionally misleading and backhanded about how they do interest rates on their savings accounts In short they ll drop your interest rate without any clear reason automatically whenever it suits them But if interest rates go UP they don t increase it unless you ask them to which in my case led to me missing out on almost 1000 in interest over the course of several months How this works is that while they will reduce interest themselves on any savings account they handle interest rate rises using what they call issues Your easy access savings account is on for example Easy Access Issue 75 at say 4 BoE raises interest rates so Shawbrook creates for example Easy Access Issue 76 at say 4 2 these are all just examples not actual instances But they will not TELL you they ve created this new issue and they will not shift your account over to it They will happily leave you on Easy Access Issue 75 for months on end - you can be absolutely sure they re earning better interest rates on your money that they hold but because you ve not logged into your account and sent them a secure message asking to be moved to the new interest rate you will NOT be earning any more interest Remember of course that as soon as BoE reduces interest rates Shawbrook will drop your interest rate automatically without any action on your part required Although BoE interest rates don t actually need to drop for Shawbrook to drop yours anyway - see below This is the only savings account I ve ever had that does this - requires you to ask to receive their highest interest rate - and I find it extremely underhanded of them But BoE interest rates don t actually have to drop for Shawbrook to drop your interest rate anyway For example the BoE recently confirmed interest rates will be staying where they are at 5 25 All the other savings accounts I have no change in interest rate Shawbrook We re dropping your interest rate They are crap They have profited off my money with them at my expense long enough I m taking my savings and getting out EDIT Shawbrook have replied to say their choice to drop interest rates isn t governed by the BoE But they haven t bothered to address that they won t automatically put you on their best interest rates and instead leave you on a worse rate until you notice log in and request the increase That is by far my biggest problem with this bank and the reason I m looking for a better service elsewhere
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Suffolk Gardner
"Payments from shawbrook much slow"
Payments from shawbrook much slower than other providers
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Mr Dominic Endean
"Not great"
I had to complete every stage of the application process twice without an explanation Apparently I missed a call from Shawbrook Bank over a week ago However no missed calls registered on my phone and I was only informed of a call attempt when I chased for a progress update Sending me an e-mail saying they tried to call must have been too hard
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hector heath
"Shawbrook Robots Messing with Your Money"
In October I opened a cash isa with Shawbrook bank in two stages first 15000 then later 5000 The second stage was troublesome because I couldn t get thro to them and in the interim I decided to move the whole isa to Charter bank instead Ultimately however I DID manage to invest the full 20000 with Shawbrook but now I keep getting messages from them to say they can t move my isa then they say they CAN Even tho I want nothing moving An agent said the message must come from one of their automated machines So they have machines messing with your money and causing unnecessary stress I still don t know whether an unauthorised transfer will occur
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Paula Smith
"Extremely slow withdrawal time "
Extremely slow withdrawal time It s totally unacceptable for a bank to take nearly two days to transfer money into a nominated account And don t even bother at a weekend or bank holiday- even longer delays Most banks do this instantly I can t understand why Shawbrook don t invest in IT infrastructure
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D F Norfolk
"I wanted to open a fixed 1 year savings "
I wanted to open a fixed 1 year savings bond and the process was going fine until I was asked what is my yearly salary I have never been asked this question before in any savings application form and there was no option to opt-out of the question It is no business of Shawbrook to ask the question therefore I cancelled my application and will open an account elsewhere DM Norfolk
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tony ward
"What is going on here "
It started several weeks with my maturity transfer to another bank After a week of checking with Shawbrook they still couldn t see the request on their system even the day before transfer I then decided to be safe id stay put and just transfer to their 1 year fixed offer instead 3 days later it still hadnt been set up properly and showed a zero balance so i rang to check again This time the assistant verified it would be sorted and i could view online in a few hours Now ive been locked out my account the weekend is here and another nervous weekend wondering where in this black hole my whole savings pot has disappeared to It now does not recognise my email address to try and reset my password it gives me a message telling me an email will be sent shortly with a link but this email never arrives ive tried 3 times now no luck
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William
"Poor Customer Service"
We have an existing relationship with Shawbrook 3 1m multi-property loan yet the customer service we receive is unacceptable Very hard to speak to someone and when you do their replies are slow and inefficient We had tight deadlines to met yet Shawbrook are not agile enough to met them We will be moving to a new lender at our next refinance
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