Shawbrook Bank is a new kid on the savings scene, having launched in 2011. If you haven’t heard of it, it’s a savings and lending bank based in the UK.
Whether you’re trying to squirrel away a few coins daily, or you’re looking to put a lump sum away to fatten up a bit, Shawbrook Bank has a variety of savings options.
We’ve highlighted the key features of Shawbrook Bank’s savings options in our review, below.
This type of account tends to be for people looking to put away a lump sum to mature. Why? Well, firstly you can’t withdraw your money until the end of the agreed term. Secondly, you have to put in a fairly sizeable amount. Here are the details:
Take money out whenever you like. This is ideal for anyone who’s trying to save on a budget. If you’re trying to save but worried one major event might into your spare funds. What if your oven stops working?
Fixed-rate accounts tend to offer the best interest rates out of the various types of savers. However, they’re only really for people who can afford to ignore a chunk of money for a while.
The notice account is a half-way house between instant access and fixed rate bonds. You can withdraw your money but you have to give the bank notice. This account is suited to people who have a specific big savings goal in mind, such as a wedding or buying a car.
A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government. For the 2018-2019 tax year you can invest up to £20,000 in ISAs.
ISAs give you tax-free savings. You can get a certain amount of interest tax-free with the personal savings allowance, too (lower-rate tax payers can earn £1,000 a year in interest tax-free, and the limit for higher-rate tax payers is £500).
Shawbrook Bank offers an easy access ISA, or fixed-term ISAs for 1 year, 2 years, 3 years, or 4 years.
It’s worth knowing that with Shawbrook Bank bank’s ISA options, you can withdraw your money early – even with the fixed term accounts. However Shawbrook Bank will charge you an early exit, and you might end up with less money than you originally deposited. You can find of your early exit charge in your key product information document, which you receive after opening an account.
Shawbrook Bank is an online-only bank. It doesn’t have any physical branches, so you apply and manage your account remotely. This could be on its website, through direct message, over the phone, or in some circumstances by post. It doesn’t have a mobile app for savings account customers.
Your personal savings are protected by the Financial Services Compensation Scheme for up to £85,000 with Shawbrook Bank. Join accounts are protected for up to £170,000. Shawbrook Bank is authorised by the Prudential Regulation authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
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