Great for transparency, it doesn’t tend to offer bonus rates that are withdrawn after 12 months
No face to face customer support as its online only
Shawbrook savings accounts
Shawbrook Bank offers a broad range of savings accounts with interest rates up to 5.16%.
Shawbrook Bank launched back in 2011 and is 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.
Easy access savings accounts
Table: sorted by interest rate
Shawbrook Bank's best easy access rate of 3.75% is significantly lower than today's market-best rate of 6.95%.
Compare more instant and easy access accounts up to 6.95%
Cash ISAs
Table: sorted by interest rate
Shawbrook Bank's best cash ISA rate of 4.57% is very slightly lower than today's market-best rate of 4.7%.
Compare more ISAs up to 4.7%
Fixed-rate bonds
Table: sorted by interest rate
Shawbrook Bank's best fixed-rate bond rate of 5.16% is very slightly lower than today's market-best rate of 5.35%.
Notice savings accounts
Table: sorted by interest rate
Shawbrook Bank's best notice savings account rate of 3% is significantly lower than today's market-best rate of 4.45%.
Compare more notice savings accounts up to 4.45%
Business savings accounts
Table: sorted by interest rate
Shawbrook Bank's best business savings account rate of 4.3% is very slightly lower than today's market-best rate of 4.6%.
Compare more business savings accounts up to 4.6%
Overview of Shawbrook Bank savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts, business |
|---|---|
| Best easy access rate | 3.75% |
| Best cash ISA rate | 4.57% |
| Best fixed-rate bond rate | 5.16% |
| Best notice account rate | 3% |
| Best business savings account rate | 4.3% |
| Fixed bond terms | 9 months - 7 years |
| Notice account periods available | 45 days - 120 days |
| Opening options | Website, post, telephone |
| FSCS protection |
Does Shawbrook Bank offer online or mobile banking?
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.
How safe is Shawbrook Bank?
Your personal savings are protected by the Financial Services Compensation Scheme for up to £85,000 with Shawbrook Bank. Joint 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).
Shawbrook Bank customer reviews
Shawbrook was our winner in our annual savings customer satisfaction survey 2023, scoring 5 out of 5 stars, with 87% of its customers saying they’d recommend the service.
Here’s some of the feedback we got from Shawbrook customers:
“The interest rate on this savings account is very good. The account is straightforward to manage online. I’ve had no problems with it.”
“I’ve been extremely impressed with Shawbrook and the rates they provide.”
“Market leading interest rate and an easy to use website make this an easy company to deal with.”
“They offer a seamless, smooth experience.”
What are the pros and cons of banking with Shawbrook Bank?
Pros
- Online banking. You can access your Shawbrook Bank account anywhere. All you’ll need is your username and password.
- Flexibility. Shawbrook Bank offers a range of accounts with options for various types of savers.
- Decent rates. Shawbrook Bank offers pretty competitive rates across the board. They’re not market leading, but certainly up there.
- Transparent rates. Some banks offer great interest rates upfront then take them away after 12 months. Shawbrook Bank doesn’t do this.
Cons
- No high-street presence. More and more people are turning away from high street banking. However, in some circumstances you might prefer to have the option to visit a branch.
Frequently asked questions
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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Ask an Expert
Does Shawbrook Bank charge any fees for having a fixed term account?
Hi Marcus,
Thanks for reaching out. Shawbrook doesn’t charge any fees when you have a fixed term account but you can be charged for exit fees for early termination and you can obtain this information when you visit their website. Hope this helps!
Best,
Nikki