About our accounts

General information about our accounts

Do you have minimum or maximum balance requirements?

Yes. For all Shawbrook Savings Accounts our minimum account opening and operating balance is £1,000. However, the maximum account balance requirements vary by product.

Fixed Rate Bonds: £2,000,000
Fixed Rate Cash ISAs: £250,000
Easy Access Cash ISAs: £250,000
Easy Access Savings Accounts: £85,000 for sole accounts and £170,000 for joint accounts.
Notice Savings Accounts: £500,000

Do your accounts have any fees or charges?

We don't apply fees or charges to our personal savings products.

However, if you withdraw funds from an ISA before the end of the agreed term or notice period, there may be a penalty to pay.
If you're considering this, please contact us and we'll let you know what the penalty could be.

You can contact the savings team by logging in and sending a secure message, or contact us by phone.

You’ll also find details of early exit charges in the Key Product Information document provided when you open your account.

Why is the interest rate showing as 0% in my account?

The interest rate will show as 0% until you deposit the minimum balance required for the account you chose. You can find out what that minimum balance required is in the Key Product Information (KPI) document provided when you open your account.

My savings rate has an issue number. What does this mean?

Whenever we release a new rate, we give it a new issue number. It helps us keep track of what product we're referring to, including what rate it offers.

Can I choose how my interest is paid?

Yes, you can. Interest can be credited to your account with us or paid to your linked (nominated) account. When applying for your savings account we will ask you to choose:

where to pay your interest
when to pay it (monthly or annually)

If you already have an account and want to change how you receive interest, please log in and send us a message or contact us by phone.

Easy access savings accounts

What is an easy access savings account?

An easy access account is a savings account that allows you to withdraw money without notice. Designed for saving, these will typically offer a higher rate of interest than a current account.

Easy access savings accounts offer a great deal of flexibility. With Shawbrook, you can make unlimited withdrawals (subjected to a minimum amount) without giving us any notice. You can also manage your account online, and deposit as much as you like (up to the account’s maximum balance). The choice is yours to decide whether to receive interest annually or monthly.

Shawbrook also offers easy access cash ISAs. You can deposit up to £20,000 in the current tax year (2024/25) tax-free with these. For more information, visit our cash ISAs page.

Why choose an Easy Access Savings Account?

Whether an Easy Access Savings Account is the best option will depend on your circumstances and savings goals. But some of the benefits include:

The flexibility to deposit and withdraw funds with next working day access, making it suitable for managing short-term savings or unexpected expenses.
Variable interest rates that allow for the potential advantage of fluctuating rates, meaning rates can increase or decrease over time.

Can the interest rate change on an Easy Access Savings Account?

Yes, the interest rate is variable, so it can change.

You can find out more about how interest rates can change in section 17 of our Terms and Conditions for Personal Savings Accounts, which you’ll find on our Savings documentation page.

When can I withdraw money from my Easy Access Savings Account?

You can withdraw money from your Easy Access Savings Account for next working day access, without incurring early exit charges. However, before withdrawing money from an Easy Access Cash ISA, it is essential to consider the potential impact on your tax-free ISA allowance.

Withdrawing money from Cash ISAs

Once you have deposited money in an ISA, it counts towards your £20,000 Annual ISA Allowance, even if you withdraw it within the same year (unless you have a flexible ISA, which Shawbrook does not offer).

So, if you withdraw money from an ISA, not only will the money lose it’s tax-free status, but you may also not be able to pay some or all the money back into an ISA in the same tax-year. Transferring an ISA enables you to protect the tax-free status of your savings.

For more information on Cash ISAs and withdrawals visit our pages below:

How to withdraw money from an Easy Access Savings Account

The minimum withdrawal amount on our Easy Access Savings Accounts is £500 and the minimum account balance is £1,000

You can request this withdrawal from your online account.

We're in the process of upgrading the online experience for all of our customers. We'll contact you before this happens.

If your online account has not been upgraded yet:

log in and select Requests
select Withdraw money and follow the steps

If your online account has been upgraded:

log in and select Move money
follow the steps

If we receive an online withdrawal request before 9:30pm on a working day (or a request made by phone or secure message by 2:30pm), you should receive your funds into your linked (nominated) account on the next working day.

For more information, please see our Terms and Conditions for Personal Savings Accounts.

Fixed rate savings bonds

What is a fixed rate savings bond?

A fixed rate savings bond is a type of savings account that involves putting your money away for a set period of time. Because you’re locking it away, you get a guaranteed amount of interest as we won’t change the interest rate during that time.

If you need more flexibility, a notice account or an easy access account could be right for you.

We also offer fixed rate Cash ISAs.

The differences between a Fixed Rate Cash ISA and a Fixed Rate Bond

Shawbrook Fixed Rate Cash ISAs and Fixed Rate Bonds both offer fixed interest rates for a set period. However, there are a few key differences between the two options.

Tax Benefits 

Fixed Rate Cash ISAs provide tax advantages as the interest earned is tax-free. In contrast, the interest earned on Fixed Rate Bonds may be subject to income tax, depending on your personal circumstances, including your Personal Savings Allowance.

For more information, visit our pages below:

Withdrawal Limits 

If you have a Fixed Rate Cash ISA, you can make withdrawals or close your account before maturity, but this will be subject to a loss of interest, known as an early exit charge. Conversely, with a Fixed Rate Bond, access to funds is restricted until the maturity date. 

For more information, visit our Withdrawing Money from ISAs page.

Maximum Account Balance

At Shawbrook, the Fixed Rate Cash ISA maximum account balance is £250,000 and the Fixed Rate Bond maximum account balance is £2,000,000.

Joint Accounts 

Fixed Rate Cash ISAs must be opened in individual names due to their tax-free status linked to the individual taxpayer. Fixed Rate Bonds can be opened as either individual or joint accounts, offering more flexibility for joint savers.   

By understanding these differences, you can choose the savings product that best suits your financial goals.

For more information, visit our Fixed Rate Savings page

Why choose a fixed rate savings bond?

Whether a fixed rate savings bond is the best option will depend on your circumstances and savings goals. But some of the benefits include:

Your interest rate is fixed, so you know what return you’ll get on your investment.
Fixed rate bonds allow for higher balances than ISAs, so may work well for you if you have a larger amount of personal savings.

You can reinvest or move your funds at the end of the fixed rate term.

Can the interest rate change on a fixed rate bond?

As the interest rate is fixed, this won’t change over the term of the account.

When can I make a deposit to my fixed rate savings bond?

You can add more money to your account as long as the product is still open for funding, up to the maximum deposit amount.

If your bond is removed from sale (we'll do this when we issue new rates), you'll usually have seven days from removal to add any more funds to your account.

You can check if a product is withdrawn by checking our savings documentation page and checking the withdrawn product list.

How to make a deposit into your account.

When can I withdraw money from my fixed rate savings bond?

You will not be able to withdraw funds prior to end of your fixed term. Before expiry of your fixed term we will write to you to let you know the Shawbrook Savings options available for your maturing funds which will include withdrawing the funds out of the bank.

Notice savings accounts

What is a notice savings account?

A notice savings account is a type of savings account that has no fixed term but requires a notice period before you can withdraw your money. They offer more flexibility than a fixed term account. They work best if you don’t want to lock your funds away for a long time but will know in advance when you need access to your savings.

The notice period will differ depending on the account you have chosen. For example, if you choose a 45 day notice period, you’ll receive your funds 45 days after you request it.

Although notice accounts are more flexible than a fixed rate bond, the notice period means they are not suitable for people who want to access their funds at any time. For those who want even more flexibility, an easy access account could be right for you.

Why choose a notice savings account?

Whether a notice savings account is the best option will depend on your circumstances and savings goals. But some of the benefits include:

Unlike a fixed term bond (such as a 1 year fixed rate bond, for example), you don’t have to make new investment decisions at the end of the term. The money will remain in your account and keep gaining interest until you decide to withdraw, so you can leave it in the notice savings account for as long as you want.
After you’ve made the minimum deposit, there is no minimum deposit amount so you can keep topping it up as and when you like.
Having a notice period can help you make more informed decisions and avoid the temptation of dipping into savings.

When can I make a deposit to my notice savings account?

You can add money to your account, up to your maximum deposit amount, whenever you like.

How to make a deposit into your account.

When can I withdraw money from my notice savings account?

You can withdraw money from your account at any point, but you’ll need to give us notice beforehand. This notice period will depend on your account.

You can submit a withdrawal request in your online account. We're in the process of upgrading the online experience for all of our customers. We'll contact you before this happens.

If your online account has not been upgraded yet:

log in and select Requests
select Withdraw money and follow the steps

If your online account has been upgraded:

log in and select Messages and help
select your notice account and send a message specifying the amount you want to withdraw

Once your notice period has ended, we’ll send your money to you.

Can the interest rate change on a notice savings account?

Yes, the interest rate is variable, so it can change.

You can find out more about how interest rates can change in section 17 of our Terms and Conditions for Personal Savings Accounts, which you’ll find on our savings documentation page.