All about ISAs

If you’d like to make a payment to your ISA allowance for 2024/25, you’ll need to send this from your nominated account no later than 3pm on 5 April, 2025.

Payments made after this time will be counted toward your 2025/26 allowance.

This does not apply to ISA transfers. They’ve already been counted for your allowance this year, so even if we receive the transferred funds after the deadline, they’ll still count toward your 2024/25 allowance.

You can add more money to your account whenever you like, as long as you do not exceed maximum ISA allowance.

The ISA allowance for the 2024/25 tax year is £20,000. This means you can save £20,000 of new money into your ISA in this tax year.

Our cash ISA maximum balance is £250,000 so you can transfer other ISA balances into your new Shawbrook ISA up to £250,000.

If these balances are from previous tax years, they do not count towards the £20,000 limit in the current tax year 2024/25.

If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000.

You can only open and fund one ISA account with Shawbrook in any tax year.

How to make a deposit into your account.

You need to send us the funds - we never take them from your account.

You can make a payment to us by electronic payments only. This includes Faster Payments, BACS and CHAPs.

As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:

Sort Code: 16-58-73
Account number: Your Shawbrook Savings Account number
Reference: Your name as the payment reference

If you're not sure what account number to use, you can get help on how to find your account number.

We're not part of the confirmation of payee scheme, so your bank may tell you this when you try and make a payment. It's nothing to worry about.

For peace of mind, you may wish to make a small 'test' payment of £1. Once the payment has processed, you'll see it in your account.

If you already have an ISA and want to transfer your previous allowances to us, you can find out more on how to transfer an ISA.

When withdrawing funds from an ISA, it is important to be aware of the specific rules that apply. Depending on the type of ISA held, there may be charges associated with withdrawals. Even if withdrawals can be made without incurring an early exit charge, it is essential to consider the potential impact on your tax-free ISA allowance. 

Fixed Rate Cash ISA 

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. 

The amount will depend on the product you take. If you’re already a customer, you’ll find this detail in the product information we sent to you when you opened your account.  

Below is a summary of the early exit charges applicable for our Fixed Rate Cash ISAs. 

• 1 Year Fixed Rate Cash ISA: loss of 90 days’ interest on the withdrawn amount 
• 2 Year Fixed Rate Cash ISA: loss of 180 days’ interest on the withdrawn amount 
• 3 Year Fixed Rate Cash ISA: loss of 270 days’ interest on the withdrawn amount 
• 5 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount 
• 7 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount 

When your Fixed Rate Cash ISA matures, you can reinvest with us, withdraw your money, or transfer it elsewhere. We'll write to you before your maturity date to remind you of your options.  

For more information on Fixed Rate Cash ISAs, visit our pages below: 

• Cash ISAs  
• Fixed Rate Savings Accounts  

Easy Access Cash ISA 

You won't be charged an early exit charge if you withdraw money from your Easy Access Cash ISA. 

There are no limits to the number of withdrawals you can make with an Easy Access Cash ISA, but the account is subject to a minimum withdrawal amount of £500 and minimum account balance of £1,000. You should also consider the potential impact of withdrawals on your tax-free ISA allowance; this is detailed below. 

For more information on Easy Access Cash ISAs, visit our pages below: 

• Cash ISAs  
• Easy Access Savings Accounts  

ISA Allowance  

Withdrawing funds from a Cash ISA and depositing it into a non-ISA account, including temporarily placing it into an account before depositing into another ISA, will result in the loss of its tax-free status.  

If you paid in money during the current tax year, you may be unable to redeposit some or all the funds into an ISA during the current tax year when considering your maximum Annual ISA Allowance of £20,000. 

Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs. 

Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status.  

For more information, on Cash ISAs including allowances, withdrawals, and transfers visit our pages below: 

• 2024/2025 Cash ISA Allowance 
• Withdrawing Money from ISAs 
• Transferring an ISA to Shawbrook Bank 

You can open an ISA with us if:

• You’re at least 18 years old
• You’re a permanent UK resident, and only subject to UK tax
• Your cash ISA will be in your name only (we don’t offer joint ISAs)

You can only open and subscribe to one cash ISA account with Shawbrook in any given tax year. You cannot open a cash ISA acting on behalf of an account holder with power of attorney, guardianship or an intervention order.

The differences between withdrawing and transferring an ISA  

There is a difference between withdrawing and transferring. If you withdraw money from an ISA into a non-ISA, before then placing it into another ISA, the money will lose its tax-free status. 

If the money was deposited in the same tax-year, it will also reduce how much money you can pay back into an ISA during that tax-year given the Annual ISA Allowance of £20,000.  

Transferring from one ISA to another ISA ensures you maintain ISA tax-free status benefits.  

Flexible ISAs are the exception. A flexible ISA allows withdrawals and replacement of money during the same tax year, without affecting your annual ISA allowance year. Shawbrook does not offer flexible ISAs.

Operating multiple ISAs across different providers  

In 2024, it became possible to operate more than one ISA in the current tax year. This means you can invest in multiple ISAs with different providers at the same time – spreading your annual allowance across them all.   

Therefore, you may want to consider all options before transferring your ISA from one provider to another. For example, you now could open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA instead of undertaking a transfer provided you do not exceed your annual allowance.   

While you can open and invest in several cash ISAs in one tax year, at Shawbrook we currently only allow you to open one cash ISA per tax year with us.  

For more information, visit our 2024/25 cash ISA allowance page.  

Transferring an ISA is a straightforward process, provided you follow the correct steps to maintain your tax-free benefits. Before proceeding with the transfer, please consult our guidance: What You Should Know About Transferring an ISA.  

Transferring an ISA from another provider to a new Shawbrook ISA 
To transfer an existing ISA from another provider across to a Shawbrook ISA, you should complete an application for a new ISA. As part of your application process, we will capture the details of your current ISA. We will then work with your existing ISA provider to complete the transfer for you, and you'll keep your ISA tax-free status benefits.  

Transferring from one Shawbrook ISA to another Shawbrook ISA 
To transfer your Shawbrook ISA to another Shawbrook ISA you just need to let us know with a secure message by logging into our customer portal and we will complete the transfer.  

Transferring  a Shawbrook ISA to another provider 
If you want to transfer your Shawbrook ISA to a new provider, you need to follow their process for transferring ISAs to them. The information your new ISA provider asks for may vary, but in general you will need to provide a sort code and account number of your Shawbrook ISA.   

Your account number - You can find your account number by logging in to your account. Your account number is displayed on the home screen next to your account name.  

Your sort code - Our sort code is 16-58-73. This is the same sort code used on all Shawbrook savings accounts.    

Other references - Your new provider may ask you for information like a roll number or reference number. We don't use role numbers or reference numbers, so you can leave this blank if your new provider asks for it.    

What happens next  
Your new provider will manage the transfer, confirm next steps and let you know if they have any questions. They'll also confirm when the transfer is complete.  

Partial Transfers 
We don't offer partial transfers, so if you wish to transfer funds from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA.   

At Shawbrook, we only provide cash ISAs. You can transfer or convert the following ISAs to a Cash ISA with Shawbrook:

• Cash ISA
• Stocks and Shares ISA

But you can't transfer or convert:

• Lifetime ISA
• Junior ISA
• Innovative Finance ISA

All electronic and non-electronic transfers for Cash ISAs should be completed within 15 business days. Any transfers from a Stocks and Shares ISA should be completed in 30 business days. Some transfers can be complex, which could take a little longer.

There may be a number of reasons your ISA transfer hasn't completed.

The industry timescales are 15 business days from the transfer being accepted or the maturity date of the other provider. If your transfer has taken longer, please log in and send us a secure message and we’ll follow this up for you.

The below list details the ISA providers who can transfer your ISA to us online.

For our ISA accounts, the minimum balance to receive the advertised rated is £1,000. This does not need to be deposited immediately. You may wish to transfer money in several instalments.

If you have less than the minimum balance in your Easy Access ISA, you'll receive 0.25% Gross/AER (Variable / Tax Free) instead of the advertised rate.

Once you have funded your account to the minimum £1,000, your rate will switch to the advertised rate.

You can continue to fund your ISA as long as you have a remaining ISA allowance for the current tax year.

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 2024/2025 Cash ISA Allowance page.
• For more information, visit out Personal Savings Allowance page. 

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. 

Account Funding  

A Fixed Rate Cash ISA allows for tax-free savings on the interest earned. The £20,000 Annual ISA Allowance can be utilised each tax year. 

ISA Transfers at Shawbrook 

Balances from other ISAs held with Shawbrook (active or maturing) may be transferred in at any point during the term 

Transfers from other providers are permitted, but must be completed at the time of account opening 

With a Shawbrook Fixed Rate Cash ISA, unlimited deposits can be made up to a maximum account balance of £250,000. 

• For more information, visit our 2024/2025 Cash ISA Allowance page.
• For more information, visit our Transferring an ISA to Shawbrook Bank page. 

With a Shawbrook Fixed Rate Bond, deposits can be made up the maximum account balance of £2,000,000 until the product you have (the issue number) is withdrawn and replaced, which can happen at any time.  

After the product is withdrawn you have seven working days to make any further deposits. Alternatively, you can apply to open a new Fixed Rate Bond.   

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