Are there withdrawal restrictions on accounts?
It depends on the account.
If your account does allow you to withdraw funds, taking your account below the minimum balance will affect the interest we pay. Check your terms and conditions for more details.
If your account has a notice period, then you will not be able to withdraw funds within your applicable notice period. You will need to submit a withdrawal request to us and once your notice period has expired your funds will be sent to you. Find out how to submit a withdrawal request
Fixed Term Bonds
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.
If your fixed term bond is an ISA, you can withdraw funds (although you'll lose your ISA status on these funds), with a minimum withdrawal of £1,000. If withdrawing money will leave you with less than £1,000, you'll need to contact us so we can discuss the options with you.
You can contact the savings team by logging in and sending a secure message, or getting in touch by phone on 0345 266 6611.
Our team are available Monday to Friday, 9.00am - 5.00pm, excluding public holidays.
Easy Access Accounts
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 nominated account on the next working day.
Find out more information on when you'll receive withdrawn funds.
Some Easy Access Accounts have a minimum withdrawal limit. Please check your Key Product Information for more information.
If you want to withdraw less than £500, you'll need log in and send us a secure message, as we'll need to help you do this.
You can withdraw your funds at any time but this will result in you losing your tax benefits from the point of the withdrawal. If your account has a fixed term or notice period, there may be an early exit charge to pay
To maintain your tax benefits you can transfer out your cash ISA balance to another ISA provider at any point. To make a transfer out you must contact your new ISA provider and request a transfer. Your new ISA provider will undertake the transfer on your behalf. If you withdraw funds or transfer funds out to another provider before the end of any fixed term or notice period you may incur an early exit charge (normally a loss of interest). After the exit charge has been applied you may have less money than you originally deposited depending on the terms of your particular Shawbrook Bank cash ISA.
Details of early exit charges will be contained in the Key Product Information document provided when you open your account.
If you make a withdrawal from a cash ISA account you cannot deposit funds back into your account if the deposit amount means you exceed the maximum annual subscription allowance.