Shawbrook Bank, 1.75% instant access savings account

[NotSure]

Shawbrook bank are offering instant access savings at 1.75% annual or 1.74% monthly. Min £1000, min withdrawal £500 which takes a day.

Better than a poke with a stick, but I've never heard of them. FSCS and all that. Has anyone experience of them?

https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/easy-access/

[NotSure]

I came across them on moneysavingexpert. Good Trustpilot rating with plenty of reviews. Skimmed the docs and no obvious gotchas. I've applied, but not yet parted with any money, and await any feedback from Fools.

[mc2fool]

Shawbrook bank are offering instant access savings at 1.75% annual or 1.74% monthly. Min £1000, min withdrawal £500 which takes a day.

Better than a poke with a stick, but I've never heard of them. FSCS and all that. Has anyone experience of them?

Yep, for several years. My last comment on them at viewtopic.php?p=503339#p503339

That post says I (then) had them in "dormant" mode but since then I've taken up the 6 month a/c mentioned in that post and they've also moved to the top-ish of the instant access a/c league table so I've put a chunk in that too (and before their most recent increase to 1.75%).

One other thing that's changed since that post is that they no longer create new "issues" of their instant access a/c whenever they raise interest rates but have just increased the rate on the existing issue, which saves the faff of having to ask them to upgrade the a/c from the previous to new issue.

[dubre]

The interest rate on my existing account has been raised to 1.52% but not 1.75% as far as I can see?

[NotSure]

The interest rate on my existing account has been raised to 1.52% but not 1.75% as far as I can see?

I opened an instant access account and received an email yesterday:

We've increased your interest rate – no action required

We're pleased to let you know that we've increased the interest rate on your Easy Access Account. You don't need to take any action, as this has been applied already.

Here are the details:

Previous Rate 1.51% Gross / 1.52% AER (variable/monthly)
New Rate 1.74% Gross / 1.75% AER (variable/monthly)

My account is called "Shawbrook Easy Access - Issue 29 Monthly" if that is any help.

[mc2fool]

The interest rate on my existing account has been raised to 1.52% but not 1.75% as far as I can see?

The interest rate went from 1.40% to 1.52% mid July (14th I believe) and then up to 1.75% on 5-Aug. In both cases I checked my a/c the same day and saw that it had been increased, so if it hasn't happened for you I suggest you send them a secure message.

(Note that they send out an SMS text message on the day of the increase but the emailed announcement always goes out a week later, for some reason.)