Update: This fixed term deposit is no longer available. Please visit our marketplace to choose an alternative savings product.
Occasionally, we’re asked about the nuances of some of the savings products that are available through the Raisin UK savings marketplace. You can find a lot of the information that we’re going to cover in this article in our FAQs and product summary pages, but as you’re already here; here’s what you need to know about Shawbrook Bank’s application window, including how you can apply for their 18 Month Fixed Term Deposit at 1.82% AER.
How fixed term deposits funding windows work
If you’ve applied for a fixed term deposit savings product through the Raisin UK savings marketplace, you should be aware that you need to fund such a savings product within a timed funding window.
Fixed term deposit savings products are only active for a term set by the bank that is offering them. When you apply for a fixed term deposit, you’re given a funding window during which you need to transfer the funds that you pledged from your nominated account.
This funding window is intended to give you enough time to transfer funds to your fixed term deposit, even if you need to make multiple transfers, ensuring that the term set by the bank can commence as described in a product description.
With most of the fixed term deposits that are available through the Raisin UK savings marketplace, once the funds have cleared a partner bank’s accounts and have appeared in your customer portal, you’ll begin to earn interest or profit. However, fixed terms deposits offered by Shawbrook Bank utilise an application window, which means that the date that you start earning interest is a fixed date.
How Shawbrook Bank’s application window works
Shawbrook Bank’s fixed term deposits still feature a funding window within which you need to fund the savings product that you’ve applied for, but unlike our other partner banks, each Shawbrook Bank fixed term deposit is only available for a limited time during an application window.
Each Shawbrook Bank fixed term deposit advertises an application start date and deadline, and once the application deadline has passed, Shawbrook Bank won’t accept any further applications until the next application window commences, wherein you may find that the rate or term may have changed.
Regardless of the application deadline, you still need to fund your Shawbrook Bank fixed term deposit within the funding window, but you can apply right up until the day of the application deadline. Put simply; the application deadline does not place limitations on the funding window.
When you’ll earn interest on a Shawbrook Bank fixed term deposit
As mentioned earlier, your deposits won’t accrue interest until the fixed term of your savings product commences on what is known as the product start date. The product start date for each Shawbrook Bank savings product is on a fixed date, meaning that regardless of your funding window deadline, you won’t begin to earn any interest until the advertised product start date.
Apply for Shawbrook Bank’s 1.82% 18 Month Fixed Term Deposit
If you’re reading this on the day of publication, you can apply for a Financial Services Compensation Scheme (FSCS) protected 18 Month Fixed Term Deposit at 1.82% AER exclusively through the Raisin UK savings marketplace from today until the 10th September 2018. The product start date (the date from which you begin accruing interest) for this fixed term deposit is the 18th September 2018.
If you’ve already registered with us, all that you need to do to apply for this fixed term deposit is to log in to raisin.co.uk using your one single login, and click “Apply now”, then transfer the deposits that you pledged. We’ll take care of the rest.
Don’t forget that once you’ve registered with us, you can apply for any savings product in the Raisin UK savings marketplace without having to fill in another application form.
Don’t miss the next application window
If you’re reading this article after the application deadline for this Shawbrook fixed term deposit has elapsed, or if you want to ensure that you don’t miss the announcement of the next application window; subscribe below to keep up to date with savings products and news on Raisin UK.