Any experience of smaller banks like Hodge Bank or Shawbrook

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I’ve got a high interest account which matures soon and am thinking of putting the funds in an easy access ISA, 1 year fixed ISA or an easy access high interest account.

I’ve got a maxed out ISA from last year but am looking at smaller banks with higher interest rate that I haven't heard of such as Hodge Bank or Shawbrook. These banks also seem to score highly on Trust pilot for customer service which is also important.

I don’t want to keep all my Isa’s with 1 provider as my current one is with a bank I hadn’t heard of which has some negative reviews but was recommended by moneysavingexpert.

It’s a pity the high street banks offer such low interest rates compared to the smaller banks

Anyone had good experiences with any 'lesser known' banks?

I’ve been opening ISAs and Fixed Term Bonds with Shawbrook since 2019–no complaints here! I believe I currently have 5 open.

As long as it is regulated and you don't go over £85k, you will be covered in the event of collapse.

Kent reliance is offering 5% on a 1 year fixed rate. That’s good enough for me, I must admit couldn’t get my head round some of the more obscure ones listed on moneysavingsexpert . But that’s probably just me being hyper cautious/ prejudiced.

I had a Shawbrook a while ago. Don't use it any more, but never any issues.

Been with shawbrook for years, no problems. quick responses to queries.

I had a product with Hodge some years ago. No issues.

I use many of the smaller banks including Hodge and have never had any issues. Ime the service is frequently better then larger banks.

I've been spreading money around for years. There's no risk to your money as long as you don't have more than £85k in any one bank and the one you use is regulated.

However, when DH died, some banks made things far more difficult than others and Shawbrook are the last one to still have some of his money 3 years later. That's partly my fault because I haven't prioritised the "fight" but every time I send them the next piece of paper they ask for they tell me they still need something I've already sent and they've acknowledged.

I’ve had savings accounts with Shawbrook for a while, easy to manage online but you do have to keep an eye on their interest rates and be ready to switch products.

Kent Reliance are also straightforward to have an online savings account with, their instant access accounts are reasonably competitive.

Virgin is offering 5% fix for a year or 4.85% defined access if you’d like a bigger name.

My Nan uses Hodge for her ISAs amongst others.

Sorry pressed post too soon. She has no issues with Hodge at all.

I had an isa with Sherbrooke last year and it was a nightmare trying to transfer my money to another isa.

Shawbrook and Kent reliance are both great

I have accounts with Hodge and Marcus, both offer good rates and have good websites.

Had an account with Shawbrook a few years ago but their website was a nightmare, kept having to phone to get logins reset and gave up in the end and transferred the money out.

I like Shawbrook as you can phone them and get through to a person in good time and their interests rates are pretty decent although often not the very best. My only complaint with them is they can take a while to withdraw funds (1-2 working days) if you are waiting on a lump sum.

I have a cash isa with Moneybox - really easy app to use and it's about 5.1% I think for first year.

I’ve had my money with Tesco Bank for ISA’s and bonds, rates have always been very good, but with Barclays taking them over later in the year I wonder if their rates will stay higher than Barclays rates. They will also be under the same institution, so only the £85,000 is secure for both.

I've used Shawbrook for savings for years now and have had no issues. Their online platform is easy to navigate and it's both easy to pay funds in and withdraw them back to my linked current account quickly and easily.

Thank you for all your replies, they have been very helpful. I was never worried about the safety of smaller banks as I know that the FSA covers cash for up to £85,000. It was more the ease of withdrawing funds and moving ISA’s and also a really good customer service that I was looking for.

I‘ll look into all of your recommendations 😀

I’ve just switched a cash ISA to an instant access account within the Shawbrook, and that was reasonably straightforward (open new account and then request closure of ISA and transfer all funds to new account).

Withdrawals from the Kent to my linked bank account are virtually instantaneous if requested before mid afternoon - after that it’s the next working day. Very easy.

I have an Easy Access account with Shawbrook and an ISA, and am about to switch most of the Easy Access money to their Notice Account, which has a great rate of interest and only asks for 45 days rather than the 90 stipulated by other accounts with similar interest.