Shawbrook business banking review
Shawbrook is a UK-based specialist bank focusing on business lending, savings, and commercial finance. It is known for providing flexible financing solutions for SMEs, property investors, and individuals seeking high-yield savings accounts.
Key features of Shawbrook
1. Business lending and commercial finance
- SME business loans: Funding for growth and expansion.
- Commercial mortgages: Loans for business property purchases and refinancing.
- Asset finance: Enables businesses to acquire equipment and vehicles.
- Development finance: Tailored for property developers and investors.
2. Savings accounts
- Fixed-term savings accounts: Competitive interest rates for deposits from 6 months to 7 years.
- Easy access savings: Flexible withdrawal options for businesses and individuals.
- Cash ISAs: Tax-efficient savings accounts.
- FSCS protection up to £85,000: Ensures deposit security.
3. Personal finance solutions
- Personal loans: Unsecured loans for home improvements and major expenses.
- Second charge mortgages: Alternative borrowing solutions secured against property.
- Bridging loans: Short-term property financing options.
4. Digital banking and customer support
- Online account management: Fully digital banking experience.
- Dedicated relationship managers: Personalised support for business clients.
- No branch network: Operates exclusively as a digital-first bank.
- UK-based customer service: Available via phone and online chat.
Shawbrook fees and pricing
1. Business lending fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Interest rates: Custom rates based on risk assessment.
- Early repayment charges: May apply to certain loan products.
2. Savings account fees
- No maintenance fees.
- Early withdrawal penalties: Apply to fixed-term savings accounts.
Pros and cons of Shawbrook
Pros
- Competitive fixed-term savings rates.
- Specialist business lending tailored for SMEs.
- FSCS protection for savings deposits.
- Dedicated customer support for business clients.
- Flexible asset and property finance solutions.
Cons
- No personal current accounts.
- Limited easy access savings options.
- No branch network.
- Strict lending criteria for certain loans.
How Shawbrook compares to competitors
| Feature | Shawbrook Bank | Aldermore Bank | OakNorth Bank | Hampshire Trust Bank |
|---|---|---|---|---|
| Business lending | Yes | Yes | Yes | Yes |
| Fixed-term savings | Yes | Yes | Yes | Yes |
| Easy access savings | Limited | Yes | No | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Digital-only banking | Yes | No | Yes | No |
| Ideal for | SMEs, property investors | SMEs, landlords | Business borrowers | Business owners |
Who should use Shawbrook?
- SMEs seeking tailored financing solutions.
- Property investors needing development or bridging loans.
- Savers looking for high-yield fixed-term deposits.
- Businesses requiring flexible asset finance.
Our verdict
Shawbrook is a specialist digital bank offering business lending, savings, and property finance solutions. Its competitive savings rates and SME-focused lending options make it a strong choice for businesses and investors.
However, its lack of personal current accounts and branch network may not suit those seeking traditional banking services. For businesses and individuals needing specialist financial solutions, Shawbrook provides a reliable and flexible alternative to mainstream banks.