The Top Easy Access Savings Discussion Area

Middle_of_the_Road

Zopa_Trooper said:

Just had a message from MONEYBOX, they are introducing a easy access saver at 5% AER. I believe it's just for customers that already have a maxed-out ISA with them. Not a bad fall back to have in case others drop their rates.

It's a bonus of 1% on their simple saver if you open one of their qualifying accounts.

*You will earn this reward rate if you either: have a balance above £0 in a qualifying account, which includes: Cash ISA, Stocks & Shares ISA, Lifetime ISA**, Junior ISA, Personal Pension, or; have a Reward Savings Account that hasn’t been cancelled.

HHUK

Moneybox Simple Saver

I've just noticed that this account is described as 'Powered By Santander International', which apparently is the trading name for Santander Financial Services Plc.

Trying to get my head around whether that means money held in the Moneybox Simple Saver would need to be aggregated with an individual's cash in an 'ordinary' Santander UK account (Easy Access Saver etc) for the purposes of the £85,000 limit on protection under the FSCS.

Academic in my case, but not necessarily for everyone.

jaypers

HHUK said:

Moneybox Simple Saver

I've just noticed that this account is described as 'Powered By Santander International', which apparently is the trading name for Santander Financial Services Plc.

Trying to get my head around whether that means money held in the Moneybox Simple Saver would need to be aggregated with an individual's cash in an 'ordinary' Santander UK account (Easy Access Saver etc) for the purposes of the £85,000 limit on protection under the FSCS.

Academic in my case, but not necessarily for everyone.

I thought Moneybox was owned by Starling Bank and the Santander connection was just an Open Banking arrangement rather than affecting any FSCS limit. 

CuparLad

Details are here:

https://www.moneyboxapp.com/fscs-protection/

It depends what product you have as to where the money is held and hence the FSCS protection available to you.

SeriousHoax

CuparLad said:

Details are here:

https://www.moneyboxapp.com/fscs-protection/

It depends what product you have as to where the money is held and hence the FSCS protection available to you.

Thanks, it's the first time I've heard about moneybox.

HHUK

CuparLad said:

Details are here:

https://www.moneyboxapp.com/fscs-protection/

It depends what product you have as to where the money is held and hence the FSCS protection available to you.

I know. It was the information in that link that confused me. I have a small amount in the Moneybox Cash ISA, and a trivial £1 currently in their Simple Saver Account.

Were I to increase the funds I hold in either or both of those accounts and/or, as I mentioned before, an 'ordinary' (non-Moneybox) Santander account (Easy Access Saver etc), would I need to aggregate them in regard to the £85,000 FSCS protection limit?

Would Santander UK and Santander International (the trading name for Santander Financial Services Plc) be regarded as part of the same legal entity for that purpose?

CuparLad

You can check your own circumstances here

https://www.fscs.org.uk/check/check-your-money-is-protected/

FB13

HHUK said:

Would Santander UK and Santander International (the trading name for Santander Financial Services Plc) be regarded as part of the same legal entity for that purpose?

CuparLad said:

You can check your own circumstances here

https://www.fscs.org.uk/check/check-your-money-is-protected/

To leave a helpful response, Santander International and Santander Financial Services plc have a different licence number (146003) than Santander UK Plc (106054). They should be treated separately from Santander UK. 

Nick_C

SeriousHoax said:

CuparLad said:

Details are here:

https://www.moneyboxapp.com/fscs-protection/

It depends what product you have as to where the money is held and hence the FSCS protection available to you.

Thanks, it's the first time I've heard about moneybox.

Moneybox is very useful for generating a weekly direct debit.  I save £2 a week and move it back at the end of each month.

allegro120

Nick_C said:

SeriousHoax said:

CuparLad said:

Details are here:

https://www.moneyboxapp.com/fscs-protection/

It depends what product you have as to where the money is held and hence the FSCS protection available to you.

Thanks, it's the first time I've heard about moneybox.

Moneybox is very useful for generating a weekly direct debit.  I save £2 a week and move it back at the end of each month.

Particularly good if you need to set up DD quickly and there is no minimum balance requirement to keep the account opened.