Moneybox and Financial Services Compensation Scheme

liamd1982

Hi
Firstly apologies if this question has been asked but I have used search and can't find it, if I have missed it please be kind, I'm new

I have had a LISA with moneybox for a while and have used my allowance this year. Im intending to transfer the bulk of the rest of my savings to thier 90 day account from my Lloyds one which pays nothing. It stuck me that apart from going in the app I have no record of my accounts or balance with Moneybox and I got thinking what would happen if I have to used the financial services compensation scheme, how could I prove I had anything there? I asked moneybox online and thier not particularly reassuring answer was 'dont worry it won't come to that' now I wouldn't want to loose anything but I certainly can't afford to lose every penny I have, any information on how this would play out if the worst came to the worst. Am I safe just accepting 0.001 per year from Lloyds?

Thanks for reading and for any help

Liam

eskbanker

Surely your question applies to any bank that doesn't send out paper statements, etc?  This is increasingly commonplace now - you could save soft copies of statements in PDF form or whatever if you were concerned....

liamd1982

That's the thing though there doesn't appear to be any option for a pdf statement or suchlike, there isn't even an account number all I have is the interface in the app

liamd1982

Ok thanks for your help on this. I wasn't aware re the EU directive on statements so will ask them about that. Probably me being paranoid but it's the first time in my life I have had money enough to worry about losing!

SFindlay

liamd1982 said:

Hi
Firstly apologies if this question has been asked but I have used search and can't find it, if I have missed it please be kind, I'm new

I have had a LISA with moneybox for a while and have used my allowance this year. Im intending to transfer the bulk of the rest of my savings to thier 90 day account from my Lloyds one which pays nothing. It stuck me that apart from going in the app I have no record of my accounts or balance with Moneybox and I got thinking what would happen if I have to used the financial services compensation scheme, how could I prove I had anything there? I asked moneybox online and thier not particularly reassuring answer was 'dont worry it won't come to that' now I wouldn't want to loose anything but I certainly can't afford to lose every penny I have, any information on how this would play out if the worst came to the worst. Am I safe just accepting 0.001 per year from Lloyds?

Thanks for reading and for any help

Liam

You will be safe however can I ask how much planning on putting into Moneybox account, is it over £10,000?
If so go for the Investec 95 day account (they own moneybox anyway) and you'll get better interest rate and access to app and online control of account which may make you feel a bit happier. 

-hAnZ-

Hopefully, you have found answers by now.  Otherwise, the following might be remotely helpful regarding moneybox statements (please copy and paste):

https://www.moneyboxapp.com/faqs/my-account/will-i-receive-statements/

intalex

On a related subject, MoneyBox confirmed to me that you are covered up to £85k per underlying institution where your account is held, so if your MoneyBox LISA is held with OakNorth and your 95 day notice saver with Investec, you can apparently safely invest up to £85k in each account... anyone know if this sounds correct?

bowlhead99

intalex said:

On a related subject, MoneyBox confirmed to me that you are covered up to £85k per underlying institution where your account is held, so if your MoneyBox LISA is held with OakNorth and your 95 day notice saver with Investec, you can apparently safely invest up to £85k in each account... anyone know if this sounds correct?

The FSCS protection is per deposit taking institution, so where the two institutions are unrelated (i.e. assuming OakNorth and Investec don't share a single FCA license like Halifax and Bank of Scotland do), the fact that you used a middleman who has put some of your account with one entity and some with another, doesn't limit your protection to the first £85k that went through the middleman - it's the first £85k with each of the regulated financial institutions who are actually holding your deposits.