Moneybox cutting rates - what are the options?

jbrassy

Retired_at_55 said:

Although I don't have a lot of savings there - is it safe enough to leave them there or is there any reason to have concerns about their safety?  If there is concern I would be better to give notice to withdraw now.  Thanks.

Retired at 55

No - you should not have any concerns about the safety of your money. The account still has FSCS protection up to £85k. The only downsides are it will be earning a pretty low interest rate from September and you'll have to wait 95 days to get it out.

ischris85

Retired_at_55 said:

I also received the same email today.  It says interest  will continue to be paid although no savings can be added.   I have been adding a small amount weekly by Direct Debit.  I am happy to leave the modest amount of savings I have there, hoping that the Direct Debit will be reinstated later, so I have not given the 95 days notice.

Although I don't have a lot of savings there - is it safe enough to leave them there or is there any reason to have concerns about their safety?  If there is concern I would be better to give notice to withdraw now.  Thanks.

Retired at 55

From what I can see, your savings should be safe. Maybe  you could investigate whether Moneybox is protected under FSCS.

Retired_at_55

My last direct debit was taken on 15 June and I decided to withdraw all my savings (about £100  as I only save £2 a week by direct debit for Christmas to buy some nice food treats) so gave 95 days notice, knowing that no more deposits could be made after 17 June.

I did not cancel the direct debit with my bank and was surprised to see that another £2 direct debit was taken yesterday - after being told nothing could be added after  17 June  I thought that the account could only be closed after the savings had been withdrawn and I planned to close my account as soon as the notice period was over and my savings were in my nominated bank account.  I did not expect any direct debit deposit to be taken after 17 June.  I wonder if this has happened to anyone else - and should I now cancel my direct debit at my bank?
Thank you.
Retired at 55

Ludlum6298

Retired_at_55 said:

My last direct debit was taken on 15 June and I decided to withdraw all my savings (about £100  as I only save £2 a week by direct debit for Christmas to buy some nice food treats) so gave 95 days notice, knowing that no more deposits could be made after 17 June.

I did not cancel the direct debit with my bank and was surprised to see that another £2 direct debit was taken yesterday - after being told nothing could be added after  17 June  I thought that the account could only be closed after the savings had been withdrawn and I planned to close my account as soon as the notice period was over and my savings were in my nominated bank account.  I did not expect any direct debit deposit to be taken after 17 June.  I wonder if this has happened to anyone else - and should I now cancel my direct debit at my bank?
Thank you.
Retired at 55

Hi,
That last direct debit was the weekly collection for the week ending 17th June. My final weekly deposit for that week was taken from my bank as usual on Monday 22nd - you shouldn't see any more debits taken to top up your Moneybox account going forward from now - tomorrow would be the first Wednesday after the 17th, so this is the first week of no more top-ups.

ischris85

Retired_at_55 said:

My last direct debit was taken on 15 June and I decided to withdraw all my savings (about £100  as I only save £2 a week by direct debit for Christmas to buy some nice food treats) so gave 95 days notice, knowing that no more deposits could be made after 17 June.

I did not cancel the direct debit with my bank and was surprised to see that another £2 direct debit was taken yesterday - after being told nothing could be added after  17 June  I thought that the account could only be closed after the savings had been withdrawn and I planned to close my account as soon as the notice period was over and my savings were in my nominated bank account.  I did not expect any direct debit deposit to be taken after 17 June.  I wonder if this has happened to anyone else - and should I now cancel my direct debit at my bank?
Thank you.
Retired at 55

Dont cancel your direct debit until you have received all your savings back in your bank account

[Deleted User]

Thank you for that information.   It's  good to know about leaving the direct debit active.  I was going to cancel mine but will leave it there now.

Crimson

ischris85

Well the link below states withdrawals are made by BACS payment so you should be fine to cancel the direct debit. However, personally I would just wait.
https://www.moneyboxapp.com/faqs/what-happens-when-i-want-to-withdraw/

ischris85

Moneybox to be cut to 0.6% from 06/11/20.

wiseonesomeofthetime

https://www.moneyboxapp.com/crowdfunding-2020/  Starts next week!