Moneybox ISA

Dstat86

I have just opened a moneybox ISA and could someone please explain it in layman's terms for me?!

I have transferred the maximum amount allowed in but surely that doesn't mean if I want to use it in 2 months time to buy a house they will give me £1000 for nothing?

I have been looking for more information about it but I am struggling to make sense.

Thanks

Dstat86

Just read in the terms that you have to have had the account open for 12 months before you can use it for a house purchase. 

grumiofoundation

Yes - cannot be used for house purchase before been open for 12 months. 

If you are going to buy a house before that you can either use LISA for retirement in order to keep bonus (in which case Stocks and shares LISA is more suitable). 

If you want to use the funds for house deposit, or do not want to use for retirement, you have to pay a penalty. Luckily is currently only 20% - so you only use bonus (normally is 25% so get back less than paid in). 

eskbanker

Dstat86 said:

I have just opened a moneybox ISA and could someone please explain it in layman's terms for me?!

I have transferred the maximum amount allowed in but surely that doesn't mean if I want to use it in 2 months time to buy a house they will give me £1000 for nothing?

I have been looking for more information about it but I am struggling to make sense.

Dstat86 said:

Just read in the terms that you have to have had the account open for 12 months before you can use it for a house purchase.

Top tip: research the features of financial products before putting your money into them!