Moneybox Stocks and Shares ISA - interest

Options
Is the interest on this 'savings' account paid monthly or annually?

I could not find this information on their website.

Comments

  • dunstonh
    dunstonh Posts: 116,655 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    A stocks and Shares ISA is not a savings account.   And unless you invest in fixed-interest securities or cash, there is no interest.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Albermarle
    Albermarle Posts: 22,577 Forumite
    First Anniversary First Post Name Dropper
    Options
    If you have money in a Stocks and Shares ISA, then normally unsurprisingly, your money is invested in Stocks and Shares.
    You only get interest from a savings account, such as a Cash ISA.

    Stocks & shares ISAs: find the best platform - MSE (moneysavingexpert.com)
  • Yellowman
    Options
    I should have explained that this account can be treated as a cash ISA - funds can be deposited as 'available cash' without investing, although there are opportunities to invest (with fees) as an option.

    MSE lists this account in its 'Top easy-access cash ISAs' section and states:

    'We've included Moneybox's Stocks and Shares ISA as, if used in a similar way to a regular cash ISA, it pays 3% AER interest, has no fees, and offers unlimited withdrawals....'

    An e-mail just received from Moneybox also states:

    'Interest on Available Cash is calculated on a daily basis and is paid into your account on the first working day of the month.'

    The 3% rate currently matches that of Virgin's easy-access cash ISA but, as interest is paid monthly, this could be more suitable for some.
  • Albermarle
    Albermarle Posts: 22,577 Forumite
    First Anniversary First Post Name Dropper
    Options
    Yellowman said:
    I should have explained that this account can be treated as a cash ISA - funds can be deposited as 'available cash' without investing, although there are opportunities to invest (with fees) as an option.

    MSE lists this account in its 'Top easy-access cash ISAs' section and states:

    'We've included Moneybox's Stocks and Shares ISA as, if used in a similar way to a regular cash ISA, it pays 3% AER interest, has no fees, and offers unlimited withdrawals....'

    An e-mail just received from Moneybox also states:

    'Interest on Available Cash is calculated on a daily basis and is paid into your account on the first working day of the month.'

    The 3% rate currently matches that of Virgin's easy-access cash ISA but, as interest is paid monthly, this could be more suitable for some.
    Ok a misunderstanding as this is quite an unusual arrangement.
  • MDMD
    MDMD Posts: 1,436 Forumite
    First Anniversary First Post Name Dropper
    edited 25 December 2022 at 12:56PM
    Options
    It’s not clear however how straightforward it would be if you wanted to transfer the cash to another provider. Some/most mainstream providers seem to require a paper form to be completed and signed which Moneybox explicitly say they don’t accept unless emailed to them (which may not work with all providers)

    https://www.moneyboxapp.com/faqs/how-do-i-transfer-my-moneybox-isa-to-another-provider/
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards