Moneybox Stocks and Shares ISA - interest 23 December 2022 at 1:22PM in ISAs & tax-free savings 5 replies 264 views

Yellowman

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

I could not find this information on their website.

dunstonh

A stocks and Shares ISA is not a savings account.   And unless you invest in fixed-interest securities or cash, there is no interest.

Albermarle

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

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

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

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/