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Moneybox LISA - keeps refunding instant transfers?

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Hi all

I have a Moneybox LISA which I am paying into. 

I have tried twice this week to add an instant bank transfer of around £300. Both times it has been debited from my account but has then been refunded and I can't figure out why. 

Has anyone else experienced this? 

I've upped my weekly deposit rate so that it will total £300 for this month, but I want to be able to pay it in one go!

They are being a bit slow at responding about it to explain the issue too. 

Thanks in advance for any advice




Comments

  • eskbanker
    eskbanker Posts: 36,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just to check, you definitely have enough headroom in your £4K annual contribution allowance?

    You've paid from this same account before?
  • I only just started it in July; it currently only has just over £660 in it so yeah all good on that front.

    Yes, the account I am paying from into the LISA is the one my regular weekly deposits go into the LISA from;
    it just seemingly won't accept a lump sum.  
  • eskbanker
    eskbanker Posts: 36,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How are you initiating the bank transfer?  A quick look at their summary box suggests that funding needs to be via a direct debit driven from the Moneybox app, rather than sending a transfer from the current account end, but perhaps the Moneybox app describes that process as 'instant bank transfer'?
  • Via the app is the only way I know of. 

    In the app, you can click a tab that says 'add money'.

    If you click on that it gives you the option to edit your weekly collection amount (minimum is £5 a week I think),
    or to make an instant bank transfer. 

    So, clicking on instant bank transfer, it then presents a screen which lets you put what sum you want to pay. 

    When you click 'Continue' it then takes you to the app of the bank you are paying in from to authorise the payment, which I have done both times with no problem.

    The sum shows as leaving my account and being paid to Moneybox, but then a day later it is refunded. 
  • PROBLEM SOLVED: Solution for anyone who encounters this issue...

    I had to clear the web browser cache from my phone for the moneybox website/app. 
  • george4064
    george4064 Posts: 2,928 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Glad to hear it’s sorted, and thanks for sharing the ultimate solution!
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
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