Moneybox lifetime ISA

Jez1968

Hi,

This is a question for my daughter.
she currently has a help to buy isa but is wanting to switch to a lifetime ISA. Just a couple of questions we just wanted to make sure before putting money in there. Is it legit as I have never heard of it before and if the company goes bust, is the money protected? 

Many thanks

WillPS

Yes, it's legit. Moneybox isn't a bank, so they don't hold the funds - they are instead held with a "partner bank" or a mixture of them, which has FSCS protection. You can see the full list here: https://www.moneyboxapp.com/fscs-protection/

If Moneybox were to go bust, the deposited funds would remain held and protected with the partner banks. All that would be lost is whatever interest had not yet been paid. If the partner bank went bust the funds would be protected by FSCS.