Has anyone tried to transfer out from moneybox?

System

This discussion was created from comments split from: Cash ISAs: The Best Currently Available List.

dlevene

qbadger said:

Has anyone tried to transfer out from moneybox? I can't seem to find an account number/reference stated anywhere...

Yes - they use your NI number as the account reference 

amanda1024

Also be aware that if you transfer the whole amount the account is closed and you might not be able to open another moneybox ISA. So it might be worth leaving a small amount in moneybox to keep options open in future

sta0612

dlevene said:

qbadger said:

Has anyone tried to transfer out from moneybox? I can't seem to find an account number/reference stated anywhere...

Yes - they use your NI number as the account reference 

I can second this re. using NI number as account reference.

I transferred out in the autumn. It was quite an arduous process as despite being a digital financial institution, Moneybox were not part of the electronic ISA transfer system. To add insult to injury, they would not accept paper transfer forms by post, only scanned paper transfer forms sent via email, which some other ISA providers were not willing to do.

Hopefully their system has improved and yours and others experiences are better.

sta0612

amanda1024 said:

Also be aware that if you transfer the whole amount the account is closed and you might not be able to open another moneybox ISA. So it might be worth leaving a small amount in moneybox to keep options open in future

Do you have an information source for potentially not being able to open another Moneybox ISA please?

I left mine open last autumn with a relatively small amount of accrued interest in, but I have been thinking about closing it and opening a new one with a higher introductory bonus rate. I've not been able to find anything confirming whether this is or isn't possible yet though.

amanda1024

sta0612 said:

amanda1024 said:

Also be aware that if you transfer the whole amount the account is closed and you might not be able to open another moneybox ISA. So it might be worth leaving a small amount in moneybox to keep options open in future

Do you have an information source for potentially not being able to open another Moneybox ISA please?

I left mine open last autumn with a relatively small amount of accrued interest in, but I have been thinking about closing it and opening a new one with a higher introductory bonus rate. I've not been able to find anything confirming whether this is or isn't possible yet though.

When I initiated a transfer out earlier this year, the message they sent confirming they’d received the paperwork said ‘please note that we do not currently have the ability to reopen a LISA which has been transferred out, should you later decide you would like to transfer back to us’. In fact they’d made an error because I had only requested a partial transfer - and it’s not clear if this applies to all ISA types or might change in future, but it’s a risk to be aware of.

eskbanker

sta0612 said:

amanda1024 said:

Also be aware that if you transfer the whole amount the account is closed and you might not be able to open another moneybox ISA. So it might be worth leaving a small amount in moneybox to keep options open in future

Do you have an information source for potentially not being able to open another Moneybox ISA please?

I left mine open last autumn with a relatively small amount of accrued interest in, but I have been thinking about closing it and opening a new one with a higher introductory bonus rate. I've not been able to find anything confirming whether this is or isn't possible yet though.

The higher introductory bonus rate is only available to "new customers", the offer being subject to Ts & Cs that I wasn't able to find in a quick search.

I did find the reference to not being allowed to transfer their ISAs out (to another provider) and back in later though:

Please note that if you are transferring out to another provider, it isn’t currently possible to transfer back to Moneybox once the transfer out is complete.

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

boingy

Transferring mine out was slower and more hassle than I expected, for the same reasons mentioned above and I can confirm that you can't open another ISA with them after transferring out. I don't know whether it's a policy decision or a technical limitation of their app. My ex-ISA still shows in the Moneybox app with a zero value and a  "Collections are frozen" note next to it. Not that I'd dream of opening another with them. In all my dealings with them they have come across as very amateur and very, very unknowledgeable about the products they sell and about ISAs in general.

On the upside they are handy for the £2 DD when chasing current account switching bonuses!

pecunianonolet

Aware this is an older topic but have things improved or are the same issues are still experienced?

OH is thinking of transferring from the Chip ISA over to Moneybox for the 5.02% introductury rate as Chip isn't really competitive anymore.

granta

I did a transfer out of Moneybox quite recently and it was very quick. Previous transfers in have also been super speedy and have all been managed electronically.

Curious_forever

Could you say which ISA account you managed to transfer to easily from moneybox I'm concerned re the problems people are having with other ISA institutions not recognising Moneybox