MONEYBOX Question

Zopa_Trooper

Hi. I put my 2023/4 allowance in to a MONEYBOX easy access ISA in October. I now wish to close this account but although the balance now shows as £20,500 it says I can only withdraw the initial £20,000. Does that mean I can't get the intertest until October and will have to leave the account open?

eskbanker

The extra £500 is presumably a notional figure representing what's been accrued but not actually paid into the account yet, so won't be available for withdrawal if leaving the account open, but would be paid if closing the account.

Zopa_Trooper

Thanks. It says I can't close the account until all finds are withdrawn but I can't access the £500 so I guess I'm stuck with leaving it there until the year is up?

la531983

What percentage rate is the interest?

Zopa_Trooper

It's okay, 5.1%. It wont hurt staying there, just prefer all my eggs in one basket.

gravel_2

Zopa_Trooper said:

It's okay, 5.1%. It wont hurt staying there, just prefer all my eggs in one basket.

If this is about you consolidating are you sure you want to withdraw from your Moneybox ISA verus simply transferring the funds to another ISA? I would guess if you transferred for full amount the account would be closed and you'd get your pro-rata interest on top?

Zopa_Trooper

No, the money is earmarked for our son towards his house purchase. The interest is mine.

gravel_2

So there are no eggs and no basket?

Zopa_Trooper

Plenty of eggs, couple of baskets. I'd like to add these 500 eggs to one of them.

Zopa_Trooper

I've had a message from MONEYBOX, they are indeed including the interest in the withdrawal, even though it showed as not available. All's well that ends well.