Moneybox Cash ISA

Canny_mal

Hi Moneysavers

I signed up for a Moneybox ISA yesterday due to the attractive 5.16% interest rate. However I've already got cold feet and wondering if I've made a bad choice.

What's concerning me if that unlike all the other Cash ISA's I've had in the past I can't see anywhere on the Moneybox app that tells me what the account number and sort code is. This is bothering me because if I want to transfer the ISA to another provider further down the line the receiving bank would need this identifying information in order to process the transfer.

So that has got me wondering, is it even possible to transfer out of Moneybox and if so, how would you go about arranging it? Also, it doesn't look like Moneybox are signed up to the BACS electronic transfer service and I think some providers will only accept transfers if the company you want to transfer from is on this list.

I've messaged Moneybox asking for some clarification but I thought I'd also ask on here in case another else has raised the same questions and already has the answer.

I'm mindful that the 5,16% rate on Moneybox is variable so if it plummets in a couple of months I want to be able to easily transfer elsewhere.

Apologies for the long post, any insight would be greatly appreciated.

eskbanker

Canny_mal said:

What's concerning me if that unlike all the other Cash ISA's I've had in the past I can't see anywhere on the Moneybox app that tells me what the account number and sort code is. This is bothering me because if I want to transfer the ISA to another provider further down the line the receiving bank would need this identifying information in order to process the transfer.

That's not an issue - building society accounts have often had roll numbers rather than the sort code and account number combination used by banks, and ISA transfer processes still work....

Zopa_Trooper

I had an Isa with them last tax year, they were quite good, each day showing you how much interest you'd accrued which I quite liked. I've gone with CHIP this year, slightly lower rate but flexible and monthly interest which I like. I wouldn't put you off MONEYBOX though if neither of those two stipulations matter to you.

dlevene

Moneybox use your NI number as the account reference for transfers

Canny_mal

Zopa_Trooper said:

I had an Isa with them last tax year, they were quite good, each day showing you how much interest you'd accrued which I quite liked. I've gone with CHIP this year, slightly lower rate but flexible and monthly interest which I like. I wouldn't put you off MONEYBOX though if neither of those two stipulations matter to you.

Thanks for replying. Have you successfully transferred the ISA you had with Moneybox elsewhere or is it still with them?

Canny_mal

dlevene said:

Moneybox use your NI number as the account reference for transfers

Oh really? That's interesting. Have you got first hand experience of transferring an ISA away from Moneybox?

I'm just thinking about the ISA transfer forms I've filled in in the past and they all asked for an account number and sort code or alternatively a roll number as eskbanker mentioned. I just don't want to limit my transfer options because of the way Moneybox operates their cash ISAs.

eskbanker

ISA providers can choose not to accept inward transfers but must support outward ones....

Aidanmc

Canny_mal said

dlevene said:

Moneybox use your NI number as the account reference for transfers

Oh really? That's interesting. Have you got first hand experience of transferring an ISA away from Moneybox?

I'm just thinking about the ISA transfer forms I've filled in in the past and they all asked for an account number and sort code or alternatively a roll number as eskbanker mentioned. I just don't want to limit my transfer options because of the way Moneybox operates their cash ISAs.

According to info on Moneybox website, they do indeed use NI number as account/reference number.

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

Idpullthecurtain

For a recent nightmare, see this thread.  I was transferring from CSB to Moneybox and its been as bad as you can imagine.  A series of errors from both banks and terrible customer service.  Everytime you try and contact Moneybox they take a week to respond.

UPDATE: ISA Transfer - they lost my money! 😖 (Do you lose interest when switching?) — MoneySavingExpert Forum

Zopa_Trooper

I suppose its like car insurance. If you don't have an accident, you'll never know how good (or bad) they are.

Zopa_Trooper

Canny_mal said:

Zopa_Trooper said:

I had an Isa with them last tax year, they were quite good, each day showing you how much interest you'd accrued which I quite liked. I've gone with CHIP this year, slightly lower rate but flexible and monthly interest which I like. I wouldn't put you off MONEYBOX though if neither of those two stipulations matter to you.

Thanks for replying. Have you successfully transferred the ISA you had with Moneybox elsewhere or is it still with them?

I didn't need to transfer it, I spent it.