Moneybox Cash ISA - client money account - ??

Miss_Sharon

Any advice?  Opened a Cash ISA with Moneybox - I'm a new Moneybox customer.  Astonishingly, took 3 days to transfer in! (I didn't know it was even possible to transfer that quickly!)  Then I asked (as per the MSE pop up box) about the 'client money account' to ensure I understood where my funds were so I could manage the FSCS protection up to £85,000.  Took a while to get an answer, I was first sent a blanket statement that the funds were protected.  Asking again, I was given the % breakdown of where their Cash ISA funds were THIS WEEK (8 banks) & was told the money is moved EACH WEEK to different banks but the largest % is never over 50%....  Obvs I'm cross referencing this against my savings a/cs but it seems like a movable feast.  I just wanted to ask if anyone has a bit more experience with it than me.  Many thanks.

gravel_2

Seems odd but consistent with what they say on their site. I suspect you'll have no chance of getting better clarity.

https://www.moneyboxapp.com/fscs-protection/

eskbanker

Miss_Sharon said:

Any advice?  Opened a Cash ISA with Moneybox - I'm a new Moneybox customer.  Astonishingly, took 3 days to transfer in! (I didn't know it was even possible to transfer that quickly!)  Then I asked (as per the MSE pop up box) about the 'client money account' to ensure I understood where my funds were so I could manage the FSCS protection up to £85,000.  Took a while to get an answer, I was first sent a blanket statement that the funds were protected.  Asking again, I was given the % breakdown of where their Cash ISA funds were THIS WEEK (8 banks) & was told the money is moved EACH WEEK to different banks but the largest % is never over 50%....  Obvs I'm cross referencing this against my savings a/cs but it seems like a movable feast.  I just wanted to ask if anyone has a bit more experience with it than me.  Many thanks.

My advice would be to avoid using any providers like Moneybox if you need to know exactly which other parties could be holding your money....