Moneybox, should I leave?

movingon

I am concerned by this thread. In this tax year I have consolidated several previous years ISAs into Moneybox and only opened the Moneybox for that purpose. If I wanted to move them out of Moneybox now into an altogether different ISA is that allowed? Thank you

I am not sure from what I have read here, if I should be worried or not

https://forums.moneysavingexpert.com/discussion/6521690/moneybox-cash-isa/p1

masonic

You can transfer out an ISA whenever you like.

I don't know whether or not the banner stating that interest due is not FSCS protected is accurate. For a normal account it would be protected. Hard to fathom how this interest is being generated behind the scenes.

You should consider transferring if you aren't comfortable with the risk of potentially losing up to 364 days interest if Moneybox were to become insolvent, weighed against the next best interest rate available from a standard cash ISA.

boingy

You are free to transfer you ISA to anywhere that accepts inward transfers. You open the ISA at the new provider then ask them to transfer your existing Moneybox ISA (Moneybox use you NI number rather than an account number to identify the account).

I found their customer service to be terrible and badly informed but I mainly transferred out because they couldn't tell me where my money would be held because they use a whole host of third party banks and can change them at any time. This is what they say:

Moneybox uses a range of banks for its Cash ISA. The proportion of money held with each bank can vary over time. However, we will never hold more than 50% of the total funds with a single bank at any given moment.

The banks we use change over time. The banks we currently use are:

• HSBC Bank PLC
• Santander UK PLC
• National Westminster Bank PLC
• Clydesdale Bank PLC
• Bank of Scotland PLC
• Lloyds Bank PLC
• Qatar National Bank (Q.P.S.C.)
• First Abu Dhabi Bank P.J.S.C.
• National Bank of Kuwait (International) PLC