Moneybox ISA FSCS Saving Protection

bigchopper

I have a Moneybox ISA, funds are held in with multiple banks, however they never hold more 50% of total funds with any single bank. So when it comes to FSCS protection it covers max £85000 per UK-regulated financial institution, does this mean the max you can hold protected with Moneybox is £85000 OR could this be higher depending UK-regulated financial institutions used for your funds within the Moneybox ISA?

example:  I hold £100000 in moneybox ISA they have invested the funds with HSBC & Lloyds (£50,000/£50,000).  Money is still protected as per financial institution as I have not exceeded £85,000?

DavidT67

Assuming you don't have other balances with those banks, yes. 

PRAISETHESUN

In theory yes - as long as the amount saved with each bank is less than £85000, including any other savings you hold elsewhere. In practice though there's no guarantee that they will actually distribute your saved money in such fashion, so you would need to verify your position and monitor it in case it changes over time.

grumpy_codger

bigchopper said:

example:  I hold £100000 in moneybox ISA they have invested the funds with HSBC & Lloyds (£50,000/£50,000).  Money is still protected as per financial institution as I have not exceeded £85,000?

IIRC, their good rate is for new funding only, i.e. £20K max. For transfers a better rates are available than 4.7%, but the concern about FSCS protection remains as other providers can use the same banks.

bigchopper

Thank you for your replies very much appreciated.

exel1966

Daily interest accruals can be seen, but they are NOT protected by FSCS until they are paid to the account on the annual anniversary.