Problem Transferring deposit to Moneybox ISA

JohnB47

Just trying to set up a new Open Access Cash ISA with Moneybox. My bank isn't recognising Moneybox as the company name when I try to set up a new Payee and when I proceed anyway it brings up the name Starling Bank as the Payee. I did a quick search and found a Starling Bank plc had been fined £29m in 2024 for 'financial crime failings'.

Any advice here? What is the actual name of Moneybox - the name my bank will accept?

Edit: just did quick search and found 'Digital Moneybox Limited' as the name for Moneybox but that isn't accepted either, nor is 'Digital Moneybox Ltd'. It still says the name is Starling Bank. What do people use?

masonic

What details have you been asked to use when you go to Wealth > Select your account > More > Manual bank transfers?

Starling Bank looks correct for the bank providing the account, but you should enter the correct payee name as advised by Moneybox. Starling Bank is not the payee.

The alternative to use an "easy" bank transfer, which sets it up using Open Banking.

flaneurs_lobster

Have you linked your current account to your Moneybox account? That's a prerequisite of adding cash from the account.

Easiest way to deposit into Moneybox is by Direct Banking via the app.

If you want to set up Faster Payments from your linked current account then the details you need are in the app

Wealth --> select your ISA account --> ... More --> Manual bank transfers

Yes they use Starling Bank, I guess everyone has their own attitude to "using" banks who have been fined for regulatory shortfalls but there are not many without a blemish.

JohnB47

Thanks for the quick replies. I've logged back into Moneybox and it simply asks how I want to open the account - by Bank Transfer or by transfer of an existing ISA. When I choose Bank Transfer it give more details that I got before - including 'Moneybox Cash ISA' as the Payee name and says that this may come up as Starling Bank. So that all seems OK.

Still a bit worried about that fine though. Is everyone OK with that?

flaneurs_lobster

JohnB47 said:

Still a bit worried about that fine though. Is everyone OK with that?

Don't know about "everyone" but I'm happy enough using Starling to process payments.

Might not be so happy about investing in them.

masonic

JohnB47 said:

Still a bit worried about that fine though. Is everyone OK with that?

What is there to be worried about? HSBC, NatWest, Santander and Barclays also received fines. Did you worry about them?

JohnB47

OK, fair enough.

Edit: I just found that entering the Payee name as Moneybox Cash ISA allowed my bank to recognise it.

rebecca_smith_2

JohnB47 said:

OK, fair enough.

Edit: I just found that entering the Payee name as Moneybox Cash ISA allowed my bank to recognise it.

I had the same issue. I was concerned about using the Payee name as Moneybox cash Isa in the end so I haven't completed.
**Can anyone confirm if this is the process they used and if it was correct and the money transferred ok**

rebecca_smith_2

rebecca_smith_2 said:

JohnB47 said:

OK, fair enough.

Edit: I just found that entering the Payee name as Moneybox Cash ISA allowed my bank to recognise it.

I had the same issue. I was concerned about using the Payee name as Moneybox cash Isa in the end so I haven't completed.
**Can anyone confirm if this is the process they used and if it was correct and the money transferred ok**

I mean.. I thought the payee name would be my own and not Moneybox cash Isa... which seems a bit dodgy? My bank seemed to think the same too when I was trying to transfer (I don't have digital banking)

masonic

rebecca_smith_2 said:

rebecca_smith_2 said:

JohnB47 said:

OK, fair enough.

Edit: I just found that entering the Payee name as Moneybox Cash ISA allowed my bank to recognise it.

I had the same issue. I was concerned about using the Payee name as Moneybox cash Isa in the end so I haven't completed.
**Can anyone confirm if this is the process they used and if it was correct and the money transferred ok**

I mean.. I thought the payee name would be my own and not Moneybox cash Isa... which seems a bit dodgy? My bank seemed to think the same too when I was trying to transfer (I don't have digital banking)

The payee name is the name of the account you are transferring to, so if they opened an account "Moneybox Cash ISA" as the client nominee account used for payments into their cash ISA, then that is the name to use. It would not be your own name as, like many ISAs, your account cannot receive payments directly.

It is generally advisable when making payments not to use details other than the ones provided by the recipient.

rebecca_smith_2

masonic said:

rebecca_smith_2 said:

rebecca_smith_2 said:

JohnB47 said:

OK, fair enough.

Edit: I just found that entering the Payee name as Moneybox Cash ISA allowed my bank to recognise it.

I had the same issue. I was concerned about using the Payee name as Moneybox cash Isa in the end so I haven't completed.
**Can anyone confirm if this is the process they used and if it was correct and the money transferred ok**

I mean.. I thought the payee name would be my own and not Moneybox cash Isa... which seems a bit dodgy? My bank seemed to think the same too when I was trying to transfer (I don't have digital banking)

The payee name is the name of the account you are transferring to, so if they opened an account "Moneybox Cash ISA" as the client nominee account used for payments into their cash ISA, then that is the name to use. It would not be your own name as, like many ISAs, your account cannot receive payments directly.

It is generally advisable when making payments not to use details other than the ones provided by the recipient.

Thanks, I found this really confusing. There was nothing to explain it on their website and at the time there was no way to see a statement etc.