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Moneybox interest drop with cash ISA transfer
pandytmt
Posts: 2 Newbie
Hello everyone!
I am currently transferring my Moneybox cash ISA due to the introductory interest rate ending. I have had a cash ISA since they were introduced back in 1999 and they seem to take longer now to transfer than ever. My main concern is I only requested the transfer through Tembo 2 days ago and I just received an email from moneybox saying as I have less than £500 in the account the interest rate has gone down from 5.46 % to 0.75%. My account on the app says I still have the £40700 in there as the transfer is going to take about another 2 weeks. I am therefore going to lose about £150 in interest as my money is in the ether. I find this horrific and have never experienced this with any other provider.
This will wipe out any initial advantages I had with their high rate and then some.
Has anybody else experienced this with Moneybox and got this email? If so how long after the email did the money appear into your new account?
I am currently transferring my Moneybox cash ISA due to the introductory interest rate ending. I have had a cash ISA since they were introduced back in 1999 and they seem to take longer now to transfer than ever. My main concern is I only requested the transfer through Tembo 2 days ago and I just received an email from moneybox saying as I have less than £500 in the account the interest rate has gone down from 5.46 % to 0.75%. My account on the app says I still have the £40700 in there as the transfer is going to take about another 2 weeks. I am therefore going to lose about £150 in interest as my money is in the ether. I find this horrific and have never experienced this with any other provider.
This will wipe out any initial advantages I had with their high rate and then some.
Has anybody else experienced this with Moneybox and got this email? If so how long after the email did the money appear into your new account?
0
Comments
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Suggests the transfer is being actioned today. This is good news. Only horrific if you think it will take 2 weeks for the transfer to be sent to Tembo, which seems unlikely.1
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I mad the mistake of taking advice from Chat GPT which says it takes 15 days for full transfers from Moneybox. It took 20
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