Moneybox Cash ISA interest due

LoreleiB

I just opened a Moneybox Cash ISA account and the transfer in from another Cash ISA account was completed the same day. However a day later, the 'interest due' and 'today's interest' still appears as £0. Do you know why that is? I thought they showed you interest accrued on a daily basis even if thst interest hasn't been paid yet.

Ch1ll1Phlakes

@LoreleiB Has the transfer from the previous provider cleared with Moneybox yet or is it still pending?

I had a transfer to Moneybox complete but it took a day or two for it to clear through they system and be creditted to my account. Edit: It's up to three working days

See the following from Moneybox's support pages, specifically the bit in bold (here's the link if you want to read the full page (How do I transfer an ISA or Lifetime ISA to Moneybox? | Moneybox | Save and Invest)

LoreleiB

Yes the funds were added to the Moneybox account the same day as I initiated the transfer. I could see the funds in the Moneybox account at that point, I.e. on Day 1. Moneybox confirmation email of the transfer being finalised then came on Day 2. However, on day 2 no interest was added. Day 3 they started adding interest, I can now see it under 'Interest due' (but this is only for Day 3 and does not include Day 2). So should they have started to add interest from Day 2 instead (given the funds were in the account and the confirmation email had been received by that point)?

Ch1ll1Phlakes

LoreleiB said:

Yes the funds were added to the Moneybox account the same day as I initiated the transfer. I could see the funds in the Moneybox account at that point, I.e. on Day 1. Moneybox confirmation email of the transfer being finalised then came on Day 2. However, on day 2 no interest was added. Day 3 they started adding interest, I can now see it under 'Interest due' (but this is only for Day 3 and does not include Day 2). So should they have started to add interest from Day 2 instead (given the funds were in the account and the confirmation email had been received by that point)?

Ok based on this I imagine that what you are seeing on your account is the interest for day 2. On day 3 you would see day 2's interest. Day 4 would see day 2 and 3. 

For example, my account with them says that my monthly interest due is 13 days worth but today is the 14th. If you get what I mean.

LoreleiB

Sorry correction , I checked and the confirmation email from Moneybox of the transfer being completed came the same day as I initiated the transfer so on Day 1. I can't see why they then didn't add any interest for Day 2?

Ch1ll1Phlakes

Just to clarify are we on "day 3" currently. And what time did you receive the email from Moneybox.

Also try looking through Settings > Statements and documents > Account notifications    to see if the app says when the ISA was received by Moneybox. 

greyhoundwalker

Could it be that the money needs to have been in the account for the entire 24hours of a day? If so, interest would only start on the day after a deposit/transfer in is made?