Any reason to stick with Moneybox?

Russ66

As above, would there be any benefit to keeping my Moneybox ISA open with say £500?

I opened the account early May with 10k new money plus a 10k transfer in; the initial rate was 5.71% inc a newbie bonus. It then quickly reduced to 5.46% & once the bonus expired it dropped down to 3.95%. It’s now sitting @ 3.7% since BOE reduction.

I’ve already partial transferred 10k out to Vida, but I’m wondering what to do with the rest. Moneybox state that if you close an account with them then you can’t open another, but I’m not sure there would be any benefit to keeping it open as any deals / promotions seem to be for “Brand new customers only”.

 

Thanks.

slinger2

It's always tricky with the providers that offer bonuses. I've got one of their Open Access Cash ISAs with about £10k in it. That's currently paying 3.50% but I've got a 1.05% bonus for 12 months, so I'm hanging on for now. Personally I won't be leaving a small amount in when that bonus ends. It just extra hassle for me and also, we've seen with some providers that they're not too careful about checking whether you're an ex-customer or not.

Also Moneybox Cash ISAs are not flexible, making them less tempting for me.

happybagger

I'm going to want to transfer out from moneybox in the next month, can I ask what you used as your moneybox account number to the new provider? I read somewhere that your NI number is the reference/account number, is that right?