MONEYBOX ISA - any advice on where to transfer to?

a_smile_costs_nothing

Hi, I opened a Moneybox ISA a year ago and the rate is dropping. I looked to transfer it to Cynergy but they will not take a transfer in from Moneybox as they (Moneybox) do not give their ISA accounts account numbers or sort codes. They use your NI number instead. When I tried to open a Cynergy account and said I would like to transfer a balance in, Moneybox was not on their list of banks to choose from in their drop down menu so I emailed them and they said they did not accept transfers in from Moneybox as they do not use the BACS system. I was both shocked and astounded in equal measures.

My question is….

Has anyone successfully transferred their ISA out from Moneybox  (and to where) as I’m beginning to think I’ll be stuck with Moneybox forever. I have never known this amount of difficulty before. 

I would advise anyone to avoid Moneybox! 

Moneybox reply to my email…,.

‘Regarding the transfer issue with Cynergy, our ISA transfers are processed digitally rather than through BACS Electronic ISA Transfer Services. When transferring your Moneybox ISA to another provider, you'll need to contact your new provider to start the process - they should send you their transfer-in form.

For the account details they need:

• Account number/reference: Your National Insurance number
• Sort code: We don't have sort codes as our accounts operate digitally
• Provider: Digital Moneybox Ltd

All our transfers are performed digitally, so your new provider needs to send their paperwork to transfersout@moneyboxapp.com rather than using BACS services.

If Cynergy can't accept digital transfers, you may need to find a provider that does support electronic transfers. Most ISA providers can accept digital transfers, though some may require different processes than BACS.’

Thank you, hoping someone can help and advise me. 

flaneurs_lobster

I filled out a paper form and transferred my Moneybox ISA to Principality BS.

MarkFromCornwall

I’ve done several quick ISA transfers out from providers who don’t use sort codes so that’s not where the problem lies.

bristolleedsfan

I transferred my Moneybox ISA to Yorkshire BS, memory is hazy how I did it, think I left sortcode and account number blank and was able to put required info in.

 Moneybox is often listed as Digital Moneybox Limited on lists

refluxer

While some providers like Cynergy (and others) limit transfers-in to those on a specific list (usually other providers who also use the BACs ISA transfer service), there are plenty who don't so I would just work your way down the best-buy table to find the highest-paying provider without that limitation. 

The reason why this is the case is because there are still plenty of ISA providers who don't use that service - it's normally the smaller building societies, but does include bigger players like the Principality. 

Providers who do limit your transfer-in options usually do state that they do this, but you may have to check their FAQ sections to get this info.

In my experience, transferring between ISA providers who don't both use the BACs ISA transfer service usually involves having to post a paper transfer form as a signature is normally required, but I'm not sure how Moneybox would fit into this, given that an app-based ISA provider presumably didn't require a signature from you when you opened the account ? 

MarkFromCornwall

The reason why this is the case is be a signature is normally required, but I'm not sure how Moneybox would fit into this, given that an app-based ISA provider presumably didn't require a signature from you when you opened the account ? 

Moneybox use an on-screen, drawn-with-a-finger signature when you transfer in to them.