MoneyBox cash ISA rate not as advertised.

HopefulLondoner

I looked on MSE for the best ISA rate last week and saw MoneyBox was the top rate at 4.32% AER.

I'd never heard of MoneyBox before.

I downloaded the MoneyBox app and opened the cash ISA account, but the rate on my cash ISA is only 4.27% AER

Ocelot

It's still advertised as 4.32% (assuming it is the easy access ISA), although the rate is 4.24% for £500 or less.

Did you click the monthly income option? This is usually less than the compounded rate.

eskbanker

https://www.moneyboxapp.com/cash-isa still says 4.32% AER, are you sure your 4.27% is AER, not the gross rate?

Albermarle

Are you aware that Moneybox is not a bank, or building society. They put your money in other banks, which is unlikely to cause a problem, but good to be aware of it.

How safe is your money?

This provider is not a bank and does not offer its own savings accounts. It offers accounts that are provided by other regulated banks and your savings are protected by the Financial Services Compensation Scheme, up to the £120,000 limit, in the name of the bank providing the account. Any money you save via this account will be added to any money you already hold with the account provider for the purposes of FSCS protection and any money over the £120,000 limit will not be protected.

HopefulLondoner

4.27% AER (variable), 3.45% underlying rate + 0.82% introductory bonus
Initial deposit was over £500 so minimum amount acheived