Moneybox pushed me over my ISA limit for the year

jamesfcarter

Hey folks.

I have a Moneybox cash ISA that I transferred funds into, but have made no deposits into this tax year as I have already paid £20K into a Trading 212 stocks and shares ISA. A few days ago I got an email from Moneybox saying that they'd just paid £20 into my account as a "reward" - not something I asked for or gave permission for!

I have contacted them to ask them to remove it but I expect it's going to be painful to unpick. They claim that I did not tell them that I'd used my allowance elsewhere, but I don't remember being asked that at any point, nor do I immediately see anywhere to input that information into their app.

Anyway, I thought it was worth posting here in case other people are similarly affected and perhaps didn't spot the email or the consequences of the extra deposit.

Ayr_Rage

If you didn't deposit the funds then you haven't exceeded your annual allowance.

It is simply a cash reward so accept it.

You are overthinking the issue.

jamesfcarter

I hope that's true, but Moneybox seem to think it needs to be removed (plus the interest that has accrued) too.

masonic

Can you see if the £20 has been counted against your current year allowance as far as MoneyBox is concerned (i.e. does it say you can now subscribe only £19,980)?

kermchem

So are they saying that if someone pays £19,980 into their cash ISA they can have a £20 reward, but if they paid in £20,000 then there will not be a reward because that would take them over their limit for the taxt year?

Bonkers.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81888722#Comment_81888722

Typically providers will pay the money another way if the annual allowance is used up. Most sensible providers pay all incentives outside of the ISA wrapper to avoid this issue arising.

jamesfcarter

https://forums.moneysavingexpert.com/discussion/comment/81888718#Comment_81888718

That's right - it now says "£20 saved of your £20k allowance".

masonic

https://forums.moneysavingexpert.com/discussion/comment/81888733#Comment_81888733

Then there is no doubt about them reporting it as a subscription to HMRC after the end of the tax year if not corrected. Which is what is expected, as there are only a few fringe situations where money can be added to an ISA without it being treated as a subscription.

wmb194

https://forums.moneysavingexpert.com/discussion/6655812/moneybox-pushed-me-over-my-isa-limit-for-the-year

Trading212's Isas are flexible. Withdraw £20 from there.

jamesfcarter

Moneybox pointed me at the terms and conditions and I was indeed supposed to inform them (by email) if my allowance was used elsewhere. My bad, I guess, although having the only means of communicating this buried in a wall of text in T&Cs seems less than ideal. Also, I'm supposed to be able to report this by the end of the month!

"Where we are unable to pay into your Eligible Product, for example, if your ISA allowance is maxed out, we will pay the Cashback into your personal bank account linked to your Moneybox account. If you hold ISA products with providers other than Moneybox, and the Cashback may result in you exceeding your annual ISA allowance, please inform us by contacting support@moneyboxapp .com by 28 February 2026. You are responsible for ensuring any Cashback paid does not exceed your annual ISA allowance."

jamesfcarter

https://forums.moneysavingexpert.com/discussion/comment/81888961#Comment_81888961

That's an option if I can't sort it out any other way - thanks!