Moneybox Cash ISA rate for transfers in

slicendice

Morning all

I currently have a cash ISA with T212 which I've been happy with but the rate is now 3.6%, which is a little low compared to some others at the moment. I'm thinking of transferring to Moneybox as they're offering 4.26%, but I want to clarify that this rate applies to transfers in.

On their website, it seems to clearly imply that the 4.26% rate does apply to transfers in, as it says:

Have an ISA elsewhere? Earn 4.26% on funds transferred into a Moneybox Cash ISA

It then confirms this further down the page:

Rate for transfers	4.26% AER (variable) your underlying and bonus rate

So both those seem to say the rate does indeed apply to transfers in.

The only thing that's just niggling me slightly is that when I emailed their support, the reply I got (admittedly AI generated) was slightly more woolly:

Whether transfers into our Cash ISA earn the full rate depends on which Cash ISA product you hold and when you opened it. The rate applied to transferred funds can differ from the rate for new contributions.

It then goes on to say:

If you haven't started your transfer yet, you'll be shown the rate for transferred funds when you begin the transfer process.

For both our Cash ISA and Open Access Cash ISA products, transferred-in balances typically earn the standard underlying interest rate rather than the bonus interest rate, unless stated otherwise. This means transferred funds may not receive the full advertised rate that includes the introductory bonus

I'm hoping that the "unless stated otherwise" is covered by the statements on their website saying that transferred in balances will receive the bonus rate. (And it does seem a bit naff that you won't actually see the rate you're going to get until you actually start the transfer process, i.e. after you've already opened the account!)

Has anyone else transferred into a Moneybox ISA? And if so, can you confirm whether the bonus rate was applied to your transferred balance?

refluxer

The reason the AI response states that it may vary depending on when you opened it is because those top bonus-paying ISA providers like Trading212, MoneyBox and Plum (etc) change their terms occasionally, with funds transferred in sometimes qualifying for the bonus and sometimes not.

As Moneybox currently state "Have an ISA elsewhere? Earn 4.26% on funds transferred into a Moneybox Cash ISA", then that presumably means that the current bonus offer does include transfers, but this may not necessarily be the case tomorrow as that could easily change.

It wouldn't be unheard-of for a product page on a savings provider's website to be slightly behind when an account's T&Cs are changed though so, as you go through the account opening process, I would check any T&Cs that you're presented with carefully because the specific T&Cs you sign up for will be the ones that are binding.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81934129#Comment_81934129

That checking of the T&Cs, you should be given the opportunity to download those as they are presented - recommend you do so (with a meaningful rename), useful because, as @refluxer says, those terms might well be different tomorrow.

slicendice

I've downloaded the only docs that appear to be available and they do mention transfers in, but only that they do accept them and there's no mention of anything regarding the interest rate applied to them:

Can I transfer an existing Cash ISA to you?
You can transfer your existing Cash ISA into a Cash ISA with us. If you want to transfer into your Cash ISA, you can instruct us to transfer part of your previous tax year’s ISA contributions, but if you want to transfer your current tax year’s contributions to us you need to transfer all of them. We can’t currently accept a partial transfer of the current tax year’s contributions.

Appreciate things can change as you mention, but it does look like transfers in do get the bonus rate as things currently stand.

slicendice

Just pulled the trigger and initiated a transfer...looks like the transfer rate is indeed 4.26% :-)

Hopefully it won't take too long to complete!

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81934825#Comment_81934825

You haven't held a Moneybox ISA before ?

slicendice

https://forums.moneysavingexpert.com/discussion/comment/81934898#Comment_81934898

No, first time for me

slicendice

In case anyone's wondering, the transfer was super quick. I only initiated it late last night and the funds have already hit my Moneybox account, which is massively quicker than the last time I did a transfer.

slinger2

I've had a Moneybox ISA with a bonus for about 11 months, so I've just started the process of transferring out. Filled in a transfer form and sent it to the Skipton BS in the post. So that's not going to be as quick.

SickGroove

https://forums.moneysavingexpert.com/discussion/comment/81935151#Comment_81935151

Is the cash ISA you transferred in showing the correct rate as Moneyfacts states...

Transfer Notes - Bonus rate not applicable if transferring in.

Can you transfer cash ISAs held elsewhere in at any point?

Can this account be opened now but not funded until the new 26/27 tax year, with both new money (up to 20K) & any previous years cash ISAs?

slicendice

https://forums.moneysavingexpert.com/discussion/comment/81935885#Comment_81935885

Yes, the rate is 4.26% even on transfers in.

I don't believe there are any restrictions on when you can transfer other ISAs into your Moneybox ISA.

There's a minimum balance requirement of £500 for the cash ISA, so you have to deposit that into the account straight away. Other than that, you can add what you want, when you want, up to the £20k ISA limit per year (dropping to £12k in 27/28). You cannot add previous year's ISA contributions to the current year (this goes for any ISA, not just Moneybox)…so if you didn't contribute to your ISA this year, your limit will still be £20k next year.

Hope that helps...