Anyone got a Moneyfarm Cash ISA and checked their daily interest?

masonic

https://forums.moneysavingexpert.com/discussion/comment/82073348#Comment_82073348

"How did you get the historic rates you quote - I cannot find them anywhere on the MoneyFarm website?"

As I mentioned, using the internet wayback machine. For example: web.archive.org/web/20260000000000*/https://www.moneyfarm.com/uk/cash-isa/

"It is very difficult to know what the current value of the Cash ISA is - the site gives a "net contributions" and a "total market value"."

It's the "total market value" figure.

"However, it looks like their T&C say the boost is paid separately up to 1 month after the 12 month period - a bit sneaky I think."

Perhaps, although there are conditions whereby you would forfeit this boosted rate, for example if your balance fell below £500 at any point or you made more than 3 withdrawals. So it is not earned until the end of the 12 months.

"I want to move it to a better rate cash ISA, but as I don't think they've paid the boost yet, I feel I'm having to wait in limbo for another month before I can move it - as I said - a bit sneaky as their headline advertising says boost paid after 12 months…"

Paid "after 12 months" is a fairly low bar. The T&Cs make it clear there is actually a time limit placed on how long after 12 months (1 month). Since this is money coming directly from their coffers, they are probably doing a single payment run per month, so some will be paid more quickly than others depending on what date in the month they opened their account.

Your calculations suggest you have not yet received the boost. What is not known is what happens if you initiate a transfer out now. You have earned the boost, so you are entitled to it. So do they add it to the closing balance at the point of transfer, or do they credit it later and you have to do another transfer? That is a question to ask them as it does not appear to be covered in their terms.

I can only compare to a similar product offered by Plum (they also allow themselves a month to pay a bonus). After confirming what they would do via online chat, I transferred out of immediately at the end of the 12 months and my bonus interest was added when they processed the transfer.

Mr_Fixit

Thanks Masonic - again, really helpful.

I wasn't aware of the "Wayback Machine"!

I agree that it looks like the boost/bonus has not been added yet.

I'll see if I can do a partial transfer out to the new ISA as I fear if I tell the new ISA account to "transfer all funds" then there is a risk the MoneyFarm account will be closed and I'll never see the bonus. I agree it would be wrong if they do that, but I don't want the hassle of having to chase for it later.

It looks like I'll be transferring into another one of these types of accounts with a bonus as I'm looking at the AlRayan through Meteor! Being the highest rate at the moment for a 1yr fix.

Thanks again.

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82073480#Comment_82073480

I'm doing the same atm, transferring from MoneyFarm into Meteor - I'm past the anniversary of opening the MFarm account and the first deposit but no sign of any bonus 0.7% yet :-(

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82063249#Comment_82063249

I kept a note, don't know whether this is helpful to you: 25/6/25 4.14% + 0.7% bonus = 4.84%, as of 21/2/26 it had fallen to 4.34% & has remained approximately that much since (25/4/26 = 4.28%, 11/6/26 = 4.32%). It says "interest rates are calculated once per day" but doesn't state what the variable part is measured against although I'm sure it's in the T&Cs somewhere.

Meradowlark

I'm in the same situation. Waiting for my bonus before I transfer out. I don't want to do two transfers so have to wait a month……They told me "your rate of 4.33% is composed of variable rate of 3.63% and 1st year bonus of 0.7%. Your bonus rate ends today…….Your fist year bonus will be paid within one month from today."
They also said they wouldn't let me know exactly when it had been paid, so I have to keep checking back to find out! I must admit, I have not checked their sums to see if they've calculated the interest correctly. Should !?
Where are we moving to next?

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82080940#Comment_82080940

They are slow, btw. Expect to wait 3 to 4 weeks.

wickford76

I have this ISA and received the bonus of 0.7% about a week after the 1 year anniversary at the start of July. I did use the chat function to ask about it so not sure if that helped.

I have also completed 2 partial transfers. One took 4 weeks, the other should complete today after 7/8 weeks! I am about to start the final complete transfer.

The app has recently been updated and now gives a breakdown of the daily interest received. On the interest section, there is a link for daily interest going right back to account opening.

There was a slight adjustment a few months back where I recevied £12. This was due to some issue they had calculating interest at the start. I did receive an email to explain this at the time.

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82082341#Comment_82082341

https://forums.moneysavingexpert.com/discussion/comment/82082341#Comment_82082341

Wow you seem to have been one of the lucky ones. I've emailed as my transfer has now gone through - without the bonus.

wickford76

I didn't think I was, but its seems I am. I did 2 partial transfers and held off the final transfer until the bonus was paid and in the account. A very slow process all around. This will be the last time I invest in an ISA which has this type of structure where the bonus is paid separately. But my fault for not properly checking.

GOTfan

I received confirmation from Moneyfarm today that I should get the bonus by "the start of next week":

"As you did transfer your funds before receiving the bonus, you will need to fill and submit a second transfer form in order to transfer the bonus funds over to the new provider, once these have been credited to your account."

le sigh