Moneybox Cash ISA - rate for transfers in

chuckee99

The Moneybox Cash ISA is stitting pretty at the top of the MSE ISA charts for "transfers in". But what I hadn't understood (and perhaps I am still not understanding properly) is that when MSE says the rate of 4.75% includes a bonus "for newbies" this seems to mean someone who has NEVER opened a cash ISA, not just a new customer of Moneybox.

I had a long and frustrating conversation with their "support" AI which eventually appears to confirm this interpretation - that the bonus rate is not available to anyone who has opened a cash ISA before (with Moneybox or any other provider), which is not clearly stated on any of their marketing.

Has anyone transferred an existing cash ISA and got the bonus rate of 4.75%? And if not, shouldn't the commentary on this product be clarified on MSE?

wmb194

https://forums.moneysavingexpert.com/discussion/6672138/moneybox-cash-isa-rate-for-transfers-in

When they say, "for newbies" they mean new customers to that particular company.

You cannot trust AI; what do the T&Cs say?

chuckee99

The T+Cs pdf that applies to the binus rate says:

"This Offer is available to new Cash ISA customers (an “ Eligible Customer ” or “ you ”), who:

o Have never previously opened a Cash ISA; and

o Open a Cash ISA on or after 10 March 2026 (but in any event before Moneybox terminates such Offer).

chuckee99

and further down it says

Customers are not eligible for the Offer if they:

o Have previously opened a Cash ISA;

…

mta999

If you have never opened a cash isa in your life before how can you transfer it in?

I think they mean never opened a cash ISA with them before

chuckee99

https://forums.moneysavingexpert.com/discussion/comment/82031639#Comment_82031639

They do allow transfers in. If you transfer in a cash ISA then apparently you won't get the bonus rate. It is of course possible to never have had a cash ISA and to transfer in another type of ISA too and presumably that would attract the bonus rate.

However, I am hoping your (and MSE's) interpretation, which is at odds with their T+Cs (see above) and what their chatbot has told me today, is correct. But I was hoping to hear from someone who has actually done it.

chuckee99

Finally got an answer from a human. What a waste of space AI can be. Still, I guess it can only read their own T+Cs and web pages and arrive at the same conclusion I did. However, the human says YES. Transfers in of previous cash ISAs do attract the bonus rate.

Yes, if you open a Cash ISA and transfer in from another provider, all funds (including transfer in) will earn the introductory bonus rate.

masonic

As someone who transferred in a couple of months ago, I am earning the bonus rate.

When they mention "Cash ISA" (with a capital C), they are referencing their ISA product rather than any cash ISA (lower case c). In legal documents, capitalised terms usually have a special meaning. In this case it is the actual name of the product you opened.

This is why "Open a Cash ISA on or after 10 March 2026…" within the eligibility criteria doesn't include a cash ISA (lower case c) offered by HSBC or Nationwide BS.

whelkmice

Just to advise that I tried opening a Moneybox Cash ISA 2 days ago - they stalled opening the account & have now (today) reduced their rate to 4.35%…

I was not impressed to put it mildly!

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82033025#Comment_82033025

Same happened to a few of us last year with another provider who dropped their rate a good bit, a short time after opening, a chance you take with easy access. Only option you have is to transfer to another provider, but only one topping it at the moment is Trading212. Never used Moneybox as they don't offer a flexible ISA, which is my preference.

whelkmice

https://forums.moneysavingexpert.com/discussion/comment/82033336#Comment_82033336

Yes, looked at Trading212 but their top rates are for new customers only - unfortunately I already have savings with them!