LISA with MoneyBox
Katesaunders252
Posts: 2 Newbie
Hi All
Been trying to be more ‘responsible’ with my savings so decided to open a LISA - opted for MoneyBox as no issue with doing it online (although I have found out that it’s not that user friendly) - anyway I’m a bit confused by their “Payment Cycle” which is as follows:
STEP 1
Your savings are collected from your ‘Weekly savings total’ every Wednesday at midday. At this stage, you’ll be able to see this collection appear in the ‘Collections’ section in your Lifetime ISA Account details page.
Step 2
This money leaves your bank account early the following week (usually on the Monday).
On Tuesday, your savings will move to the ‘In Progress’ and you’ll see your deposit added to your main account value. We’re still waiting for full confirmation from your bank at this stage.
Step 3
Your money is sent to OakNorth, who hold your money and on Thursday from this point, you’ll be earning interest money
Is it normal for payments from one account to another be “in limbo” - I’m wondering who’s collecting interest on my money when it leaves my account to go to my savings?? I’m quite certain when I transfer money to diff bank accounts it goes in almost instantly, is there a difference with LISA’s??
Thanks for any help and advice
Been trying to be more ‘responsible’ with my savings so decided to open a LISA - opted for MoneyBox as no issue with doing it online (although I have found out that it’s not that user friendly) - anyway I’m a bit confused by their “Payment Cycle” which is as follows:
STEP 1
Your savings are collected from your ‘Weekly savings total’ every Wednesday at midday. At this stage, you’ll be able to see this collection appear in the ‘Collections’ section in your Lifetime ISA Account details page.
Step 2
This money leaves your bank account early the following week (usually on the Monday).
On Tuesday, your savings will move to the ‘In Progress’ and you’ll see your deposit added to your main account value. We’re still waiting for full confirmation from your bank at this stage.
Step 3
Your money is sent to OakNorth, who hold your money and on Thursday from this point, you’ll be earning interest money
Is it normal for payments from one account to another be “in limbo” - I’m wondering who’s collecting interest on my money when it leaves my account to go to my savings?? I’m quite certain when I transfer money to diff bank accounts it goes in almost instantly, is there a difference with LISA’s??
Thanks for any help and advice
0
Comments
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This effect is more to do with the complexity of the Moneybox model specifically rather than LISAs as such - faster payments between participating financial institutions are indeed usually instantaneous, but the delays inherent in the Moneybox money-go-round relate to the use of multiple accounts and an external bank to store the funds.Katesaunders252 wrote: »Is it normal for payments from one account to another be “in limbo” - I’m wondering who’s collecting interest on my money when it leaves my account to go to my savings?? I’m quite certain when I transfer money to diff bank accounts it goes in almost instantly, is there a difference with LISA’s??0 -
Thanks for your reply - I decided to cancel as luckily I’m within the time; the way they take money out of your account is so confusing - plus they put me on a weekly direct debit when I opted for monthly. I’m of the tech generation but their app and ‘cycles’ are so bloody complicated - probably set up that way to confused people. Not impressed.0
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