Simple Saver top FAQs answered

Here are some FAQs to get you started as you build your savings with your new Simple Saver.

What is the Simple Saver and how does it work?

Our Simple Saver is a savings account that allows you to build your savings with flexibility. You get one next-day withdrawal each calendar month, and you’ll earn 4.00% AER (variable). Plus, you can deposit a total of £85,000 into our Simple Saver – and it’s protected by the FSCS.

You can also earn a reward rate of 1% (variable) on top of the underlying rate of 4% AER (variable). This gives you a total reward rate of 5% AER (variable). You’ll earn this reward rate if you either: 

*If your balance in your Lifetime ISA drops to £0, you are eligible to keep the reward rate for 12 months or until 13/02/2025, whichever date is later.

The money in your Simple Saver earns interest daily, which is paid into your account monthly.

 

What different savings accounts does Moneybox offer?

We offer two types of savings accounts: regular access and Notice Accounts. Your Simple Saver is a regular access account.

With Notice Accounts, you need to give us notice before you can make a withdrawal. In exchange, you’ll tend to see higher interest rates compared to our regular access accounts. The Notice Accounts we offer are: 

 

What happens when I want to withdraw from my savings account?

Withdrawals can be requested in-app at Settings > Withdraw

You’ll receive an email to confirm your withdrawal is complete. You can have multiple withdrawals in progress at once, and you can track the progress of each withdrawal in Accounts > Select account > Recent activity > In progress.

There’s loads more content available in-app. From expert commentary to step-by-step guides, we’ve got it all.

 

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