The February Round Up
Over the past few months, we have been building our new Open Banking connections that will allow you to securely and directly link your bank account to the Moneybox round ups feature. 🙌
The purpose of Open Banking is to transfer ownership of account information from banks back to you, the customer. The regulation behind it aims to give you control of your financial information and allow you to securely share it with other banks and financial apps, such as Moneybox.
We’ve been working hard with banks such as Nationwide, who switched off their pre-Open Banking connection early which affected many of our users’ round ups, to build our new system as quickly as possible, so thank you for your patience!
We’re pleased to say our Open Banking connections are now live with a number of banks! 🎉 Over the next few weeks we’ll be releasing new connections to the remainder of banks listed on the Moneybox app and will be contacting users to simply ‘re-connect’ when their bank is ready.
Under the new Open Banking regulation we’ve also been able to connect to new banks, giving many more of our customers the opportunity to use our round ups feature. Newcomers Revolut and Bank of Scotland can now be linked to your Moneybox account, with more banks on the roadmap.
Learn more about Open Banking in our blog post!
Pension contributions are here 👏
In addition to helping you bring together your old workplace pension pots, you will now be able to contribute to your Personal Pension in the same way as your other Moneybox accounts. You’ll be able to set up a weekly payment, one-off contribution or top up your pension with a payday boost! Plus, you can also contribute via round ups and invest the spare change from your everyday purchases. We’re excited to help you make the most of your Personal Pension and start planning for the future. Remember, you can only access your pension savings from the age of 55.
Shop new brands on Moneybox+
We’re adding new Moneybox+ brands each month! February welcomed eBay, Topshop and Sky (to name just a few), so you can now spend and earn rewards on more of your favourite brands. 🛍️ Check out all of our new retailers and Moneybox+ offers in the Discover tab of the app! ️ (T&Cs apply).
End of Tax Year ⏱️
The end of the tax year is fast approaching, so if you have an ISA, the time to make the most of your tax-free allowance is now! Here’s what you need to know…
Maximise your Lifetime ISA allowance and bonus
- Your annual Lifetime ISA allowance is £4,000.
- You receive a 25% government bonus on all Lifetime ISA contributions. This means that the total bonus value you could claim this tax year is £1,000! 💰
- Remember, our Cash Lifetime ISA offers the market-leading rate of 1.4% AER variable. So if you already have a Lifetime ISA, transfer it now to get the best interest rate!
- Make sure you don’t miss out by ensuring any additional contributions for the 2019/20 tax year are made before the final collection.
Maximise your ISA allowance
- Your annual allowance across all ISA products (including Lifetime ISAs) is £20,000.
- ISAs can be a great way to build up your investments because any capital gains accrued are tax free.
- There’s now only a short time left to make the most of your 2019/20 allowance as it won’t carry over into the next year.
- The midday collection on Wednesday 1st April will be your final opportunity to contribute to your Moneybox ISA for the 2019/20 tax year.
- Any contributions made after midday on 1st April will count as 2020/21 contributions.
In the news 🗞
- ‘i News’ chats to Moneybox user, Mark, to find out how he’s keeping his investments in line with his values by choosing our socially responsible fund option.
- Great to be included in Holly Mackay’s & Boring Money’s ‘Essential Isa guide’ as one of the best providers for beginner investors.
- In the last few weeks global markets have been rattled by the impact of Covid-19 (Coronavirus). While big moves in the stock market are often headline news, and can be uncomfortable for investors, it’s important to consider these against a longer-term historical context. We break down the possible effects of the Coronavirus on the stock market and what it may mean for your investments.
Behind the scenes 🎬
Did you know that the Moneybox team has grown from 35 to 100 employees over the last year? This month, get to know three of our new starters. Find out about their experience, joining the team and top tips for anyone looking to join Moneybox!