The July Round Up
Here at Moneybox, we’re on a mission to help everyone save and invest for their future. In July, we were excited to celebrate the milestone of 200,000 Moneybox customers! 🥳 Thanks to each and every one of you for being part of our journey so far. Here’s to the future! 🚀
– We launched our very first cash account! First time buyers can now save towards their first home with our market-leading Cash Lifetime ISA. Along with the 25% government bonus on savings of up to £4,000 each tax year (that’s a £1,000 bonus!), your dream home could be closer than you think.
We’ve had an amazing response to this new product, with lots of questions flooding in…
Here are your top Cash Lifetime ISA questions, answered 🤓
What’s the difference between a Cash and Stocks & Shares Lifetime ISA?
- A Cash Lifetime ISA works like a cash savings account in that you pay in money and earn interest on it. Cash could be best if you have a short term savings goal. With a Stocks & Shares Lifetime ISA, your money is invested in funds and can offer higher returns than cash. However, investing is for the longer term and you could get back less than you invest. You can open a Lifetime ISA if you are a UK tax resident aged 18-39.
Can I transfer my current Lifetime ISA into Moneybox?
- Of course! You’ll be getting a better rate after all. 😉 You can request the relevant transfer form in the Moneybox app in Settings > Transfer > Transfer in.
Is my Lifetime ISA open date ‘reset’ if I transfer in?
- No – the original open date of your Lifetime ISA is also transferred when you transfer the account across to us.
If I’m buying a home with someone else, can we both use our Lifetime ISAs?
- Yes – If you are planning to buy a home with another first-time buyer, you and your partner can both have a Lifetime ISA. That means you can both receive the 25% bonus on your savings. However, the £450,000 limit does not increase if two people, who both have Lifetime ISAs, are buying a home together.
- It’s important to note that if you withdraw your money for any reason other than buying your first home, or for retirement after 60, you will pay an early government withdrawal charge.
What are the Moneybox fees for a Cash Lifetime ISA?
- Our Cash Lifetime ISA option has no fees. 🙌
Do you plan to launch cash accounts outside of a Lifetime ISA?
- Absolutely – we are looking forward to making great savings accounts available to all customers shortly.
For more information, check out our Cash Lifetime ISA FAQs.
– We went live on #Homescreen with 11:FS! Watch our co-founder, Charlie Mortimer, discuss our exciting partnership with OakNorth Bank 🤝 and how we joined forces to help first time buyers by launching a market-leading Cash Lifetime ISA. 🏠
In the news 🗞
Our Cash Lifetime ISA has been the talk of the town!
- “It offers a far better rate than the other three providers that offer cash Lifetime ISAs.” Money Saving Expert features our new Cash Lifetime ISA.
- This is Money tweets “There’s a new Lifetime ISA best buy in town”.
- “The best-ever rate for this kind of account.” Which? breaks down everything you need to know about the Lifetime ISA.
Behind the scenes 🎬
Jump into the world of product management at Moneybox HQ as we chat to Ashleigh and discover her experience of bringing a Moneybox product to life. 💡