The June Round Up
Most of us know we should be doing more to prepare for retirement, but it’s not always at the top of our to-do list. With more than 1.6 million “lost” pension pots worth £19.4bn in the UK, consolidating your old workplace pensions can be a great first step. The Moneybox Personal Pension does just this, helping you take control of your financial future.
To make it even easier for you to get started, last month we launched our new pension provider search service to help you track down your old provider based on where you used to work. So, if you decide to begin a pension transfer from within the Moneybox app but don’t know your provider, all you need to do is tap the Get help button. Then, simply fill out a few details about your previous employer and our team will do the rest!
When deciding whether to transfer your pension, it’s important you compare the charges, investment options & benefits between Moneybox and your old provider. If you’re not sure whether the Moneybox Pension is right for you, we recommend that you contact a suitably qualified financial adviser for help.
Enter our Pension Prize Draw 🎉
To celebrate the launch of our new provider search service, we’re offering customers who transfer old pensions to Moneybox the chance to win a £20,000 cash prize!
95 Day Notice Account
The past few months have seen a lot of changes to the cash savings market. Due to the impact of the coronavirus on the economy, banks aren’t lending as much money, which has a direct impact on their appetite to receive money into their savings accounts.
Unfortunately these changes have impacted our 95 Day Notice account. The decision to close this account to new customers and then temporarily suspend deposits into our 95 Day Notice Account for existing customers was not one we took lightly. We are working closely with our partner banks and will be sure to send an update as soon as deposits are available again and the account is open to new customers. You can read more in our update here.
The Moneybox collection cycle
One of the most common questions we receive from our new customers is around our collection timings. We collect payments on a weekly cycle via Direct Debit, which, although different to what you may be used to with your traditional bank, offers a number of benefits. Check out our blog post for a quick rundown on everything you need to know about the Moneybox collection cycle, as well as a little more information on why we do things the way we do! Ultimately, it all comes down to our mission of helping everyone save and investing for the future.
In the news 🗞
- “This change must be made permanent to help the next generation of homeowners achieve their potential.” Read more from our co-founder, Ben Stanway, on why we believe the Lifetime ISA withdrawal penalty reduction should stay.
- Read these 9 money tips to help you get on the right track, save more, plan more, and build a positive money mindset, featuring Moneybox!
- We’re glad to be included in the UK’s 6 leading digital wealth managers, via AltFi.
- Hear from the ‘Female Finfluencers’ opening up the conversation about women and personal finance, via Glamour.
Behind the scenes 🎬
Three months into working from home and the Moneybox culture is standing strong! Our People Lead, Jack, highlights some of the initiatives and activities we’ve introduced.
Please note Moneybox cannot accept a transfer from a pension your employer is currently paying into or a pension with guaranteed benefits. Due to COVID-19 safety measures, we are currently unable to process transfers from providers that do not use the industry-approved electronic transfer system, and so will not accept transfers from these providers.
We offer cash savings products and long term investment products. All investing should be regarded as longer term (at least 5 years). The value of your investments can go up and down, and you may get back less than you invest. For the Lifetime ISA, an early government withdrawal charge may apply. Please note, the government penalty has been temporarily reduced to 20% until 5 April 2021. Eligibility criteria apply.