Moneybox Terms & Conditions – Business Customers

We help sole traders and limited companies earn a return on their funds.

As a business customer of Moneybox, your business will be able to open business savings products.

If you are a sole trader you will operate the account yourself. If you are the director of a limited company, then you will operate the account on behalf of the company. In both cases, we will refer to you as the account operator.

1. INTRODUCTION

1.1 Welcome

Welcome to Moneybox. These are the terms and conditions that apply to our Business Savings Products which we offer to Business Customers.

They explain the rights and obligations that apply to you and us. This is an agreement between you and us, which becomes legally binding when you open a Moneybox Business Account with us. When reading these terms and conditions please refer to the definitions Section in 1.8 below.

When we say “we” or “ours” we are referring to Digital Moneybox Limited (including anyone who takes over our business or anyone that we may transfer the business to).

When we say ‘you’ or ‘your’, in general we mean the Business Customer who has set up and operates the Business Account and the initial Account Operator or any replacement Account Operator. In some places in these terms and conditions we make it clear that we are only referring to the Business Customer.

Terms and conditions that apply to personal customers are in a separate document on our website and do not apply to Business Customers or Business Savings Products.

1.2 Who we are

We primarily provide our services through the Moneybox mobile app. It’s important to note that these terms apply however you access our products and services.

Digital Moneybox Limited is the company that provides all of our business products and services. Its company registration number is 09597755 and its registered office is 1-2 Hatfields, London SE1 9PG. It is authorised and regulated by the Financial Conduct Authority with firm reference number 712935 (and number 792703 for payment services activities).

You should be aware that the Business Savings Products provided under these terms and conditions are not regulated and we are therefore not authorised in respect to the business covered by these terms and conditions, although we are authorised for other parts of our business.

When we say “Moneybox”, “we”, “us” or “our” in these terms and conditions, we’re referring to Digital Moneybox Limited unless we state otherwise.

1.3 Your relationship with Moneybox

Each Business Customer of Moneybox may only have one Business Account. Within that Business Account, it is possible to open one or more Business Savings Products. Our relationship is with the Business Customer that opens a Business Account with us and these terms and conditions govern your Business Account and all Business Savings Products and services and how you may use them. Our overall legal agreement with you also incorporates (i) any information you provide to us about you or your Business Account and (ii) any other documents that we provide to you such as Key Features Documents.

A Business Customer which is a sole trader may open a separate Personal Account in their personal capacity.

An Account Operator of a Business Customer which is a limited company may open a separate Personal Account in their personal capacity.

An Account Operator should at all times ensure that they do not use a Business Account to save for personal purposes. Similarly if an Account Operator has a Personal Account with us in their personal capacity they should not use this to save or invest for business purposes.

There may only be one Account Operator for each Business Customer. The initial Account Operator is the only person authorised to open and operate the Business Account and any Business Savings Products at account opening. If the Business Customer is a limited company, it may change its Account Operator by following the steps in Section 3.2 (Changing an Account Operator). You must not permit any other person to operate the Business Account or any Business Savings Product or give instructions to Moneybox and you must not share login details with any other person. We will not be liable if you provide login details to a person other than the Account Operator or allow them to operate the Business Account or any Business Savings Product (including but not limited to where we act on instructions from such a person). We will not be liable if you act outside of the authority granted to you by the limited company or sole trader business as our Business Customer.

Nothing in these terms creates a relationship between us and any third party.

You personally as Account Operator confirm at account opening and on an ongoing basis that:

• you are a director of the Business Customer (if a limited company) or the principal of the Business Customer (if a sole trader) and have the authority to sign for and legally bind the Business Customer in relation to the proposed Business Account and any Business Savings Products;
• where you are a sole trader, you confirm that you are acting exclusively for purposes related to your business, trade or profession;
• any details you provide for the purposes of customer due diligence (Know Your Customer), including details of any director or person of significant control (in the case of a limited company), are accurate, have been provided lawfully and will be kept up to date on the UK Companies House register (to the extent required);

• you and any person of significant control (in the case of a limited company) are resident in the United Kingdom and not a US person;
• your Business Account and Business Savings Products are intended to be used and shall exclusively be used for business only and not for personal purposes;
• you will not deposit funds held by you in your personal capacity in your Business Savings Products;
• your Business Account will only be funded from the Linked Bank Account using funds that are held for the business purposes of the Business Customer;
• you are not placing funds in your Business Account as agent, client or attorney or otherwise of any third party other than the Business Customer; and
• you have read, understood and accept these terms and conditions for the provision of the Business Account and any Business Savings Products.

If you want to act for personal purposes our Business Savings Products are not suited for this purpose and you should open a Personal Account and look at our products for Personal Customers.

1.4 How to contact us

You can contact us through the Moneybox app or by one of the following methods:

Email 💬: support@moneyboxapp.com

Post ✉️: Moneybox, 1-2 Hatfields, London SE1 9PG

Telephone ☎️: 0330 808 1866

If you need to contact us to make a complaint, please see Section 4.3 (Complaints).

1.5 How we’ll contact you

We can contact you via the Moneybox app, email, telephone, SMS or post using the details you registered with us. It’s therefore really important that your contact details are up to date, particularly your email address, and you are using an up-to-date version of the Moneybox app.

When we contact you we will always communicate in English.

1.6 Other important policies

You should read these terms and conditions along with the following important Moneybox policies:

• Privacy Notice
• Conflicts Policy
• Complaints Policy
• Terms of Use

1.7 Alternative formats

In the Moneybox app, you can adjust the font and appearance of documents in Settings. Please contact us if you require any other assistance or accessible formats.

1.8 Defined terms

• Account Operator means:

• For a Business Customer that is a limited company the Account Operator is the director opening the Business Account (who is the initial Account Operator for the purposes of these terms and conditions) or such replacement as we approve from time to time in accordance with Section 3.2 (Changing an Account Operator).

• For a Business Customer that is a sole trader the Account Operator is limited to the principal of the Business Customer who is opening the Business Account. You may not appoint any additional or replacement person as an Account Operator.

• Business Account means a Moneybox account subject to these terms and conditions that is created for a Business Customer.

• Business Customer means a limited company or a sole trader. We do not currently accept limited liability partnerships, traditional partnerships or unincorporated associations as Business Customers.

• Business Savings Product or product means our business savings products operated by Moneybox where money is held by a panel of third party banks as further described in Section 2.2 (Business Savings Products) below, and as set out in the Moneybox app and the applicable Key Features Document. Our Business Saver is an example of a Business Savings Product.

• Key Features Document means the key features document for each Business Savings Product, which contains important information on the relevant Business Savings Product and how it works.

• Linked Bank Account means a bank account that is linked to your Business Savings Products and that:

1. i) if you are a sole trader, is a business bank account, or if you do not have a business bank account, a personal bank account in your name as sole account holder that you use for your business; or
2. ii) if you are a limited company, is a business bank account in the name of the limited company that has opened the Business Account as a Business Customer.

• Personal Account means a Moneybox account subject to Moneybox’s personal terms and conditions that is created for a Personal Customer.

• Personal Customer means a person acting wholly or mainly outside their trade, business, craft or profession.

• Trust Bank Account means a bank account in Moneybox’s name designated as a trust account where money is segregated from Moneybox’s own money and held by Moneybox as the legal owner on trust for the customer as the beneficiary.

2. OUR PRODUCTS AND FEES

2.1 Introduction

It’s important to note that Moneybox is not allowed to give financial advice, so nothing in these terms and conditions, on our website, or in the Moneybox app should be treated as any kind of advice. Please speak to a financial adviser if you want to understand whether any of our Business Savings Products suit you and your particular circumstances.

In addition to these terms and conditions you should also read the Key Features Document for any of our Business Savings Products you’re considering opening – these are available in the Moneybox app and as part of the sign-up process. They contain key information on what the Business Savings Products do and how they do it.

2.2 Business Savings Products

2.2.1. How it works (general)

Business Savings Products provide you with a cash management service operated by Moneybox – enabling you to put money aside while earning ‘interest’.

Your Business Savings Product details will be set out in the Moneybox app and in the relevant Key Features Document.

All of the money you have put into a Business Savings Product will be deposited with one or more panel banks, and Moneybox will determine which one(s) hold those deposits and can adjust this at Moneybox’s election. You instruct Moneybox to determine how much of your money to deposit with any particular panel bank on an ongoing basis throughout the term of the Business Savings Product.

For our Business Savings Products, we hold your money on your behalf on a bare trust basis with one or more of our panel of Trust Bank Accounts with third party banks. Your money will be pooled with those belonging to other customers, but kept separate from Moneybox’s own corporate money. If you ever had a claim for your money, such a claim would be for your proportionate share of the pooled assets in the relevant trust.

In all instances where we use third party banks for Business Savings Products, it is important to note that we are not responsible for any acts, omissions or default of such a bank. Our duty to keep your money safe relates to taking care of our choice and monitoring of such a bank. We carry out extensive checks on these banks and treat any issues very seriously.

For these Business Savings Products, we open Trust Bank Accounts with third party banks in our name and by accepting these terms and conditions you appoint us to act as your bare trustee. We are the legal owner of the Trust Bank Accounts, and act as bare trustee on your behalf as the beneficial owner alongside our other customers invested in the same Business Savings Product. It is important to note that we are not a bank and don’t actually hold your money so we aren’t ultimately responsible for keeping it safe. Selecting third party banks to hold your deposits in a Business Savings Product is not a regulated investment service so the Business Savings Product is not regulated by the Financial Conduct Authority (“FCA”). Deposit-taking is a regulated activity. The third party banks that we use are authorised and regulated by the Prudential Regulation Authority (“PRA”) and regulated by the FCA as deposit-takers. Your money may not be immediately available for investment or withdrawal in exceptional circumstances.

The panel of third party banks at which we may deposit all or part of your money from time to time are set out at [ ] [FSCS information will be made available to you as a beta tester [via email]].

2.2.2. Contributing to your Business Savings Product and restrictions on minimum and maximum balance

We’ll deposit any money you contribute to your Business Savings Product into Trust Bank Accounts with a panel of third party banks.

You must contribute the minimum amount to your Business Savings Product set out in the relevant Key Features Document within 30 days of opening the Business Savings Product. If you do not meet this requirement, we may close your Business Savings Product and return the funds to your Linked Bank Account.

You must maintain the minimum balance in your Business Savings Product set out in the relevant Key Features Document. If you do not meet this requirement for a period of 30 days, we may close your Business Savings Product and return the funds to your Linked Bank Account.

You can only contribute up to any maximum amount the relevant Business Savings Product allows as set out in the relevant Key Features Document. If you exceed the maximum amount, we may return the excess funds to your Linked Bank Account.

2.2.3. Interest on your money and any contractual top-ups

For Business Savings Products, the rate of ‘interest’ shown in the Moneybox app is the return rate you will receive – this will be comprised of interest from the panel of third party banks (as described in Section 3.8 (Payment of interest) above) and, if necessary, a contractual top-up by Moneybox.

When we pay a contractual top up to ensure that you receive the Moneybox rate of return shown in our app for a relevant Business Savings Product, we will pay the relevant sum into the Trust Bank Accounts we use for funding accounts with our panel banks and it will be held under the terms of the bare trust arrangements Moneybox is subject to. It will always be redeposited in the same Business Savings Product.

You should be aware that in the event that one of the third party banks fails and/or is not able to pay us the interest to which we are entitled as trustee then we will not be able to achieve the Moneybox rate of interest shown in the Moneybox app. In this scenario, we will not be responsible for making a contractual top up to make up any difference resulting from a loss of interest accrued on your money.

Moneybox will receive a fee from one or more of the panel of banks where your money is deposited and we do not retain any interest.

2.2.4. Withdrawals

Once we’ve received a withdrawal instruction from you, we will process any withdrawal request in line with the process in Section 3.9 (Withdrawals).

For withdrawals from easy access Business Savings Products you should expect the money to be in your linked bank account on the next business day.

Your Business Savings Product may have certain withdrawal restrictions (e.g. the number of withdrawals you can make per month). These will be set out in the Key Features Document for the Business Savings Product.

2.2.5. Product Statements

We’ll provide you with a statement in the Moneybox app:

2.2.5.1. every quarter setting out information in respect of your Business Savings Products, including interest paid; and

2.2.5.2. every year detailing the interest paid in the preceding tax year on your Business Savings Products.

All of the above will be delivered to you electronically via the Moneybox app where you can choose to email them to yourself. Where you cannot access the app please contact us. You agree that you do not require us to provide reports, statements or other documentation associated with your Business Savings Product other than in electronic form via these means.

2.3 Fees and charges

We do not charge a customer service fee for our Business Savings Products.

We will receive a fee from the underlying third party bank(s) where your money is deposited

When your money is in operational bank accounts you will not earn interest. Moneybox will receive a fee from some or all of the third party banks who provide the operational bank accounts.

If you fail to pay our fees or otherwise owe us money, we have the right to reduce or pay off the debt you owe to us using any available balance on any of your other Business Savings Products.

Our fees may change from time to time. If a change is detrimental to you, we’ll provide you with at least 30 calendar days’ notice.

3. ACCOUNT AND PRODUCT OPENING AND MOVING MONEY

3.1. Opening a Moneybox Business Account

To open any Business Savings Products that we offer, you must be a Business Customer (as defined in Section 1.8 above), i.e. you must be operating a business (either a sole trader or a limited company).

To open a Business Savings Product with us, you’ll need a Business Account. You can open one or more Business Savings Products but you can only have one Business Account per Business Customer.

To open a Business Account with us, you’ll need to apply in-app. As part of that process we will ask you for some information and documentation which you’ll need to give us so that we can verify your identity, and (if the business is a limited company) the identity of any other directors, shareholders or persons of significant control to satisfy our regulatory and compliance obligations. If you don’t, we won’t be able to proceed with your application. We are required to do this by various rules and regulations, including the Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017. We’ll also carry out certain identity checks on you, and (if the business is a limited company) any other directors, shareholders or persons of significant control typically using third parties, which may leave a soft footprint on any credit reports. This means that you and third parties you allow to view your full credit report will be able to see the footprint on your credit report but it will not be visible to any lenders. This will not impact your credit score.

You must be over 18 years old and a UK tax resident to open a Business Account with us. You must let us know immediately if you stop being a UK resident. If the business is a limited company, all Persons of Significant Control (PSC) or Ultimate Beneficial Owners (UBO) of the limited company must be UK residents and must be individuals rather than another company or legal entity (i.e. no corporate shareholders).

The business must not be dissolved or in liquidation, must be based in the UK and with all trading activities undertaken in the UK. You shall notify us immediately if any step is taken by or in respect of the business for any arrangement with creditors, administration, bankruptcy, liquidation, dissolution, receivership or if the business becomes insolvent or is deemed unable to pay its debts as they fall due, or anything analogous to the foregoing occurs.

We do not offer our Business Savings Products to US persons. The definition of a US person is set by the US Internal Revenue Service and is broad, including all US citizens, residents and green card holders. If you have a Business Account and are or have become a US person then you must tell us immediately. Unfortunately, we’ll require you to close your Business Account and Business Savings Products. If you’re unsure, you should speak to a tax adviser.

We’ll open your Business Account once you’ve given us all the information we need and you’ve met any requirements we have.

Applying for a Business Account with us doesn’t guarantee you getting one. We can refuse an application for any reason and don’t need to explain why.

You (being both the Account Operator and the Business Customer) represent and warrant on a continuing basis that: (i) you are a Business Customer operating in the UK and your business meets the eligibility criteria we have communicated to you in the relevant Key Features Document; (ii) you have the authority to enter into and comply with these terms and conditions; (iii) all client verification information you provide to us is complete, accurate and not misleading and you shall notify us of any changes to such information; and (iv) you are and will continue to conduct your business in compliance with all law and regulation relevant to your business.

3.2. Changing an Account Operator

A Business Customer may only have one Account Operator at any one time. A Business Customer who is a limited company may submit a request (using any of the contact details in Section 1.4 (How to contact us)) to change its Account Operator to an alternative director of the Business Customer. As part of that process we will ask you for some information and documentation which you’ll need to give us so that we can verify your identity, and potentially the identity of any other directors, shareholders or persons of significant control to satisfy our regulatory and compliance obligations. If you don’t, we won’t be able to proceed with your application. We can refuse an application for any reason and don’t need to explain why.

A new Account Operator will be required to agree to these terms and conditions before they are confirmed as an Account Operator.

3.3. Opening a Business Savings Product

Once you have a Business Account, you can apply for a Business Savings Product. All of the information and requirements above for requesting to open a Business Account apply to requesting to open a Business Savings Product. Depending on the Business Savings Product you’re requesting to open and when you first opened your Business Account, we may require additional information from you.

Applying for a Business Savings Product doesn’t guarantee that we will accept your application. We can refuse an application for any reason at all and we don’t need to explain why.

3.4. Cancelling your Business Savings Product

If you’d like to cancel a Business Savings Product with us, you’ll need to do it within the cancellation period that applies to the Business Savings Product. To cancel a Business Savings Product, you’ll need to follow the steps in the cancellation notice you received in your welcome pack or contact us.

Our cancellation periods are shown in the following table. In each case the clock begins ticking from the time shown below.

If you do choose to cancel during the cancellation period there are consequences that you’ll need to be aware of:

• If you cancel a Business Savings Product, you may be unable to reopen the same product with us in future.

• If you cancel a Business Savings Product, the money you receive back may not include any interest paid or pending or promotional monies whether or not they have already been applied to your product.

3.5. Your instructions to us

When you ask us to do something in the Moneybox app, such as opening or amending a Business Account, opening a Business Savings Product, making an investment or withdrawing money, we’ll treat that as an instruction.

When you provide us with an instruction, we will work on the basis that you have considered its suitability and any associated risks, including taking independent advice where necessary.

Instructions are generally effective as soon as we receive them. We’ll do what we can to make sure they’re actioned in a timely and accurate manner. However, if you place an instruction after 6pm, it may be treated as having been placed the following business day.

We will act on an instruction if we reasonably believe that it is correct and from you. Where we reasonably believe the instruction to be genuine, we are not required to carry out any checks or investigations and will not be liable for any losses.

We won’t act on an instruction or can delay acting on an instruction if we believe that it: (i) has not come from you personally (or from someone who you have granted a Power of Attorney), (ii) is unclear, (iii) is in breach of these terms and conditions, or (iv) is against the law. Occasionally, we may ask for additional information from you (e.g. pursuant to Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).

If there’s a delay in us receiving an instruction, or for some reason you can’t give us the instruction when you want to, please contact us (see Section 1.4 (How to contact us)).

3.6. Funding your Business Account

The main way to contribute money to your Business Savings Product is from your Linked Bank Account (see Section 3.7.1 (Ways to contribute to your Business Saver)).

One-off transactions may also be made by other methods that we may make available to you.

3.7. Contributions

3.7.1. Ways to contribute money to your Business Saver

First off, we can only accept £ Sterling.

We can only accept transactions from your Linked Bank Account, as further described in Section 3.7.3 (Your Linked Bank Account) below.

The two main ways to contribute to your Business Savings Product are by (i) easy bank transfer, or (ii) manual bank transfer. Easy bank transfers may also be referred to as ‘instant bank transfers’ in the Moneybox app or other Moneybox documentation.

Easy bank transfers are one-off transactions and may be subject to a minimum contribution amount. We typically receive the money within a couple of minutes, but it may take up to 24 hours depending on your bank.

Manual bank transfers are one-off contributions that you can initiate from your business bank account to one of your Moneybox Business Savings Products. They may be subject to a minimum contribution amount. We typically receive the money within a couple of minutes but it may take up to 24 hours depending on your bank. Once you have provided your bank with instructions, we are unable to re-direct or refund a manual bank transfer. It is important that you ensure you are directing your contributions to the correct Moneybox Business Savings Product.

Once we receive your money through any of the above contribution methods, it will be added to your Business Savings Product in line with the process and timings in Section 3.7.2 (Process and timings once we receive your money).

Some of our Business Savings Products have minimum contribution amounts, and the minimum required amount may change from time to time. We’ll notify you if it does. Your bank may also impose minimum and maximum transaction amounts.

We may delay any contributions to your Business Account to carry out additional checks.

We may decline a transaction or refuse to initiate a payment for any reason and we are not obliged to explain why. Where we do, we will reject it and return to you any money we have received.

3.7.2. Process and timings once we receive your money

We receive your money through easy bank transfer or manual bank transfer into an operational Trust Bank Account(s) until it clears. The money is then transferred to one or more operational Trust Bank Account(s) and then deposited into one or more Trust Bank Accounts held with a bank on the panel of approved third party banks.

When we receive your money, you’ll see it processing in the Moneybox app as it goes through the above flows and it will be added to your Business Savings Product as a cleared balance within three business days from when we receive it.

3.7.3. Your Linked Bank Account

We can only accept transactions from your Linked Bank Account. You can request to change your Linked Bank Account at any time in the Moneybox app.

When you initially set up your Linked Bank Account and if you change your Linked Bank Account, we may require some information and documentation which you’ll need to give us so that we can verify the new bank account. If you don’t, we won’t be able to proceed with the set up or change.

3.7.4. Our payment processing partners

We use Plaid Financial Limited for easy bank transfers to allow you to contribute from your Linked Bank Account directly to your Business Account. Plaid is an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 with firm reference number 804718. If you want to make payments this way, your Linked Bank Account must also support Plaid. Payments facilitated by Plaid will also be subject to its Terms and Conditions. And just so you know, Plaid is subject to UK and EU data protection laws and it is required to process your personal data in accordance with those laws and its Privacy Policy.

3.8. Payment of interest

Once money is contributed to your Business Savings Product, you will earn interest on the money.

The rate of ‘interest’ shown in the Moneybox app is the return you will receive, rather than an interest rate applied to your deposit. You are entitled to a pro rata share of the interest (if any) generated by the money we are holding for you in each of the Trust Bank Accounts. The amount of your pro rata share of the interest will depend on the particular accounts and banks into which we have deposited your money with as bare trustee for you and the amounts that we have deposited from time to time for other customers of the same Business Savings Product in those same accounts. How this works is that we will set the rate of return for each Business Savings Product, depending on the panel of third party banks we select from time to time for cash management purposes and depending on interest rates in the market. If the interest we are entitled to as bare trustee on the money held in Business Savings Products for our customers from time to time exceeds the rate of interest shown in the Moneybox app then we will pass any additional interest received as bare trustee to you. If the interest we are entitled to as bare trustee on the money held in Business Savings Products for our customers from time to time is less than the rate of interest shown in the Moneybox app for the relevant Business Savings Products, Moneybox agrees to make up the difference to you to ensure that you receive the advertised Moneybox rate of return (see Section 2.2.3 (Interest on your money and any contractual top-ups) below for more detail). Moneybox will receive a fee from some of the underlying third party bank(s).

Depending on your Business Savings Product, the interest rate may go up and down. We will notify you of any change to the interest rate at least 14 days in advance if the interest rate decreases or if there is a detrimental change to eligibility criteria for that interest rate.

Interest is earned daily on cleared balances and is paid at the frequency set out in the Key Features Document for the relevant Business Savings Product, rounded down to the nearest penny. For most Business Savings Products, interest will be paid on the first day of the month. Any other Business Savings Product bonus interest rates we offer are paid at the frequency set out in the relevant Key Feature Document or bonus rate terms and conditions.

Whenever you (i) contribute money to Moneybox or (ii) withdraw money, your money will move through operational Trust Bank Accounts on the way in and out of the applicable Business Savings Product. When your money is in these operational bank accounts you will not earn interest. Moneybox will receive a fee from some of the underlying third party operational bank(s) but will not retain any interest from money in operational bank accounts.

Interest will not be calculated and paid for the day on which money is withdrawn or transferred from your Business Savings Product in respect of the withdrawn or transferred amounts.

We may deduct tax from interest before paying it to you if we are required to do so pursuant to applicable law and regulation.

3.9. Withdrawals

Once you’ve reached your goals, you might want to access your money. The process for doing this with each of our Business Savings Products may differ because of the product set up, applicable product and tax rules and the terms and conditions that apply to that product.

We will send your money to your Linked Bank Account in line with these terms and conditions as long as there is no reason outside of our control that would prevent us from doing so, or if any applicable law or rule prevents it. We may also ask for additional information from you (e.g. pursuant to Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017) to action a withdrawal.

As long as the Business Savings Product you hold permits withdrawals you can request to withdraw your money.

If you instruct us to withdraw all of your money before accrued interest has been paid (on a monthly basis), we’ll pay any interest you’ve accrued on the date of the transfer of money. If you instruct us to withdraw part of your money before accrued interest is paid (on a monthly or yearly basis), we’ll pay any interest you’ve accrued on the portion of money withdrawn into your Moneybox Business Savings Product on the next interest payment date as usual.

In the event of a full withdrawal of your money from a Business Savings Product we will make arrangements to pre-pay your accrued interest to you to save you the inconvenience of waiting until accrued interest is paid across to Moneybox acting as bare trustee which could take a period of up to a month. When we do this any pre-payment of accrued interest for Business Savings Products is an estimate of the interest that has accrued to your deposit at the bank or banks with which we hold bank accounts and is paid by us to you. You agree that we can make a pre-payment of an amount equivalent to the accrued interest into a Trust Bank Account on your behalf to be held by us for your benefit. Any pre-payment will be repayable to us out of the proportion of the distribution of interest that represents the amount that we received on your behalf once that interest is received by us from the underlying third party bank(s). You instruct us to apply any future entitlement to interest received in respect of your deposit to repay the advance payment.

For withdrawals of money, we will send this to your Linked Bank Account generally within one business day of your instruction, but please note it may take up to three business days from such time.

We’ll need to make all payments to your Linked Bank Account.

4. GENERAL TERMS

4.1. Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) exists to protect customers of financial services firms that fail. Please see our [FSCS Protection page – link to be inserted] [FSCS information will be made available to you as a beta tester visa the KFD FAQs] for more information about the possibility of obtaining compensation under the FSCS in case one of the banks we hold a Trust Bank Account with fails.

4.2. Availability of the service

We can’t guarantee that you’ll always be able to access our Business Savings Products and services, that there won’t ever be a delay in us acting on your instructions, or that our services will be operating error free. Our service may be interrupted and in certain circumstances the Business Savings Products and services you can access might change.

We might have to suspend the operation of our services. This may be for an emergency, a technical reason, the actions or inactions of a third party, to carry out maintenance, where we are required to for regulatory reasons, where we’re trying to protect our customers or to ensure we can keep making other services available.

We won’t be liable to you for any delays in acting on your instructions or the unavailability of our services for whatever reason, including where the reason is beyond our control (such as strikes, lock-outs, riots, invasions, terrorist attacks, wars, pandemics and other issues that we have no control over).

We update our app from time to time. Some updates to the app may require you to upgrade to the latest version of the app or update your device’s operating system to a recent version. If you don’t, certain features might not show or work as intended on an older version of the app or operating system. We may require you to use a minimum version of the Moneybox app to ensure you have access to the latest Moneybox app features and security related updates. We will notify you of any such requirements in advance. If you do not update to the required minimum version, you will be prompted to update your Moneybox app before you can sign in. If you do not or cannot update your Moneybox app to the required minimum version, please contact us (see Section 1.4 (How to contact us)) and we may require you to close your Business Account.

4.3. Complaints

If you ever have a complaint about our service please contact us (see Section 1.4 (How to contact us)). We will acknowledge your complaint and investigate the issue in line with our Complaints Policy.

If you have a complaint that we can’t resolve or settle within eight weeks (or 15 business days when in relation to our payment services activities) from the date you first made the complaint, subject to eligibility, you may refer it directly to the Financial Ombudsman Service:

🏢 Financial Ombudsman Service, Exchange Tower, London E14 9SR

☎️ 0800 023 4567

📨 complaint.info@financial-ombudsman.org.uk

4.4. Delegation

We may appoint someone else to perform all or part of our services. If we want to do this it won’t affect our liability to you and we’ll make sure we take all reasonable steps to ensure that any delegate we appoint is suitably competent and qualified.

We can also change the trustee of Business Savings Products and delegate aspects of the trust’s administration and trusteeship as long as we do so in accordance with the trust deed.

4.5. Transfer

We are allowed to transfer a Business Savings Product or some or all of our rights and obligations under these terms and conditions to another party, including us or a group company. We can do this without your approval as long as both of the below apply.

• We have given you at least 30 calendar days’ notice of the transfer and you haven’t told us that you object by the date specified in the notice.
• We don’t think it will materially prejudice your rights under these terms and conditions.

• If we transfer all of our rights to another party, we can appoint a new trustee of the Business Savings Products.

You don’t have any right to initiate an assignment or transfer of any of your rights under these terms and conditions.

4.6. Conflicts of interest

It’s possible that we might end up in a situation where we, or another customer of ours, have a duty that may conflict with our duty to you.

If we do, we’ll do what we can to protect your interests as our customer and will try to ensure that you get fair treatment.

Our Conflicts Policy helps us handle conflicts of interest appropriately.

4.7. Our liability

Unless applicable law or regulation require otherwise, we will not be liable for any losses you suffer unless they are direct losses caused by our negligence, wilful default, fraud or our failure to comply with relevant laws. We can’t and don’t exclude liability for anything we aren’t permitted to exclude under the law.

We cannot guarantee that our communications will be successfully delivered, or that they will be secure and virus free.

If we appoint a third party to provide a service then we aren’t liable for anything that third party does or doesn’t do, including their default, failure or any mistakes they make, except that we will be responsible for losses, damages or costs you suffer or incur that are caused by our negligence, wilful default or fraud in the assessment, selection or appointment of those persons.

4.8. Your liability

You (and here we mean i) the Business Customer and ii) the Account Operator, only where the Account Operator is the principal of a Business Customer that is a sole trader) will compensate us and our affiliates for any claims, liability, damages, expenses and costs of another person caused by or arising from your use of our products and services, your breach of these terms and conditions or breach by you or any other user of your Business Account of any intellectual property or other right of anyone.

Where the Business Customer opening a Business Account is a limited company, your Account Operator(s) will not have any rights under this agreement in their capacity as an Account Operator. However, the Business Customer will be responsible for their acts or failures to act (including any breach of this agreement) in the same way as you would be responsible if you acted or failed to act in the same way. Account Operators must be made aware of the Business Customer’s responsibilities under these terms and conditions and the conditions that any Account Operators must keep to.

Where the Business Customer is a sole trader only, the principal in the business (i.e. the owner) who is the initial Account Operator will have rights under this agreement in their capacity as such.

We will carry out checks in relation to Account Operators (for example, as part of our account-opening procedures). By accepting these terms and conditions on behalf of the Business Customer, the initial Account Operators agree, on behalf of any replacement Account Operator appointed from time to time, for us to carry out these checks. Initial Account Operators will ensure that any replacement Account Operators appointed to operate the Business Account agree to these checks.

4.9. Referring you to a third party

We may offer to refer you to a third party to provide additional or complementary services, but we won’t make any referral without your express consent.

In some cases we may pay or receive fees in relation to any referrals made and we will disclose to you the existence and value of those fees before the provision of any service.

4.10. Making changes

We can make changes to these terms and conditions from time to time. These changes could include amendments to:

• Comply applicable law or regulation.
• Make the terms and conditions fairer to you, easier to understand, or to correct mistakes.
• Reflect changes in market practice or conditions.
• Reflect changes in the way we run our business.
• Enable us to make reasonable changes to how we provide our products and services as a result of changes in financial services, technology, or available products.

When we talk about changes, we mean changes to these terms and conditions. We do not, for example, mean any changes to interest rates or notice periods applicable to Business Savings Products.

If a change we’re proposing will be detrimental to you, we’ll provide you with at least 30 calendar days’ prior notice of that change, unless we need to make the change sooner because of legal or regulatory issues in which case we’ll make the information available within one business day of making the change.

If we make a change that’s detrimental to you, you can notify us within 30 calendar days from the date of that change being made that you want to terminate your agreement with us and close your Moneybox Business Account. If the change is not for one of the reasons provided in the list above, we will agree to waive any Moneybox fees and charges that would normally apply on termination. Please note that we will not waive any third party (e.g. HMRC) fees and charges.

If we make a change that is not detrimental to you, we can make such a change immediately. We will notify you of this change within 30 days if it relates to a Business Savings Product you hold, except where it is to make the terms and conditions fairer to you, easier to understand, or to correct mistakes or is minor in nature.

We will notify you of these changes to your registered email address or through the Moneybox app.

The latest version of these terms and conditions will always be available in the Moneybox app and the Moneybox website.

4.11. Communications rules

Whenever you communicate with a member of the Moneybox team or provide us with instructions you must not:

• Do anything unlawful.
• Communicate any illegal content or activity.
• Be defamatory, obscene, offensive, hateful or inflammatory.
• Bully, harass, insult or intimidate.
• Include any racist, sexist, sexualised or violent language.
• Cause annoyance, inconvenience, anxiety, upset, alarm or distress.

You must comply with these communications rules in spirit as well as to the letter. We will decide, at our discretion, if a communication or instruction does not meet these communications rules. If we decide that you have breached our communications rules, we may suspend or close your Business Account immediately.

4.12. Termination of your Business Account

4.12.1. Where you terminate your Business Account

You can terminate your Business Account and agreement with us at any time, and for any reason, by giving us notice. We’ll action your request and look to terminate your Business Account once all outstanding transactions settle and notice periods on your Business Savings Products pass.

If you have removed all of your money from all of your Business Savings Products, but have not requested for us to terminate your Business Account, we will consider it to be closed. Your Business Account will automatically become active again if it receives a further payment or transfer. If you have no balance across all your Business Savings Products for six or more years, you will cease to have a Moneybox Business Account and need to sign-up again.

4.12.2. Where we terminate your Business Account

We can terminate our agreement with you or close one of your Business Savings Products by giving you 30 business days’ prior notice, subject to the settlement of all outstanding transactions and any regulatory requirements.

We can also terminate our agreement with you immediately, or block access to your Business Account and take steps to freeze any transactions you have entered into and close or transfer out any of your Business Savings Products without any notice if we have reason to believe or suspect that you’ve (being the Business Customer and / or an Account Operator) (i) materially breached these terms and conditions (ii) breached applicable law and regulation (iii) provided us with false or misleading information (iv) failed to provide any information that we request or require (v) behaved inappropriately, including breach of our Communications Rules (Section 4.11) (vi) failed to pay any amounts owed to us or (vii) become bankrupt, insolvent or otherwise unable to pay your debts as they fall due.

We might also terminate our agreement with you if we think that providing you with a service exposes us to action or censure from law enforcement, government or regulators.

If we terminate or freeze your Moneybox Business Account we are under no obligation to provide you with the reason.

4.12.3. For all terminations

On termination, unless applicable law or regulation prohibits us from doing so, we’ll look to transfer your money based on any request you make. If you don’t make a request, we’ll do what we can to transfer your money to you, but we may need to take advice from HMRC about the appropriate steps to take.

These terms and conditions will apply to our relationship until the termination is finalised.

You’ll need to pay all charges and fees due up to the date of termination.

If you have a Business Savings Product that is closed for any reason other than a breach by you of these terms and conditions then we’ll keep giving you information about that product for at least 18 months after the date it is closed so that you can download a copy of any necessary information.

4.13. Death

If you are a sole trader then if you die and we hold any money for you after your death, this will form part of your estate and therefore only be paid to the estate’s representatives. We may require some information and documentation from the estate’s representatives to provide proof of their authority. If we don’t receive the required information, we won’t be able to act on their instructions.

If you are the Account Operator of a limited company, the limited company remains responsible for managing the funds held within the Business Savings Product and it must notify us as soon as possible so we can update the Business Savings Product permissions and ensure continued access by appointing a new Account Operator.

In all cases, we will require appropriate legal documentation (such as a death certificate and grant of probate where applicable) to process any changes or closures.

4.14. Rights of other people

Except for Plaid Financial Limited that may enforce the terms of Section 3.7.4 (Our payment processing partners), no other third party can enforce or enjoy the benefit of any term of these terms and conditions under the Contracts (Rights of Third Parties) Act 1999.

4.15. Governing law

The laws of England and Wales apply to this agreement.

The courts of England and Wales will have exclusive jurisdiction to settle disputes or claims.

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