7th September 2023: Moneybox, the award-winning saving and investing platform, has today launched a new Cash ISA, offering 4.75%* AER (variable) on deposits of £500** or more.
Designed to encourage people to grow their savings tax-free over the medium-long term, this new Cash ISA allows up to three withdrawals within each 12-month period from the date of account opening, without compromising the attractive interest rate.
Brian Byrnes, Head of Personal Finance at Moneybox commented; “At Moneybox we are passionate about helping people build and embed positive savings behaviours in order to grow their money and build wealth throughout life. With current bank rates at their highest in over a decade, it has never been more important to make sure our money is working as hard as possible.
“A Cash ISA is different from other savings accounts because any interest earned is completely tax-free, making it an ideal choice for anyone saving for longer-term goals or important life events such as getting married or raising a family. With a Cash ISA, you’ll have peace of mind as you watch your savings grow over time, knowing how much interest you’ll earn each year.”
The Moneybox Cash ISA can be opened with a £500 deposit or by transferring an ISA from another provider. Up to £20,000 can be deposited each tax year, but this limit is shared between any other ISAs held (e.g. a Lifetime ISA, Stocks & Shares ISA, etc.). While there are no limits to the number of withdrawals that can be made from the Moneybox Cash ISA, upon making a fourth withdrawal within a 12-month period, the interest rate will be adjusted to 0.75% AER (variable) for the remainder of that period. Funds withdrawn will be paid out on the next available working day.
Charlie Mortimer, Co-Founder of Moneybox added; “In the 72 hours since we launched our Cash ISA to current customers, I am delighted to say that the product has been extremely well received, with many thousands of Cash ISAs opened and millions in funds deposited.
“The Moneybox Cash ISA complements our existing range of saving, investing, home buying, and retirement services, all delivered through one simple and easy-to-use app. We are proud to support a growing community of more than 1 million people achieve their financial goals and build wealth with confidence, so they can enjoy life today and tomorrow.”
For more information on the Moneybox Cash ISA and to start your journey towards tax-efficient savings, visit the Moneybox website.
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Notes to Editor:
*The Moneybox Cash ISA includes a bonus rate of 0.85% for the first 12 months.
**If the account balance falls below £500, the lower interest rate of 0.75% AER (variable) will apply until the balance exceeds £500 again.
Moneybox is an award-winning saving and investing platform on a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth, and today has over £4.5bn in assets, a community of more than 1 million customers, and 320+ employees.
Moneybox brought saving, investing, home-buying, and retirement services together into one simple app, to help people reach their financial goals and build wealth throughout life – whatever their starting point. Customers set money aside in the ways that suit them best-using round ups, regular deposits, or instant payments while also benefitting from a host of free financial planning tools, educational content, and award-winning customer support.
In March 2022 Moneybox raised £35m in a Series D funding round, bringing total funds raised to £100+ million. Moneybox is now cash flow positive with profitability in its sights.
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