Savings Accounts

How does Moneybox calculate cash interest?

For our Cash Lifetime ISA and savings accounts (Notice Accounts, Simple Saver, and Reward Savings Account), your underlying interest is calculated daily and is paid into your account on the 1st of every month. For our Cash ISA, interest is paid annually on the anniversary of your account opening. 

Any promotional interest (such as our introductory bonus interest for Cash LISA and Cash ISA, or our Simple Saver Reward Rate) is also calculated daily, and is paid annually. For more information on how our bonus rate works for our Cash LISA, check out our FAQ here.

Interest is calculated based on your “asset value” – which is the sum of all of your deposits plus any interest and government bonuses (for Cash Lifetime ISA) that has already been paid. The calculation we use for this figure will also take into account the compounding effect of any monthly paid interest.

In the Moneybox app, you can see how much interest you have earnt each day by viewing your “today’s interest” figure in the Accounts tab.  You can also see how much interest you are due to receive for the current month in your account breakdown, accessible in Accounts > Tap on your account > Breakdown. 

Additionally, you can find an example of how much interest you could earn for your account in the Summary Box found on our website, which can be accessed by selecting your chosen account under the ‘Savings’ heading, and scrolling down. 

Please note that our advertised interest rates are annual equivalent rates (AER) and our rates are also variable, which means they could go up or down in future.

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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest.

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