Deposits And Withdrawals

Key dates for tax year end 2022/23

The end of the 22/23 tax year is fast approaching – here’s a summary of our key dates:

💸 ISA > Lifetime ISA transfers 💸

We’ve now paused new ISA > LISA transfers in until the new tax year begins (6th April) – this is because any new transfer requests received at this point won’t be complete in time to count towards the 22/23 tax year.

If you have an existing S&S ISA with Moneybox and would like to transfer funds into your Moneybox Stocks & Shares LISA in the current tax year, you can still do so in Settings > Transfer > Transfer between accounts until 3pm on 5th April. 

💵 Moving money between Moneybox accounts 💵

Our Move Money feature, which allows you to move funds between some Moneybox products in Settings > Move money between accounts, will be turned off at 5pm Tuesday 4th April until the new tax year begins. 

📆 Final weekly collection 📆

Our last weekly collection of the tax year will take place at midday on Wednesday 5th April.

We’ll collect any funds in your ‘Saved this week’ total at this point, then debit the payment from your linked bank account the following week – likely on Wednesday 12th April due to the bank holiday weekend. Although this is after the end of the tax year, as long as your payment is successful, it will still count towards the 22/23 tax year 👍

Any funds added to your ‘saved this week’ total after midday on 5th April will be collected as part of our first weekly collection for the 23/24 tax year, on Wednesday 12th April.

Please note that in order to have funds collected in our final weekly collection, you’ll need to have a Direct Debit set up with a UK current account. 

If you would like to change your linked bank account, we recommend you update your details in Settings > Tap your name > Bank accounts > Linked account as soon as possible. 

💰 Instant bank transfers 💰

If you have an ISA, GIA, or LISA you can make an instant bank transfer of £100 or more in Accounts > Select account > Add money up until 3pm on the 5th April.

You also do not need to have an active Direct Debit set up in order to deposit through instant bank transfer, however please note that we can only accept deposits from the bank account that you have linked with us.

Instant bank transfers are not supported for all banks – please make sure to check whether your bank supports this feature prior to the deadline. We are aware some banks may have additional security steps to process larger payments, so don’t leave your deposits too late! 🙏

If your bank does not support instant bank transfers, your final opportunity to contribute by the 2022-2023 tax year deadline will be via the weekly collection deadline above.

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It's important you know

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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