What if I need to avoid earning interest?

For most of our investment options, gains are generated by increases in share prices rather than interest. 

If you’re looking to exclude earning interest, we’d strongly recommend researching the funds that we offer in detail to best figure out which ones do not meet your requirements. You can view our full fund range on our website here. You’re also able to view the funds’ Key Investor Information Documents (KIIDs) by clicking on the ‘find out more’ button. 

We do offer an investment option which has been independently approved by an external Shariah committee – the HSBC Islamic Global Shares fund; however it’s worth noting that your money will still flow through interest-bearing accounts on the way to and from your linked bank account, due to our operational model.

This includes an interest-bearing Available Cash if you hold money as cash within one of our investment products. As standard, this pays an interest rate of 3.50% AER (variable) for our S&S ISA, Junior ISA, and General Investment Account; and 3.25% AER (variable) for our S&S Lifetime ISA.

You are, however, able to opt in to an interest free version in Settings > Accounts > Tap on your account > View other available rates.

If you’d like to change which funds you’re invested in to better suit your requirements, you can do so in Settings > Allocations > Change allocation. From here you can change the % allocated to each fund, and tap ‘add more funds’ to add further funds to your allocation.

By setting a particular fund to 0%, you won’t be investing any money into it. 

Additionally, if you hold a Cash LISA, you are able to switch to a Stocks & Shares LISA should you wish, and you can then switch to an interest free version of Available Cash using the steps above. If you’re interested in switching or have any questions at all, please feel free to drop our team a message either via the in-app chat or by email to support@moneyboxapp.com – we’ll be glad to help!