Which account should I choose?

Moneybox offers a few different ways to save and invest. Before you get started, you should consider what you’re saving for, whether you would need easy access to your savings, and, if investing, your attitude towards risk.

You can currently open and manage a Moneybox Cash ISA via our website, as well as through the Moneybox mobile app. All our other accounts can only be opened via our mobile app.

Short-term goals

If you’re looking to save for short-term goals, such as setting up an emergency fund, you may wish to consider one of our regular access accounts – like our Simple Saver. You’ll earn interest on any money you put in, and any withdrawals from this account are paid out the next available working day. Just note that you’re limited to one withdrawal per calendar month.

Medium-term goals

For medium-term goals, such as a wedding or a yearly holiday, you could consider one of our Notice Savings Accounts. At Moneybox, we currently offer a 32 Day Notice Account and a 95 Day Notice Account.

Long-term goals

If your goals are for the long-term (typically 5 years or more), you may wish to consider investing. Investing over the long term can offer higher returns than saving your money as cash. But, your capital is at risk when you invest, and may get back less than you put in. You can invest with a Stocks & Shares ISA, where you won’t pay any tax on your investment gains, or with a General Investment Account, where gains may be subject to Capital Gains Tax.

For building longer term savings without risk, we also offer a Cash ISA. The interest you earn with a Cash ISA is completely tax-free – which can be a benefit at times when interest rates on cash savings are high.

If you’re looking to build savings for your child, we offer a Stocks & Shares Junior ISA which matures into a Stocks & Shares ISA when your child turns 18, at which point they gain control of the account and can access their funds.

First home

If you’re looking to save for your first home, you may wish to consider a Lifetime ISA. LISAs offer a 25% government bonus on anything you deposit – which could earn you up to £1,000 each tax year. Note that this account can only be used towards your first home deposit or retirement. When withdrawing for any other reason, a 25% government withdrawal penalty will apply.

Retirement

Finally, if you’re looking to track down lost pensions, or wanting to get started with saving for your retirement, we also offer a Personal Pension. You can transfer existing pensions over in-app using just a few details, or our Pension Provider Tool can help track these down!