Top Cash Lifetime ISA | Save With Moneybox

What else should I know about the Cash LISA?

There are no fees for this account.
This Moneybox savings account holds your savings via third party banks. These banks are covered by the Financial Services Compensation Scheme so your savings are protected up to £85,000.
You can use the Cash Lifetime ISA to buy a property up to the value of £450,000 anywhere in the UK but must have had the account open for at least one year before you withdraw money to do this.
If you need to withdraw money for any reason other than your first home (up to the value of £450,000) or retirement, you'll pay a government charge of 25% on the the amount you withdraw. This means you'll get back less than you've put in.
We accept digital transfers in from most providers. To find out more, please contact our Support team.

Summary Box

Account Name

Moneybox Cash Lifetime ISA

What is the interest rate?

Interest rate (including a bonus rate of 0.35% AER for 12 months)	0.6% AER (variable)
Interest rate (after first 12 months)	0.25% AER (variable)

Interest is earned daily.
Interest earned due to the underlying interest rate is paid on the 1st day of each month, rounded down to the nearest penny.
Bonus interest is paid on the 1st day of your 13th month.

Can Moneybox change the interest rate?

Yes – the underlying interest rate is variable, so it can go up or down, although the one-year bonus interest rate will not change.
We will inform you as soon as possible, via the Moneybox App, of any change to the interest rate.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Estimated balance after 12 months (underlying interest rate with a bonus rate of 0.35% AER variable for 12 months)	£1,257.31
Estimated balance after 24 months (only the underlying interest rate of 0.25% is paid for months 13 to 24)	£1,264.88

This assumes that:
- The account is opened with £1,000 (not via a Lifetime Isa transfer (see below)
- No further deposits or withdrawals are made
- The interest stays the same for the full 24 months.
The government pays a 25% bonus on your contribution, which is paid within 54 days of your contribution.
The estimated balance excluding the government bonus or if you transfer in another Lifetime ISA, on which your 25% bonus has already been paid can be seen in the table below:

Estimated balance after 12 months (underlying interest rate with a bonus of 0.35% AER variable for 12 months)	£1,006.00
Estimated balance after 24 months excluding the government bonus, (only the underlying interest rate of 0.25% is paid for months 13 to 24)	£1,008.50

How do I open and manage my account?

The account is available to UK residents aged 18 to 39. You can transfer an existing Cash Lifetime ISA at any age.
You may only open and manage the account via the Moneybox app.
Please note that your Cash Lifetime ISA account opening date is the day after Moneybox collected your first Cash Lifetime ISA contribution or the date we receive your ISA or Lifetime ISA transfer in request. You can transfer in existing Lifetime ISAs or make contributions by direct debit of up to £4,000 in total each tax year.
Joint accounts are not allowed.

Can I withdraw money?

You can withdraw cash to buy your first home (subject to the conditions set out in the questions and answers below) or anytime after you are 60 years old.
Your Cash Lifetime ISA must have been open for at least 12 months. Please note the 12 months period will start from the day after Moneybox collected your first Cash Lifetime ISA contribution. If you have transferred Lifetime ISA to Moneybox from another provider the 12 months start from the date you paid into the original Lifetime ISA.
If you make a withdrawal before the Cash Lifetime ISA has been open for 12 months or for a reason other than buying your first home or after you are 60 years old then you will be charged the government penalty of 25% of the withdrawn amount. This may mean that you receive back less than you put in and we’ve provided an example of this in the questions and answers below.
The government penalty is not charged in the event of your death or terminal illness.

Additional information

The Lifetime ISA is a government savings scheme and the rules, including tax benefits, could change in the future.
Interest is paid tax-free. This means that you do not pay income tax on the interest earned in the Cash Lifetime ISA.

Introductory Bonus Terms and Conditions

Eligibility

The bonus interest rate is available to all new Moneybox Cash Lifetime ISA customers from 10am on the 17th August 2020 until further notice.
The bonus interest rate will be paid for 380 days from the day you complete the application for your Moneybox Cash Lifetime ISA.
A new Moneybox Cash Lifetime ISA customer is defined as a customer who: Has not previously opened a Lifetime ISA with Moneybox (this includes either a Stocks & Shares Lifetime ISA or a Cash Lifetime ISA);
- Has completed the application process and successfully submitted their declarations for the Moneybox Cash Lifetime ISA.
Existing Moneybox Lifetime ISA customers (either Cash or Stocks & Shares) who close and re-open their account are not eligible.
Customers are not eligible if they:
- Have a balance of £0 in their Moneybox Cash Lifetime ISA at the end of the period and have not made an authorised withdrawal (i.e. buying your first home, aged 60 or over, or terminally ill with less than 12 months to live);
- Cancel their Moneybox Cash Lifetime ISA or transfer out to another provider during the offer period.

Distribution

The bonus interest rate is in addition to the underlying interest rate on the Moneybox Cash Lifetime ISA.
The bonus interest rate will be calculated daily and paid at the end of the offer period.
The bonus interest rate will be paid on balances resulting from all contributions made into your Lifetime ISA during the offer period, including transfers from other providers.
The bonus interest rate is guaranteed for the whole offer period at the rate quoted when you opened your Cash Lifetime ISA. For future customers, the bonus interest rate may be modified or removed.
The bonus interest will be paid on the first day of the month following the end of the offer period i.e. if you complete your application for your Cash Lifetime ISA on 14th August 2020, your bonus will be paid on 1st September 2021.
The bonus interest will be paid into your Moneybox Cash Lifetime ISA as interest unless your Moneybox Cash Lifetime ISA balance is £0 and you have made an authorised withdrawal, then we will transfer the bonus to your linked bank account.
Note that the bonus interest will not be treated as a contribution, so you will therefore not receive a 25% government bonus on the bonus interest amount.

Other

If we believe that any customer has not adhered to these terms, or has, in any way, attempted to manipulate the offer and / or process, we reserve the right to withhold any promotions from that customer.
Digital Moneybox Limited is the sole arbiter of these rules, our standard terms and conditions remain in force, and are not affected in any way by this offer.

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