Moneybox 1 Year Fixed Rate ISA top FAQs

What is the Moneybox 1 Year Fixed Rate ISA?

It's a cash ISA that pays a fixed rate of interest for a year. You lock in the rate when you open a funding window, and it holds for the full 12 months whatever happens to rates elsewhere.

Interest is earned daily and paid on your access date. It's tax-free, and it doesn't count towards your personal savings allowance.

The Moneybox 1 Year Fixed Rate ISA is powered by Aldermore.

What does "powered by Aldermore" mean?

Aldermore is the bank that holds the money in your 1 Year Fixed Rate ISA.

Moneybox isn't a bank. You open and manage the ISA in the Moneybox app, and we set the rate you earn. The money itself is held in an account with Aldermore, separate from Moneybox's own money.

This works differently from most of our other savings accounts, where money is spread across several partner banks. Here it sits with one.

You won't need to deal with Aldermore directly. Everything to do with your ISA happens in the Moneybox app, and our Support team can help with any of it.

Our FSCS Protection page explains how your money is held and protected up to £120,000.

How is it different from a Moneybox Cash ISA or Open Access Cash ISA?

Both sit inside your ISA allowance, and both keep your interest tax-free.

What is a Vault?

A Vault is one pot of money inside your 1 Year Fixed Rate ISA, with its own rate and its own access date.

You open the ISA once. Money you add after that settles into a Vault, and that Vault runs for a year from the day the money lands.

How do I add money?

You'll need an open funding window first. You can start one from the 1 Year Fixed Rate ISA page in the app, or as part of adding money, moving money, or transferring in. We'll show you a Summary Box with the rate before you commit.

Once a window is open, there are three ways to add money.

Easy bank transfer or manual bank transfer. Straight from your linked bank account.

Move money. From your Moneybox Simple Saver, Cash ISA, or Open Access Cash ISA.

Transfer in. From a cash ISA held with us or another provider.

There's no minimum to open the ISA. Easy bank transfers have a £100 minimum.

For an easy bank transfer or manual bank transfer, your money needs to clear with us before the window closes. Anything landing later goes back to you. For move money and transfers in, the instruction needs to be completed before the window closes.

Please note, easy bank transfers are not supported for all banks and usually take minutes to arrive, but can take up to 24 hours. We can only accept manual bank transfers from your linked bank account for security reasons.

Can I transfer in an ISA from another provider?

Yes, from a cash ISA. You can't transfer in from a Stocks and Shares ISA or an Innovative Finance ISA.

Transfers take longer to arrive than a bank transfer, and your money goes in at the rate that applies on the day it lands. If that's lower than the rate you saw when you started, get in touch with our Support team and we'll look at covering the difference.

Partial transfers can arrive as several payments across several days. Each one lands in the Vault for the day it arrives, so you may end up with more than one (Vault).

Does this use up my ISA allowance?

Money you add counts towards your £20,000 ISA allowance for the current tax year, alongside anything you've paid into your other ISAs. 

Money you transfer in from an ISA you already hold doesn't use up your allowance.

End of tax year deadlines for opening and contributing to products vary - check in-app/online to ensure you don't miss out.

Can I open more than one 1 Year Fixed Rate ISA?

No, and you won't need to. You open it once, then open as many funding windows inside it as you like. Each one creates a Vault with its own rate and access date.

This is different from the Moneybox 1 Year Fixed Rate (non-ISA savings), where each fix is a separate account.

Can I take money out before my access date?

You can, but a penalty charge applies. You'll need to take out a whole Vault. There's no option to take out part of one, and you can't move the money to another Moneybox account.

The penalty charge is 90 days' interest, worked out from the date of your first deposit into that Vault. We take it off before we pay you. Take money out early enough in the year and the charge can leave you with less than you put in.

Money goes to your linked bank account and takes 2–3 business days to arrive.

Can I change my mind after opening?

You have 14 days from opening the 1 Year Fixed Rate ISA to cancel it. We'll return everything you've added, and no interest is paid. Cancelling voids the ISA, and you can't reopen it afterwards.

The 14 days run from when you first open the ISA. Money you add later isn't separately cancellable.

Can I transfer my 1 Year Fixed Rate ISA to another provider?

Yes, as a whole. There's no option to transfer out a single Vault and leave the rest. The penalty charge applies to every Vault that hasn't reached its access date.