How does the prize draw work?

We’re giving away a £10,000 cash prize to one lucky Lifetime ISA customer! To enter, all you need to do is deposit a minimum of £100 into your Lifetime ISA between 12:00am on 10th June and 11:59pm on 3rd July.

For every £100 you deposit, you’ll gain one entry to the draw – for example, £500 deposited would earn you 5 entries. So, the more you deposit during this period, the more chances you have to win! You can enter by depositing through any of our payment methods. 

If you max out your Lifetime ISA contributions during the offer window (or if you have already maxed out your Lifetime ISA contributions for the current tax year), you will earn 40 entries into the draw.

You can view your entries in Settings > Promotions, and your number of entries will update when your qualifying deposit has fully settled. Our prize draw will take place on August 7th, and we’ll notify our lucky winner by email on 8th August! 

T&Cs apply, which you can find here.

 

What if I maxed out my Lifetime ISA allowance before the prize draw started, or during the offer window?

Whether you max out your Lifetime ISA contributions for the current tax year prior to the incentive starting, or before the incentive ends on the 3rd July, you’ll automatically earn 40 entries to our prize draw. This is outlined in the T&Cs of the offer, under section 8, which you can find here.

 

What if I make a withdrawal from my Lifetime ISA? 

If you make a withdrawal from your Lifetime ISA (other than for the purpose of a property purchase) between 10th June and 3rd July 2024, your withdrawal will be subtracted from your total Qualifying Deposits, meaning your number of entries will decrease. However, the portion of the withdrawal which is the 25% government withdrawal charge will not count towards the reduction in the number of entries.

 

For example, if you make a qualifying deposit of £2,000 to earn 20 entries into the prize draw, then withdraw £1,000 (including the government withdrawal charge), £250 of the total £1,000 withdrawal will be the 25% government withdrawal charge and so you will receive £750, and your number of entries will decrease from 20 to 12.

 

Can I keep track of my entries in the app? 

Yes! If you’re on our latest app version, you can view your current number of entries by heading to Settings > Promotions.

The number of entries you can see in the app will update once your qualifying deposit(s) have completed. For cash deposits, this means your funds have arrived with the partner bank powering the account, and for investments, this means your deposit has completed the investment process and has settled.

 

If you make a deposit via instant bank transfer, this will typically complete:

  • Within 1 working day for cash accounts, or if you’ve opted for your deposit to be added to your ‘Available Cash’ within an investment account.
  • Within 3-5 working days if you’ve opted for your deposit to be invested.

 

If you deposit via our weekly collection cycle, this will typically complete:

  • 3 working days after the funds leave your bank account for cash accounts, or if you’ve opted for your deposit to be added to your Available Cash.
  • Within 8 working days after the funds leave your bank account if you opt for your deposit to be invested.

 

Will my transfer complete in time to count?

If you’re transferring an ISA or Lifetime ISA into Moneybox from another provider, we’ll need to receive the funds from your existing provider by 11:59pm on 4th August.
It’s worth noting that transfers can take up to 30 days to complete, and so we aren’t able to guarantee that your existing provider will send the funds before this date, however we’ll do the best we can to make the transfer process as smooth as possible.

 

When will you select the winners?

The winner of our £10,000 Lifetime ISA Summer Prize Draw will be selected on Wednesday 7th August and contacted via email on 8th August. If we haven’t received a response from the winner within five business days, another winner will be selected by 16th August. 

 

How many prize draw entries can I earn?

The maximum number of prize draw entries you can earn is 40 entries. This maximum applies even if you transfer in your maxed out Lifetime ISA from another provider, and make a contribution to another Lifetime ISA with Moneybox, or if you contribute more than £4,000 to your Lifetime ISA.

 

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA. 

With a Stocks & Shares Lifetime ISA, all investing should be long term (min. 5 years). The value of your investments can go up and down, and you may get back less than you invest.