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Simple way to save
Earn 2.40% AER (variable) with the Moneybox Simple Saver.
Boost your interest rate to 3.40% AER (variable) by opening a qualifying Moneybox account*. Eligibility criteria applies.
Build your savings and enjoy next-day withdrawals, with a maximum of one per calendar month.
Deposit up to £120,000 with no account fees or charges.
What else should I know about the Moneybox Simple Saver?
Money in the Simple Saver is deposited with a panel of third party banks. Eligible deposits will be protected by the Financial Services Compensation Scheme up to £120,000 across the total amount of money you have with each third party bank, whether deposited direct with the bank, or through Moneybox or an alternative provider. Please see our FSCS page for details.
When you request a withdrawal, your money will be paid into your nominated bank within one working day.
Interest is calculated daily and paid into your account each month. We will keep you updated of any changes to the interest rate.
Simple Saver interest rate
You won't pay any monthly subscription or platform fees with the Moneybox Simple Saver. You can earn a reward rate by keeping your balance above £0 in your qualifying Moneybox account(s)*.
Underlying interest rate | 2.40% AER (variable) |
Reward rate | 1% (AER) variable |
Total reward rate | 3.40% AER (variable) |
Everything you need to know
What is the account name?
Simple Saver
What's the interest rate?
Underlying interest rate
2.40% AER variable
Interest is calculated daily on cleared balances and earned but unpaid interest. Your interest is paid monthly on the 1st day of each month.
Total reward interest rate
3.40% AER variable
Interest is calculated daily on cleared balances and earned but unpaid interest. Your interest is paid monthly on the 1st day of each month.
You are eligible to receive the total reward rate if you meet the following criteria:
have a balance above £0 in a Moneybox Cash ISA, Stocks & Shares ISA, Junior ISA or Personal Pension, or;
hold, or have previously held, a balance above £0 in a Moneybox Lifetime ISA without exercising your cancellation rights. If your balance in your Lifetime ISA drops to £0, you are eligible to keep the reward rate for 12 months or until a later period at our discretion. We’ll give you 14 days notice if this changes
hold, or have previously held, a Reward Savings Account without exercising your cancellation rights.
See the “How do I qualify for the reward rate?” section of the Key Features Document for more information.
Can Moneybox change the interest?
Yes – the underlying and total reward interest rates are variable, so they can go up or down. We will inform you as soon as possible, via the Moneybox App, and by email of any change to the interest rate or eligibility criteria. If the rate goes down we will inform you at least 14 days before the rate or eligibility criteria change is detrimental to you.
Interest is received from the panel of third party banks where your money is deposited, which is passed on to you by Moneybox. If the interest received from the bank is more than the rate shown above, we will pass any additional interest received to you. If the interest received from the bank is less than the interest rate shown above, we will pay any difference to ensure you receive the advertised rate.
What would the estimated balance be after 12 and 24 months based on a £1,000 deposit?
If earning the underlying interest rate:
The estimated balance after 12 months would be £1,024.00
This assumes that:
The account is opened with £1,000
No further deposits or withdrawals are made
The interest rate stays the same for the full 12 months
If earning the total reward interest rate:
The estimated balance after 12 months would be £1,034.00
This assumes that:
The product is opened with £1,000
No further deposits or withdrawals are made
The interest rate stays the same for the full 12 months
You meet the eligibility criteria of the reward rate for the full 12 months
How do I open and manage my account?
The account is available to UK residents aged 18 or more
You may only open and manage the account via the Moneybox App
You may only make payments into the account via the Direct Debit arrangements managed via the Moneybox App
Joint accounts are not allowed
Can I withdraw money?
You can request one withdrawal per calendar month from the Simple Saver product.
If you have already used your withdrawal for the month, the next time you will be able to withdraw is the 1st of the following month. If a withdrawal is not used in any given month, this does not roll over to the subsequent month.
If you do request more than one withdrawal in a month, this will only be considered in exceptional circumstances.
When you request a withdrawal, the funds will be paid to you on the next Business Day to your nominated bank account.
You will not earn any further interest on money after it has been returned to us or while it is sent to you.
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It's important to know
*You'll earn the Simple Saver Reward rate if you either: have a balance above £0 in a qualifying account, which includes: Cash ISA, Stocks & Shares ISA, Lifetime ISA, Junior ISA, Personal Pension, or; have a Reward Savings Account that hasn’t been cancelled. If your balance in your Lifetime ISA drops to £0, you are eligible to keep the reward rate for 12 months or until a later period at our discretion. We’ll give you 14 days notice if this changes.