You can withdraw from or transfer your 1 Year Fixed Rate ISA before your Vaults have reached their access dates. However, it’s important to be aware that a penalty charge equivalent to 90 days of interest per Vault will be deducted from the amount withdrawn or transferred, calculated from the date of your first payment into the Vault.
Requesting a withdrawal
To request an early withdrawal, please contact our Support team via the in-app chat in Settings > Help, or email support@moneyboxapp.com, and let us know which Vaults you would like to withdraw from. Please note that you can’t withdraw a partial amount from a Vault – you can only withdraw its full balance.
Once we’ve confirmed the details of your withdrawal with you, the money will be sent to your linked bank account within 2-3 working days.
If you withdraw money to your linked bank account, that money will leave the ISA wrapper and lose its tax-free ISA status. If you want to keep your money within an ISA, you should use the ISA transfer process rather than withdrawing it yourself.
Transferring to another provider
If you’d like to transfer out your 1 Year Fixed Rate ISA, you can request this with your new provider. Most transfers are complete within 15 working days, and you must transfer your whole 1 Year Fixed Rate ISA – we’re unable to transfer individual Vaults.
Information on your Moneybox account you may need to start a transfer out can be found here.