The 1 Year Fixed Rate ISA is a tax-efficient way to earn a fixed interest rate on your savings for one year. The account is powered by Aldermore and currently offers an interest rate of 4.50% for customers opening a new funding window.
There’s no minimum balance. New money you add is subject to the applicable annual ISA subscription limit, which is currently £20,000 per tax year across your ISAs. ISA transfers do not count as new subscriptions towards this allowance.
Moneybox does not charge any fees for your 1 Year Fixed Rate ISA, however, we retain the difference (if any) between the interest received from Aldermore and the amounts paid on your product. The interest rate you see in the app is the interest rate you will receive.
How can I open a 1 Year Fixed Rate ISA?
This account is currently only available to existing Moneybox customers. If you already have a Moneybox account, you can open a 1 Year Fixed Rate ISA via the Moneybox app in Settings > Accounts. Standard ISA eligibility rules apply.
How do payments work?
When you open your account, a 7 day funding window begins, and we hold the interest rate shown to you for 7 days. To receive that rate, you'll need to complete the required steps to add your money before the end of the funding window. You can add money via easy or manual bank transfer, moving money from another Moneybox product, or by transferring in an existing Cash ISA. More information on payment options can be found here.
Money you add during any funding windows you open is saved into Vaults – each Vault has its own access date, which is the date you can access your money. You can see all your Vaults in the app in Wealth > 1 Year Fixed Rate ISA.
What happens to my money?
Once you add money into a Vault, interest accrues daily and is paid out when you reach your access date, or close the vault.
You can withdraw from a Vault, or transfer your 1 Year Fixed Rate ISA to another provider before you have reached your access date, however a penalty charge applies. You can find out more on the penalty charge here.
When your Vault reaches its access date, the interest you’ve earned is added to your balance, and you can move money out of your Vault without incurring the penalty charge. We’ll contact you a few weeks before to confirm your withdrawal options.