Moneybox Terms & Conditions 

1. INTRODUCTION 

1.1 Welcome 

Welcome to Moneybox, the saving and investing app that helps turn your money into something greater.

These are the terms and conditions that apply to our products and services. They explain the rights and obligations that apply to you and us. As such, this is an agreement between us, which becomes legally binding when you open an account with us. 

1.2 Who we are 

You’ll know us as Moneybox, but we’re actually a group of companies focused on providing you with a suite of products and services. It’s important we tell you who each of these companies are and what they do.

We primarily provide our services through the Moneybox mobile app, but you can access them through other means too, including the Moneybox website. It’s important to note that these terms apply however you access our products and services.

Digital Moneybox Limited is the company that provides all of our products and services except for our mortgage advisory services. Its company registration number is 09597755 and its registered office is 1-2 Hatfields, London SE1 9PG. It is authorised and regulated by the Financial Conduct Authority with firm reference number 712935 (and number 792703 for payment services activities).

Digital Moneybox Limited has the following wholly owned subsidiaries involved in providing our products and services, each of which has the same registered address as ours. 

Moneybox Mortgages Ltd is the company that provides our Moneybox Mortgages advisory service. It has company registration number 12954235. Moneybox Mortgages is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited, which are authorised and regulated by the Financial Conduct Authority. If you use Moneybox Mortgages for mortgage advisory services, the Moneybox Mortgages Terms and Conditions will apply. 

Moneybox Share Nominee Ltd is a non-trading company set up to hold investments on behalf of our customers. It has company registration number 12140599.

Moneybox Pension Trustee Ltd is the trustee of our Moneybox Pension, which holds your pension money and investments. It has company registration number 13817702. 

When we say “Moneybox”, “we”, “us” or “our” in these terms and conditions, we’re referring to Digital Moneybox Limited unless we state otherwise. 

1.3 Your relationship with Moneybox 

These terms and conditions govern all of our products and services (except for mortgage advisory services) and how you may use them. But our overall legal agreement also incorporates (i) the Fees and Charges Overview (ii) any information you provide to us about you or your account and (iii) any other documents that we provide to you such as Key Features Documents.

Moneybox Mortgages Ltd provides and is responsible for the Moneybox Mortgages advisory service. The Moneybox Mortgages Terms and Conditions govern all Moneybox Mortgages services. Moneybox may introduce you to Moneybox Mortgages as part of the service we offer and in return, we will receive a payment of 25% of the gross commission they receive. 

We’ll treat you as a “retail client”. That means you benefit from the highest level of protection available to clients under the applicable regulations. 

Our relationship is with the person who opens an account with us. When we say “you” or “your” in these terms and conditions, we mean that person. Nothing in these terms creates a relationship between us and any third party.

1.4 How to contact us 

You can contact us through the Moneybox app or by one of the following methods:

Email : support@moneyboxapp.com

Post ✉️: Moneybox, 1-2 Hatfields, London SE1 9PG

Telephone ☎️: 0330 808 1866

If you need to contact us to make a complaint, please see Section 4.3 (Complaints). 

1.5 How we’ll contact you

We can contact you via the Moneybox app, email, telephone, SMS or post using the details you registered with us. It’s therefore really important that your contact details are up to date, particularly your email address, and you are using an up-to-date version of the Moneybox app.

When we contact you we will always communicate in English.

1.6 How to navigate these terms

To avoid having lots of documents to navigate, we have included all of our product terms in this document.

Section 1 (Introduction), Section 2 (Our Products and Fees), Section 3 (Account and Product Opening and Moving Money) and Section 4 (General Terms Applicable to All Products) apply to all of our products.

In addition to these sections:

• • • Section 5 (Investing Terms) includes terms applicable to all our investing products.
    • Section 6 (Product Specific Terms) includes additional terms applicable to each of our products. 

The Table of products in Section 2.3 of these terms and conditions confirms the terms applicable to each product.

1.7 Other important policies

You should read these terms and conditions along with the following important Moneybox policies:

• • • Privacy Policy
    • Conflicts Policy
    • Complaints Policy
    • Order Transmission Policy
    • Terms of Use

1.8 Alternative formats

In the Moneybox app, you can adjust the font and appearance of documents in Settings. Please contact us if you require any other assistance or accessible formats.

1.9 Defined terms

• • • Available Cash means money held in your investing product as cash – it is not invested and instead earns interest at the applicable rate.
    • Client Money Bank Account means a bank account in Moneybox’s name designated as a client money account where money is held separately from Moneybox’s own money in accordance with the Financial Conduct Authority’s rules.
    • Funds means mutual funds, exchange traded funds, life funds and any other funds available through us from time to time. 
    • ISA means all the Individual Savings Account products we offer: Cash ISA, S&S ISA, Junior ISA, Cash LISA and S&S LISA.
    • ISA Regulations means the Individual Savings Account Regulations 1998, as amended from time to time.
    • Key Features Document means the key features document for each Moneybox product, which contains important information on the relevant product and how it works.
    • Lifetime ISA means the Cash LISA and S&S LISA.
    • Savings Account means any of our non-ISA savings products, which includes our notice savings products and easy access savings products. Each product is provided by a third party bank, as set out in the Moneybox app and the applicable Key Features Document.
    • Trust Bank Account means a bank account in Moneybox’s name designated as a trust account where money is segregated from Moneybox’s own money and held by Moneybox as the legal owner on trust for the customer as the beneficiary in accordance with the Financial Conduct Authority’s rules.

2. OUR PRODUCTS AND FEES 

2.1 Introduction

The products we offer all work slightly differently. In this section, we’ll list them all and give a brief overview of how they differ from each other.

It’s important to note that Moneybox is not allowed to give financial advice, so nothing in these terms and conditions, on our website, or in the Moneybox app should be treated as any kind of advice. Please speak to a financial adviser if you want to understand whether any of our products suit you and your particular circumstances. Please note that this does not include Moneybox Mortgages where Moneybox Mortgages Ltd provides mortgage advice in accordance with the Moneybox Mortgages Terms and Conditions.

In addition to these terms and conditions you should also read the Key Features Document for any of our products you’re considering opening – these are available in the Moneybox app and as part of the sign-up process. They contain key information on what the products do and how they do it. 

2.2 How we classify our products 

Before discussing each product, we want to ensure that two specific features that distinguish them are as clear as possible.

2.2.1 Saving vs investing

We categorise our products into savings products and investing products. 

Understanding the differences is key to ensuring you choose the right option for you and your situation or goals. 

Savings products allow you to put money aside while earning interest. Each of the savings products we offer has different rules around withdrawal and contribution timings and limits, so it’s important to review these before choosing the right product for you. 

Investing products allow you to use your money to invest in the hope of generating income and investment gains. It is important to note that investments can go down as well as up. This means the value of your holdings may be higher or lower than your contributions.

Some investing products also allow you to save. 

2.2.2 CASS products vs Trust products

Once you have chosen a saving or investing product, it is over to us to act on your instructions. The way that we hold your money and investments differs depending on what product you have. 

CASS products

For our ISA and General Investment Account products it is our regulatory responsibility to keep your money safe for you while it remains in our control, whether as money or investments. These are CASS products. 

We hold the money and investments in CASS products in accordance with the Financial Conduct Authority’s Client Assets Sourcebook safeguarding rules. This means we manage this money and these investments, but we hold the money in segregated Client Money Bank Accounts and the investments in custody accounts. 

• • • For savings CASS products, we hold your money as client money in a variety of bank accounts with notice or fixed terms of up to 95 days with a diversified group of approved third party banks. Your money may not be immediately available for investment or withdrawal in exceptional circumstances.

• • • For investment CASS products, investments are held in custody by us (through Moneybox Share Nominee Ltd) or through our appointed third party custodians, either our UK Broker (for Funds) or US Broker Dealer (for US stocks) – details of our brokers is set out in our Order Transmission Policy. We will also place any money you have contributed for future investment in various bank accounts with notice or fixed terms of up to 95 days with a diversified group of third party banks. Your money may not be immediately available for investment or withdrawal in exceptional circumstances.

Your money and investments will be pooled with those belonging to other customers, but kept separate from Moneybox’s own corporate money. If you ever had a claim, such a claim would be for your proportionate share of the pooled money. 

In all instances where we use third party banks, it is important to note that we are not responsible for any acts, omissions or default of such a bank. Our duty to keep your money safe relates to taking care of our choice and monitoring of such a bank. We carry out extensive checks on these banks and treat any issues very seriously. 

For any cash held in CASS products, you will receive the rate of interest offered by Moneybox as shown in the Moneybox app at the time. Moneybox will retain the difference (if any) between the interest received from the underlying diversified third party banks and the amounts paid on your product.

Trust products

For some of our products the money you contribute is simply added to money received from our other customers who hold that product and passed on to the pre-identified third party (i.e. bank or broker) to hold. We offer these in our capacity as a trustee and call these Trust products. You will be entitled to your proportionate share of the money or investments held in that account for you. 

• • • For savings Trust products (e.g. Savings Accounts), the money is held by the specific third party bank that provides the relevant product – the bank that provides the product is set out in the Moneybox app and the Key Features Document for each of the savings Trust products. For these Trust products we open Trust Bank Accounts with the third party banks in our name and by accepting these terms and conditions you give us authority to act as your bare trustee. As a bare trustee and legal owner of the monies we are obliged to deal with your money in the way you tell us as the beneficial owner. When we do this we don’t actually hold your money and aren’t ultimately responsible for keeping it safe. That regulatory duty is owed to you by the third party bank that provides the product. 

• • • For investment Trust products (e.g. Moneybox Pension), the money and investments are held by Moneybox Pension Trustee Ltd or its appointed custodian. Additional detail on the Moneybox Pension set up is in Section 6.5 (Moneybox Pension).

2.3 Table of products 

This table sets out each of the products we offer, along with whether they are (i) saving or investing and (ii) CASS or Trust. All products are provided at our discretion.

Please review this table with reference to the above Section 2.2 (How we classify our products) and our FSCS Protection page to ensure you fully understand the nature of your product, the terms that apply and how money and investments are held. 

2.4 Fees and charges

The fees we charge are set out in Appendix 1 (Fees and Charges) and also on our website. Any references in these terms and conditions to a fee refers to the fees and charges overview. 

We have the right to sell your investments if you have insufficient money to meet any ongoing costs or charges. If for any reason the value of your investments is insufficient to meet such fees, charges, expenses or tax payable, you agree to pay us on demand the amount of such shortfall.

Our fees may change from time to time. If a change is detrimental to you, we’ll provide you with at least 30 calendar days’ notice.

3. ACCOUNT AND PRODUCT OPENING AND MOVING MONEY

3.1 Opening an account 

To open a product with us, you’ll need an account. You can open an account at the same time as you open your first product. You can have multiple products but you can only have one account.

To open an account with us, you’ll need to apply. As part of that process we will ask you for some information and documentation which you’ll need to give us so that we can verify your identity and satisfy our regulatory and compliance obligations. If you don’t, we won’t be able to proceed with your application. We are required to do this by various rules and regulations, including the Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017. We’ll also carry out certain identity checks on you, typically using third parties, which may appear on your credit history but will not affect your credit score.

You must be over 18 years old and a UK tax resident to open an account with us. You must let us know immediately if you stop being a UK resident.

We do not offer our products to US persons. The definition of a US person is set by the US Internal Revenue Service and is really broad, including all US citizens, residents and green card holders. If you have a Moneybox account and are or have become a US person then you must tell us immediately. Unfortunately, we’ll require you to close your account and products. If you’re unsure, you should speak to a tax adviser. 

We’ll open your account once you’ve given us all the information we need and you’ve met any requirements we have.

Applying for an account with us doesn’t guarantee you getting one. We can refuse an application for any reason and don’t need to explain why.

3.2 Opening a product 

Once you have an account, you can open a product. All of the information and requirements above for opening an account apply to opening a product. Depending on the product you’re opening and when you first opened your account, we may require additional information from you.

Applying for a product doesn’t guarantee that you’ll get one. We can refuse an application for any reason at all and we don’t need to explain why.

3.3 Cancelling your product opening 

If you’d like to cancel a product with us, you’ll need to do it within the cancellation period that applies to the product. To cancel a product, you’ll need to follow the steps in the cancellation notice you received in your welcome pack or by contacting us.

Our cancellation periods are shown in the following table. In each case the clock begins ticking from the time shown below.

If you do choose to cancel during the cancellation period there are consequences that you’ll need to be aware of:

• • • If you cancel a product, you may be unable to reopen the same product with us in future. 
    • If you cancel a savings product (such as the Cash ISA, Cash LISA and Savings Account), the money you receive back will be the original amount you contributed. The money won’t include any interest paid or pending, promotional monies or introductory bonus interest whether or not they have already been applied to your product. 
    • If you cancel an investing product (such as the General Investment Account, S&S ISA, S&S LISA and Moneybox Pension), we will sell any investments made during the cancellation period. The money you receive back will be the original amount you contributed less any costs and charges and any losses on the investments themselves. The money won’t include any interest paid or pending on Available Cash or promotional monies whether or not they have already been applied to your product.

3.4 Your instructions to us 

When you ask us to do something in the Moneybox app, such as opening an account, amending your account, opening a product, making an investment or withdrawing money, we’ll treat that as an instruction.

When you provide us with an instruction, we will work on the basis that you have considered its suitability and any associated risks, including taking independent advice where necessary.

Instructions are generally effective as soon as we receive them. We’ll do what we can to make sure they’re actioned in a timely and accurate manner. However, if you place an instruction after 6pm, it may be treated as having been placed the following business day. 

We will act on an instruction if we reasonably believe that it is correct and from you. Where we reasonably believe the instruction to be genuine, we are not required to carry out any checks or investigations and will not be liable for any losses. 

We won’t act on an instruction or can delay acting on an instruction if we believe that it (i) has not come from you personally (or from someone who you have granted a Power of Attorney) (ii) is unclear (iii) is in breach of these terms and conditions or (iv) is against the law. Occasionally, we may ask for additional information from you (e.g. pursuant to Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017). 

If there’s a delay in us receiving an instruction, or for some reason you can’t give us the instruction when you want to, please contact us (see Section 1.4 (How to contact us)). 

3.5 Funding your account 

Let’s talk about contributing money to your products.

The main ways to contribute money to your product are:

• • • Contributing money from your linked personal bank account (see Section 3.6.1 (Ways to contribute money to your account)).
    • Someone else contributing money as a gift (see Section 3.6.3 (Gifting)).
    • Transferring in money from a third party (see Section 3.7.1 (Transfers in of investing products from third party providers)).
    • Moving money between Moneybox products (see Section 3.10 (Moving money between products)).

One-off transactions may also be made by other methods that we may make available to you.

3.6 Contributions

3.6.1 Ways to contribute money to your account

First off, whichever method you choose, we can only accept £ Sterling. 

We can only accept transactions from your linked personal bank account as further described in Section 3.6.5 (Your linked personal bank account) below.  

The two main ways to contribute to your Moneybox account are by (i) instant bank transfer or (ii) Direct Debit.

Instant bank transfers are one-off transactions. They may be subject to a minimum contribution amount and only available for certain Moneybox products. These typically arrive in your Moneybox account within a couple of minutes. 

Direct Debits are available for all of our products. You can make contributions on a one-off basis or by setting up regular payments. For both regular and one-off Direct Debits, your deposit instruction is made to us on a Wednesday pursuant to your Direct Debit mandate (provided your Direct Debit bank details are successfully connected) and the money is then debited from your linked personal bank account early the following week (typically on Monday, unless it’s a bank holiday week). You’ll then see the money processing in the Moneybox app and it will be added to your product, typically the following afternoon, with money always arriving within five business days from the Wednesday on which the instruction was made. 

Some of our products have minimum contribution amounts, and the minimum required amount may change from time to time. We’ll notify you if it does. Your bank may also impose minimum and maximum transaction amounts. 

We may delay any contributions to your account to carry out additional checks. 

We may decline a transaction or refuse to initiate a payment for any reason. Where we do, we will reject it and return to you any money we have received.

3.6.2 Contributions through our Round Up feature 

If you use our Round Up feature, you can connect multiple current accounts registered in your name. Regardless of which accounts you connect, we’ll always take all Round Up money directly from your linked personal bank account as part of the weekly Direct Debit instruction. 

Our Round Up feature connects to a personal bank account in your name using Open Banking. Please refer to our Privacy Policy for further detail on how our Round Up feature operates. 

3.6.3 Gifting

For certain products (e.g. Lifetime ISAs), other people can contribute to your account as a gift. You will need to send that person a link that can be generated through the Moneybox app, enabling them to take the required steps to contribute. By sharing the link you accept that any party in receipt of the link may contribute to your product. 

A person who gifts must contribute by instant bank transfer from their personal bank account. We reserve the right to impose limits on the amount gifted and the number of people from whom you can receive a gift in any given tax year. We may also refuse gifted contributions at our absolute discretion, such as where a gift would cause your product to become oversubscribed. 

Only certain of our products are set-up to accept gifts and each product may have different restrictions. Please see the Moneybox app for more details. 

3.6.4 Process and timings once we receive your money 

When we receive your money through Direct Debit it goes through the process shown below.

When we receive your money through instant bank transfer, they will follow the same flow illustrated above for all product types except Savings Accounts, where funds will be received directly into a Trust Bank Account instead of passing initially through a Client Money Bank Account.

3.6.5 Your linked personal bank account

We can only accept transactions from your linked personal bank account, which must be a current account in your name as either a sole or joint account holder. We can’t link a business account.

The same joint bank account may be linked by two Moneybox customers, provided that each customer is listed as an account holder on the linked joint bank account and the account is registered to the same home address as both customers. A linked joint bank account does not give the other joint bank account holder access to your Moneybox account.

You can request to change your linked personal bank account at any time in the Moneybox app. 

If you’ve switched banks using the Current Account Switching Service and your new bank supports Direct Debits, it’s worth noting that you do not need to change your bank details manually for Direct Debits.

When you initially set up your linked personal bank account and if you change your linked personal bank account, we may require some information and documentation which you’ll need to give us so that we can verify the new account. If you don’t, we won’t be able to proceed with the set up or change. 

3.6.6 Our payment processing partners

We use GoCardless Ltd, an authorised payment institution, to process any Direct Debits initiated within the app. GoCardless is an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 with firm reference number 597190. You’ll get details from us of any Direct Debit to be set up on your account before we pass instructions to GoCardless. Any money you contribute this way will be held with GoCardless in accordance with the Payment Services Regulations before being passed to Moneybox in line with Section 3.6.4 (Process and timings once we receive your money) above. GoCardless is subject to UK and EU data protection laws and it is required to process your personal data in accordance with those laws and its Privacy Terms.

We use Plaid Financial Limited for instant bank transfers to allow you to contribute from your linked personal bank account directly to your Moneybox account. Plaid is an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 with firm reference number 804718. If you want to make payments this way, your linked personal bank account must also support Plaid. Payments facilitated by Plaid will also be subject to its Terms and Conditions. And just so you know, Plaid is subject to UK and EU data protection laws and it is required to process your personal data in accordance with those laws and its Privacy Policy.

3.7 Transfers in

3.7.1 Transfers in of investing products from third party providers 

You can transfer in money and investments from another provider to an ISA or Moneybox Pension. You can also transfer investments from another provider to your General Investment Account. In all cases, so long as we, your current provider, and applicable regulation permit. 

Please see the relevant product specific sections in Section 6 (Product Specific Terms) for additional details on the types of products we currently accept transfers in for. 

In order to transfer in any investments you hold with a third party without first selling them to raise money to transfer (often referred to as an in-specie transfer), those investments must already be available to our customers. If not, we will only be able to accept a transfer of money.

We can decline to process any transfer in for any reason at our discretion.

3.7.2 Process and timings

The exact process may vary slightly product-to-product and depend on the actions of your current provider (often referred to as the ceding provider). The below sets out the typical process. 

Step 1: You submit your request to transfer to Moneybox.

Step 2: Moneybox contacts your current provider.

Step 3: Your current provider confirms the money and investments (as applicable) to transfer.

Step 4: Moneybox works with your current provider to agree on the transfer. 

Step 5: Your current party sends the money and investments (as applicable). Money sent electronically may take five business days to clear, or seven business days if the payment is made by cheque or other manual process. For investments, this process may take longer. 

Step 6: We receive money in line with the process set out in Section 3.6.4 (Process and timings once we receive your money) and we pass investments on to our UK Broker or US Broker Dealer (as applicable).

We will process Cash ISA to Cash ISA transfers within 15 working days from the date of request. We will process all other ISA transfers within 30 calendar days from the date of request. You can ask us to make the transfer at a particular time and we will do our best to meet your request.

Pension transfers may take up to six months to complete. 

3.7.3 Transfers between Moneybox products 

You may be able to transfer from one of our ISA products to another ISA product. We only support the transfer of certain of our ISA products – please see the relevant Key Features Document or Section 6 (Product Specific Terms) and contact us for more information. Any internal transfers will complete within at least the same period as an external transfer in. 

3.8 Payment of interest

Once money is contributed to a savings product, you will earn interest on the money in that product at a variable rate as disclosed to you in the Moneybox app.

• • • For Savings Accounts, you will receive the rate of interest on the product as shown in the Moneybox app at the time. Moneybox will receive a fee from the underlying third party bank where your money is deposited or will retain the difference (if any) between the interest received from the third party bank and the amounts paid on your product.
    • For Cash ISA and Cash LISA, you will receive the rate of interest offered by Moneybox as shown in the Moneybox app at the time. Moneybox will retain the difference (if any) between the interest received from the underlying diversified third party banks and the amounts paid on your product.

If you contribute money to your S&S ISA, S&S LISA, Junior ISA or General Investment Account to make an investment at a later date, we will hold it as Available Cash and it will earn interest at a rate disclosed to you in the Moneybox app. Moneybox will retain the difference (if any) between the interest received from the underlying diversified third party banks and the amounts paid on your product. If you’d prefer not to earn any interest on this money please contact us.

Depending on your product, the interest rate may go up and down. We will notify you of any change to the interest rate.

Interest is earned daily on cleared balances and is paid at the frequency set out in the Key Features Document for the relevant product, rounded down to the nearest penny. For most products, interest will be paid on the first day of the month except for Cash ISA and any other product bonus interest rates we offer where interest is paid annually.

From time to time Moneybox may offer additional bonus interest rates for certain customers. Any additional bonus interest will be treated as interest and paid in accordance with the specific terms supplied by Moneybox.

Whenever you (i) contribute or transfer in money to Moneybox (ii) move money between your Moneybox products or (ii) withdraw or transfer out money, your money will move through operational Moneybox Trust Bank Accounts and/or Client Bank Accounts (as applicable) on the way in and out of the applicable Moneybox product. When your money is in these operational bank accounts you will not earn interest, but if Moneybox earns interest from the third party banks who provide the accounts we will retain any such interest. Interest will not be calculated and paid for the day on which money is withdrawn or transferred from your Moneybox product in respect of the withdrawn or transferred amounts.

We may deduct tax from interest before paying it to you if we are required to do so pursuant to applicable law and regulation. 

3.9 Transfers out 

You can transfer your money and investments from an ISA product or Moneybox Pension to a third party provider. You can also transfer your investments from a General Investment Account to a third party provider. In all cases, so long as we, your current provider, and applicable regulation permit.

If you want to transfer, you should contact your new provider and make arrangements based on their requirements. Your new provider will then contact us. 

We will transfer out your money and/or investments if requested as long as there is no reason outside of our control or the control of the receiving party, which would prevent us from performing such a transfer, or if there’s any applicable law or rule that prevents it, including ISA Regulations and pension regulations. We may also ask for additional information from you (e.g. pursuant to Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017) in order to action the transfer.

When we transfer out your investments on your instruction, we will treat that instruction as giving us the authority to deal in those investments on your behalf. This may involve us converting that investment to a form acceptable to the receiving party (e.g. money). 

If you instruct us to transfer out all of your money and investments before accrued interest is paid (whether on a monthly or yearly basis depending on the product), we’ll pay any interest you’ve accrued on the date of the transfer of money and investments. If you instruct us to transfer out part of your money and investments before accrued interest is paid (whether on a monthly or yearly basis depending on the product), we’ll pay any interest you’ve accrued on the portion of money transferred out into your Moneybox product on the next interest payment date as usual.

Sometimes, when we transfer investments to a third party, there are small fractional holdings of investments left over that the receiving provider can’t accept. If that’s the case in your transfer we’ll sell those holdings and attempt to send the money generated from the sale to the receiving party. If the third party is unable or unwilling to accept, then it will remain as cash in your product which you can then withdraw or transfer.

If you transfer out a product, you may be unable to reopen the same product with us in the future.

3.10 Moving money between products

You can move money between some of the products you hold with us.

If you do, you should know that the money doesn’t move directly from one to the other. Instead, it will transfer via a bank account or accounts controlled by us. The process and number of accounts differ depending on whether you’re transferring to/from a Trust product or a CASS product (for an overview of the difference between these types of products is set out in Section 2.2.2 (CASS products vs Trust products)). 

While money is moving between your products you will not earn interest or returns.

3.10.1 Trust product → CASS product (e.g. Savings Account to Cash ISA)

Money withdrawn from a Trust product will be transferred at the end of any applicable notice period into a Trust Bank Account. Once the money has cleared, it will be transferred to a Client Money Bank Account before finally being deposited into the destination CASS product. 

The transfer process will normally complete within two business days following the expiry of any notice period.

3.10.2 Trust product → Trust product (e.g. one Savings Account to another Savings Account)

Money withdrawn from a Trust product will be transferred at the end of any applicable notice period into a Trust Bank Account. Once the money has cleared, it will be transferred to the destination Trust product. 

The transfer process will normally complete within two business days following the expiry of any notice period.

3.10.3 CASS product → Trust product (e.g. Cash ISA to Savings Account)

Money withdrawn from a CASS product will be transferred into a Client Money Bank Account. Once the money has cleared, it will be transferred to a Trust Bank Account before finally being deposited into the destination Trust product. 

The transfer process will normally complete within two business days.

3.10.4 CASS product → CASS product (e.g. S&S ISA to S&S LISA)

A move from a CASS product to another CASS product would need to be instructed as a formal ISA transfer from one Moneybox ISA product to another Moneybox ISA product (see Section 3.7.3 (Transfers between Moneybox products)). For certain CASS products, we can facilitate this formal transfer through our ‘move money’ feature subject to certain restrictions as set out in the ISA Regulations – please see the relevant Key Features Document or contact us for more information.

Money withdrawn from a CASS product will be transferred into a Client Money Bank Account. Once the money has cleared, it will be transferred to the destination CASS product. 

The timings to complete the transfer will depend on the products being transferred to and from. 

3.11 Withdrawals 

Once you’ve reached your goals, you might want to access your money. The process for doing this with each of our products will differ because of the product set up, applicable product and tax rules and the terms and conditions that apply to that product.

This section covers the general terms that apply to all products. You should then read the product-specific rules in Section 6 (Product Specific Terms) for additional detail on the process, timings and restrictions of each of our products. 

We will send your money to your linked personal bank account in line with these terms and conditions as long as there is no reason outside of our control that would prevent us from doing so, or if any applicable law or rule prevents it. We may also ask for additional information from you (e.g. pursuant to Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017) to action a withdrawal.

As long as the product you hold permits withdrawals you can request to withdraw your money. For investing products, if you make a request and you don’t have sufficient Available Cash then you’ll need to sell enough of your investments to create the money necessary for the withdrawal plus any applicable charges.

If you instruct us to withdraw all of your money and investments before accrued interest has been paid (whether on a monthly or yearly basis depending on the product), we’ll pay any interest you’ve accrued on the date of the transfer of money and investments. If you instruct us to withdraw part of your money and investments before accrued interest is paid (whether on a monthly or yearly basis depending on the product), we’ll pay any interest you’ve accrued on the portion of money withdrawn into your Moneybox account on the next interest payment date as usual.

If you place an instruction to withdraw from Available Cash after 6pm, it may be treated as having been placed the following business day. 

Timings of a withdrawal:

• • • For withdrawals of money, we will send this to your linked personal bank account generally within one business day of (i) your instruction or (ii) the end of any applicable notice period, but please note it may take up to three business days from such time. 
    • For withdrawals of investments, the instruction will be placed in accordance with the process in Section 5.2 (Order instructions). Once the trade has settled, the sale proceeds will be transferred to Available Cash and available for your instruction to withdraw. 

We’ll need to make all payments to your linked personal bank account.

4. GENERAL TERMS APPLICABLE TO ALL PRODUCTS

4.1 Financial Services Compensation Scheme 

The Financial Services Compensation Scheme (FSCS) exists to protect customers of financial services firms that fail. If a company you’ve been dealing with has failed and can’t pay claims against it, the FSCS may pay compensation.

Please see our FSCS Protection page for more information.

4.2 Availability of the service 

We can’t guarantee that you’ll always be able to access our products and services, that there won’t ever be a delay in us acting on your instructions and that our services will be operating error free. Our service may be interrupted and in certain circumstances the products and services you can access might change.

We might have to suspend the operation of our services. This may be for an emergency, a technical reason, the actions or inactions of a third party, to carry out maintenance, where we are required to for regulatory reasons, where we’re trying to protect our customers or to ensure we can keep making other services available. 

We won’t be liable to you for any delays in acting on your instructions or the unavailability of our services for whatever reason, including where the reason is beyond our control (such as strikes, lock-outs, riots, invasions, terrorist attacks, wars, pandemics and other issues that we have no control over).

We update our app from time to time. Some updates to the app may require you to upgrade to the latest version of the app or update your device’s operating system to a recent version. If you don’t, certain features might not show or work as intended on an older version of the app or operating system. We will do our best to let you know if historic versions of the app or operating systems no longer support full functionality.

4.3 Complaints 

If you ever have a complaint about our service please contact us (see Section 1.4 (How to contact us)). We will acknowledge your complaint and investigate the issue in line with our Complaints Policy.

If you have a complaint that we can’t resolve or settle within eight weeks (or 15 business days when in relation to our payment services activities) from the date you first made the complaint, you may refer it directly to the Financial Ombudsman Service:

Financial Ombudsman Service, Exchange Tower, London E14 9SR

☎️ 0800 023 4567

complaint.info@financial-ombudsman.org.uk

If you have a complaint about a Moneybox Pension that we can’t resolve or settle within eight weeks you can refer it directly to The Pensions Ombudsman:

The Pensions Ombudsman, 10 South Colonnade, Canary Wharf, London E14 4PU

☎️ 0800 917 4487

enquiries@pensions-ombudsman.org.uk

4.4 Delegation

We may appoint someone else to perform all or part of our services. If we want to do this it won’t affect our liability to you and we’ll make sure we take all reasonable steps to ensure that any delegate we appoint is suitably competent and qualified.

We can also change the trustee and operator of the Moneybox Pension and delegate aspects of the scheme’s administration and trusteeship as long as we do it in accordance with the scheme’s trust deed and rules.

4.5 Transfer 

We are allowed to transfer a product or some or all of our rights and obligations under these terms and conditions to another party, including us or a group company. We can do this without your approval as long as both of the below apply.

• • • We have given you at least 30 calendar days’ notice of the transfer and you haven’t told us that you object by the date specified in the notice.
    • We don’t think it will materially prejudice your rights under these terms and conditions.

If we transfer all of our rights to another party, we can appoint a new operator and trustee of the Moneybox Pension.

As part of a transfer, we’re also allowed to transfer client money as long as either of the below apply.

• • • The recipient will hold and protect the money transferred in the same way we would.
    • (If the recipient won’t hold the money as client money) we use our skill, care and diligence to assess whether the recipient will properly protect your money.

You don’t have any right to initiate an assignment or transfer of any of your rights under these terms and conditions.

4.6 Conflicts of interest 

It’s possible that we might end up in a situation where we, or another customer of ours, have a duty that may conflict with our duty to you.

If we do, we’ll do what we can to protect your interests as our customer and will try to ensure that you get fair treatment.

Our Conflicts Policy helps us handle conflicts of interest appropriately.

4.7 Our liability 

Unless the Financial Conduct Authority’s rules, or any other applicable law or regulation, say otherwise, we will not be liable for any losses you suffer unless they are direct losses caused by our negligence, wilful default, fraud or our failure to comply with relevant laws. We can’t and don’t exclude liability for anything we aren’t permitted to exclude under the law. 

We cannot guarantee that our communications will be successfully delivered, or that they will be secure and virus free.

If we appoint a third party to provide a service (such as a custodian, a bank, a payment service provider or a provider of information services) then we aren’t liable for anything that third party does or doesn’t do, including their default, failure or any mistakes they make, except that we will be responsible for losses, damages or costs you suffer or incur that are caused by our negligence, wilful default or fraud in the assessment, selection or appointment of those persons.

If you use the Round Up feature it is your responsibility to check with the providers of your personal bank account that doing so doesn’t cause you to breach any agreement you have with them. We won’t accept any liability for any losses you suffer or costs you incur as a result of your use of the Round Up feature.

If you transfer in a pension to us and doing so causes you to lose valuable guaranteed or other benefits, we accept no liability for that loss.

You will compensate us and our affiliates for any claims, liability, damages, expenses and costs of another person caused by or arising from your use of the products and services, your breach of these terms and conditions or breach by you or any other user of your account of any intellectual property or other right of anyone.

It is your responsibility to pay us for any liability, damages, expenses and costs arising from any government bonus wrongly paid to you for any reason as a result of your use of our products and services.

4.8 Referring you to a third party 

We may offer to refer you to a third party to provide additional or complementary services, but we won’t make any referral without your express consent.

In some cases we may pay or receive fees in relation to any referrals made and we will disclose to you the existence and value of those fees before the provision of any service.

4.9 Making changes 

We can make changes to these terms and conditions from time to time. These changes could include amendments to: 

• • • Comply with the Financial Conduct Authority’s rules or any other applicable law or regulation.
    • Make the terms and conditions fairer to you, easier to understand, or to correct mistakes.
    • Reflect changes in market practice or conditions.
    • Reflect changes in the way we run our business. 
    • Enable us to make reasonable changes to how we provide our products and services as a result of changes in financial services, technology, or available products.

When we talk about changes, we mean changes to these terms and conditions. We do not, for example, mean any changes to interest rates or notice periods applicable to products. 

If a change we’re proposing will be detrimental to you, we’ll provide you with at least 30 calendar days’ prior notice of that change, unless we need to make the change sooner because of legal or regulatory issues in which case we’ll make the information available within one business day of making the change.

If we make a change that’s detrimental to you, you can notify us within 30 calendar days from the date of that change being made that you want to terminate your agreement with us and close your Moneybox account. If the change is not for one of the reasons provided in the list above, we will agree to waive any Moneybox fees and charges that would normally apply on termination. Please note that we will not waive any third party (e.g. HMRC) fees and charges.

If we make a change that is not detrimental to you, we can make such a change immediately. We will notify you of this change within 30 days if it relates to a product you hold, except where it is to make the terms and conditions fairer to you, easier to understand, or to correct mistakes or is minor in nature.

We will notify you of these changes to your registered email address or through the Moneybox app. 

The latest version of these terms and conditions will always be available in the Moneybox app and the Moneybox website. 

4.10 Communications rules

Whenever you communicate with a member of the Moneybox team or provide us with instructions you must not:

• • • Do anything unlawful.
    • Communicate any illegal content or activity.
    • Be defamatory, obscene, offensive, hateful or inflammatory.
    • Bully, harass, insult or intimidate.
    • Include any racist, sexist, sexualised or violent language.
    • Cause annoyance, inconvenience, anxiety, upset, alarm or distress.

You must comply with these communications rules in spirit as well as to the letter. We will decide, at our discretion, if a communication or instruction does not meet these communications rules. If we decide that you have breached our communications rules, we may suspend or close your account immediately.

4.11 Terminating of your account 

4.11.1 Where you terminate your account

You can terminate your account and agreement with us at any time, and for any reason, by giving us notice. For a Moneybox Pension you’ll need to have cancellation rights or transfer out to another provider. 

We’ll action your request and look to terminate your account once all outstanding transactions settle and notice periods on your products pass.

If you terminate, we’ll keep charging our fees until the later date of the termination of our agreement or the settlement of all outstanding transactions on your products.

If you have removed all of your money and investments from all of your products, but have not requested for us to terminate your account, we will consider it to be closed. Your account will automatically become active again if it receives a further payment or transfer. If you have no balance across all your products for six or more years, you will cease to have an account and need to sign-up again.

4.11.2 Where we terminate your account

We can terminate our agreement with you or close one of your products by giving you 30 business days’ prior notice, subject to the settlement of all outstanding transactions and any regulatory requirements. Sometimes, 30 business days will be shorter than the notice period to withdraw from certain products, such as some of our Savings Accounts. In such instances, it is likely that you will have to wait for the full notice period to receive your money.

We can also terminate our agreement with you, or block access to your account and take steps to freeze any transactions you have entered into and close or transfer out any of your products without any notice if we have reason to believe or suspect that you’ve (i) materially breached these terms and conditions (ii) breached applicable law and regulation (iii) provided us with false or misleading information (iv) failed to provide any information that we request or require (v) behaved inappropriately, including breach of our Communications Rules (vi) failed to pay any amounts owed to us or (vii) become bankrupt, insolvent or otherwise unable to pay your debts as they fall due. 

We might also terminate our agreement with you if we think that providing you with a service exposes us to action or censure from law enforcement, government or regulators.

If we terminate or freeze your account we are under no obligation to provide you with the reason. 

We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, any ISA held by you has, or will become, void.

If you hold less than £1 in a product or, if different, the minimum amount for a product as stated in the Moneybox app for more than a 12 month period we have the right to close that product by giving notice to you.

4.11.3 For all terminations

On termination, unless applicable law or regulation prohibits us from doing so, we’ll look to re-register your investments and transfer your money based on any request you make. If you don’t make a request, we’ll do what we can to transfer your money and investments to you, but we may need to take advice from HMRC about the appropriate steps to take. We can also sell down all your investments to cash, which we’ll hold until we get instructions from you about what to do with it.

These terms and conditions will apply to our relationship until the termination is finalised. 

You’ll need to pay all charges and fees due up to the date of termination.

If you have a product that is closed for any reason other than a breach by you of these terms and conditions then we’ll keep giving you information about that product for at least 18 months after the date it is closed so that you can download a copy of any necessary information.

4.12 Death

For all products except for the Moneybox Pension, if you die and we hold any money and investments for you after your death, these will form part of your estate and therefore only be paid to the estate’s representatives. We may require some information and documentation from the estate’s representatives to provide proof of their authority. If we don’t receive the required information, we won’t be able to act on their instructions.

We won’t be responsible for any changes in the price of the investments as a result of market movements between your death and the payment out of those investments.

For the Moneybox Pension, see Section 6.5.11 (Death). 

4.13 Rights of other people

Except for GoCardless Ltd and Plaid Financial Limited that may enforce the terms of Section 3.6.6 (Our payment processing partners), no other third party can enforce or enjoy the benefit of any term of these terms and conditions under the Contracts (Rights of Third Parties) Act 1999.

4.14 Governing law 

The laws of England and Wales apply to this agreement.

The courts of England and Wales will have exclusive jurisdiction to settle disputes or claims.

5. INVESTING TERMS 

5.1 Selecting products and investments 

As a Moneybox account holder, you can select which of our products you’d like to open (subject to availability and meeting the relevant eligibility criteria).

If you choose a General Investment Account, S&S ISA, S&S LISA, Junior ISA or the Moneybox Pension then you can invest in the selected range of investments available to our customers. 

All of the investments we offer are readily realisable securities, which is a term used by the Financial Conduct Authority to mean investments that are considered to be easily tradable because they are traded on an exchange. 

We don’t offer every available investment. The investments available vary product-to-product and include Funds and US stocks. A full list of available investment options is available in the Moneybox app. 

Before deciding to invest in a Fund, you should read the applicable Key Investor Information Document or Factsheet, sometimes referred to as the Key Information Document. These are available in the Moneybox app and contain important information on the Fund that you should know. 

We may add or remove investments available to you and can do that as and when we choose. If an investment stops being one that we can offer, we’ll inform you of that and the options available. If you don’t respond to our communication, we can sell that investment on your behalf and hold the proceeds in cash.

Before you can invest in US stocks you must complete any relevant tax information, including but not limited to a valid W-8BEN, and you must ensure the information and any new requests are provided and kept up to date on an ongoing basis. If you do not do so, we reserve the right to sell all of your investments in US stocks and hold the proceeds as cash within your product. If we exercise our right to sell your investments, we will inform you as soon as practicably possible and provide you with an account of the sale proceeds. If we incur any penalties or other liabilities with the UK or US authorities due to your failure to maintain the relevant information, we have the right to either: (i) set-off any penalties or fines against the proceeds of sale of your investments or (ii) recover such amounts as a debt owed by you.

5.2 Order instructions

We are responsible for arranging for the execution of any order instruction we receive from you via the Moneybox app. First, you provide us with an instruction. Then we pass the order on to our UK Broker or US Broker Dealer, as applicable, and they arrange for execution and settlement. 

Our Order Transmission Policy forms a part of this agreement between us and sets out how we provide our investing services and comply with our best execution requirements. 

The table below shows what we do with an order you place with us.

If as part of placing an order you also contribute additional money to your account (e.g. because you have insufficient money in your Available Cash), the money will be contributed in line with the process and timings in Section 3.6.4 (Process and timings once we receive your money). The below order process will occur once that money in your account has cleared. 

If you place an order with us after 6pm, for the purposes of these timings by the time it is processed we may treat it as having been placed with us on the next business day. 

Once an order has been passed to our UK Broker or US Broker Dealer (as applicable), they will arrange to execute it, generally on the same business day, in line with our Order Transmission Policy. The transactions will then need to settle, which typically takes an additional one to three business days (except for business days when US markets are closed) depending on the type of investment instrument, but may be longer for certain Funds and take up to three weeks in certain circumstances. 

You are responsible for the accuracy of your orders. You are typically unable to cancel or change an order after you instruct us in the Moneybox app. 

You are responsible for having sufficient cash in your Available Cash product to settle any order you place and any associated charges.

Our record of the time of receipt and execution of an order will be conclusive unless it is obvious that it is wrong.

Our brokers or us can refuse to arrange for the execution of an order for any reason, but we’ll act reasonably here. It may also be that we can’t arrange to execute an order, including where a market or investment has been suspended because of volatility. As long as we have acted reasonably, we won’t be liable for any losses or foregone profits between the time we receive an order and the time it’s executed, if ever. It’s important you understand that we rely on third parties to facilitate the execution of orders and we can’t guarantee that orders will be executed, or that there won’t be a delay.

We do not have control over the market and accept no liability if we can’t place orders for execution or if any buy or sell instructions fail to settle. On occasion, some Funds may also impose restrictions, which may prevent you from buying or selling units in that Fund. We’ll keep holding your cash or investment on your behalf and if required we’ll request your further instruction. We will not be liable for any delay. 

The price of investments changes all the time. It’s possible that the price of any Fund or stock you place an order for might change between the time you place the order and the time of execution. Sometimes those price movements will mean you end up paying more to buy or sell for less than your original order price.

When we arrange for the execution of orders for you, our appointed UK Broker or US Broker Dealer (as applicable) will combine the order with orders from our other customers if we don’t think it will disadvantage you in any way. 

If your order is sufficiently large, our appointed UK Broker or US Broker Dealer (as applicable) might have to execute it in tranches. In this case we’ll provide you with an average price per order.

If for any reason you can’t place an order please contact us. You should also contact us if you receive confirmation of an order that you didn’t place or which has not been completed in accordance with your instructions.

5.3 Dividends and income

Dividends and income received on investments will generally be added to your product on the day of receipt wherever possible, but may take up to 10 business days. 

If you receive income in the form of cash, depending on the Fund we will either add it to your product and reinvest it into the Fund that paid the income, or add the income as cash on your product. 

All income from US stocks is subject to US withholding tax which we will remove prior to adding the remaining funds to the Available Cash on your product.  We will hold any amounts deducted for withholding tax in USD and pay them to the Internal Revenue Service on your behalf.

5.4 Currency conversion

Where investments or the proceeds or corporate actions are denominated in currencies other than Sterling, we will perform a currency conversion at the relevant prevailing exchange rate to facilitate the settlement of that transaction. 

5.5 Your information rights and corporate actions 

If you so choose, we will arrange for you to receive a copy (in electronic form or a link to it) of the annual report and accounts issued by every company or other concern in respect of Funds or US stocks held directly in any of your products. 

If you so choose we will endeavour to arrange for you to be able to both:

• • • Attend shareholders, securities holders or unit holders meetings to vote.
    • Receive, in addition to the annual report and accounts, any other information issued to shareholders, securities holders or unit holders.

A corporate action is an event that occurs to an investment. This would include events such as takeovers, bonus issues, rights issues and consolidations.

Unless you choose otherwise, by opening an investing product, you acknowledge that we will have no duty to inform you of any corporate actions related to any investment you hold. Additionally, you waive any rights you have in relation to a corporate action and give us authority to act on a corporate action on your behalf as we see fit. That might include taking no action at all.

When a corporate action results in a payment to shareholders or additional investments, any money received will be credited to your product with an order placed to reinvest the next business day into the Fund or US stock from which it arose. However, if you have no other investments in the product, we will hold it for you as money. 

Sometimes we have to suspend trading in an investment if there’s a live corporate action that relates to it. You won’t be allowed to trade in that investment if we do.

We don’t pass on shareholder perks or get involved in shareholder interest groups.

We are under no obligation to initiate, join or defend any legal action (including a class action) or take any action with respect to your investments other than as set out above. 

5.6 Statements, reports and contract notes 

We’ll send you contract notes for any transactions carried out through your product. For US stocks, we’ll provide these by the end of the business day on which we receive confirmation from our US Broker Dealer of the terms under which your order has been executed. For Funds, we’ll provide these by the end of the business day after we receive it from our UK Broker from the relevant fund manager.

We’ll provide you with a statement in the Moneybox app every quarter detailing the investments held and all transactions carried out on your account. 

All of the above will be delivered to you electronically via the Moneybox app where you can choose to email them to yourself. Where you cannot access the app please contact us. You agree that you do not require us to provide reports, statements, contract notes or other documentation associated with your investing product other than in electronic form via these means.

You must notify us if you receive confirmation of an order that you did not place or which has not been completed in accordance with your instructions.

5.7 Custody 

We provide safe custody for your investments, both ourselves (through Moneybox Share Nominee Ltd) and through our appointed third party custodians (either through our UK Broker for Funds or US Broker Dealer for US stocks). That means that in accordance with the Financial Conduct Authority’s custody rules, Moneybox Share Nominee Ltd keeps hold of the legal title to those investments and you retain beneficial ownership. 

For investments in Funds, we appoint our UK Broker to arrange custody, either themselves or through a third party custodian.

For investments in US stocks, we appoint our US Broker Dealer to arrange custody, either themselves or through a third party custodian.

In the event of a failure or any default by a third party custodian, which results in the actual investments held being less than the amount intended to be held then as the investments are pooled, you may be required to share proportionally in any shortfall.

5.8 Share certificates 

If any of your investments are evidenced by share certificates or other documents evidencing title, these will be held by us or as we may direct.

5.9 Market abuse 

Market abuse typically refers to a number of improper behaviours including insider dealing, unlawful disclosure of inside information, and market manipulation of the financial markets which could arise from distributing false information, distorting prices or improper use of insider information.

By placing an order with us you confirm that you won’t do anything that is or might be considered to be market abuse and you won’t encourage anyone else to engage in it either. 

If we think that your account is being used to engage in market abuse then we’ll take whatever action we think is necessary, including refusing to act on your instructions and suspending or closing your account. 

6. PRODUCT SPECIFIC TERMS 

The terms and conditions in this section apply in addition to the applicable terms and conditions in Sections 1-5 above. 

6.1 Lifetime ISA

6.1.1 Opening a Lifetime ISA

In addition to all of the requirements in Section 3.1 (Opening an account), to be eligible to apply to open a Lifetime ISA, you must be over 18 years old, but under 40 years old.

You can only open a Lifetime ISA (either S&S LISA or Cash LISA) with us if you have not already subscribed for another Lifetime ISA (either S&S LISA or Cash LISA) with us or any other ISA manager in the same tax year. The only exception is if you are transferring that Lifetime ISA to us.

6.1.2 Managing your Lifetime ISA

Moneybox is the appointed ISA manager. 

By agreeing to these terms and conditions, you authorise us to disclose all information to HMRC in connection with your Lifetime ISA that is required for us to comply with the ISA Regulations.

6.1.3 Contributing to your Lifetime ISA

You can contribute money to your Lifetime ISA until your 50th birthday. After that, you shouldn’t and we won’t let you contribute any more money.

Each tax year, you can only contribute up to the greater of:

• • • Your Lifetime ISA annual allowance, as set by the ISA Regulations. 
    • Your remaining annual ISA allowance, as set by the ISA Regulations. 

The allowances reset at the start of each new tax year on the 6th April, and you cannot carry over any unused allowance from the previous tax year. The annual ISA allowance is combined for all ISA products you hold with us or any other ISA manager (except for the Junior ISA).

To contribute to your Lifetime ISA, you have to be a UK tax resident. You must let us know immediately if you stop being a UK resident. We’ll stop contributions but you may be able to keep your account open, unless you become a US person in which case we’ll have to close the account.

All money and investments in your Lifetime ISA must be in and remain in your beneficial ownership (this means you have the ultimate right to them, no matter who holds them for you). You cannot, for example, use them as security for a loan.

6.1.4 Cancellation

If you cancel a Lifetime ISA within the cancellation period set out in Section 3.3 (Cancelling your product opening), we will treat it as if you never contributed to that Lifetime ISA. If you cancel a transfer from another third party Lifetime ISA manager, we will take reasonable steps to try to return the money or investments to that party.

6.1.5 Government bonus 

Lifetime ISA contributions qualify for a government bonus, which is currently 25% up to a maximum of £1,000 per tax year. 

By opening a Lifetime ISA with us, you provide us with authorisation to:

• • • Submit claims for the government bonus on your Lifetime ISA on your behalf as long as your Lifetime ISA qualifies in line with ISA Regulations. 
    • Hold the government bonus in your Lifetime ISA account. 

At the end of the relevant claim period, we’ll allocate the government bonus to your account once we receive it. This is generally towards the end of the month after the month you contributed. 

For a Cash LISA the government bonus will remain as money and earn interest. For a S&S LISA the government bonus will be held and invested in accordance with your chosen allocations.

By accepting these terms and conditions, you agree to indemnify us and keep us indemnified for any liability, damages, expenses and costs (including, but not limited to, reasonable legal fees) arising from any government bonus wrongly paid to you for any reason.

6.1.6 Withdrawals

You can request to make either a full or partial withdrawal from your Lifetime ISA at any time. Following the withdrawal, your money will no longer be held in a tax-advantaged way.

You can make a penalty-free withdrawal from your Lifetime ISA for any of the permitted reasons set out in the ISA Regulations, including:

• • • To buy a first home in the UK for £450,000 or less. The property purchase must adhere to all of the requirements in the ISA Regulations, including:
      • • • You must have made your first contribution to your Lifetime ISA at least 12 months before the purchase.
          • You will live in the residential property once purchased.
          • The property will be purchased with a loan taken as a charge over the property (such as a mortgage) provided the loan is not funded by a person related to you and it is not a “Buy to Let Mortgage”. 
          • The property must have a “legal interest in land” (e.g. it cannot be a boat).
          • You must use a conveyancer or solicitor to act for you in the purchase.
    •  Take out your savings for retirement after you have reached the age of 60.
    • After a terminal illness diagnosis of the account holder. 

If you withdraw money or investments from your Lifetime ISA for any other reason or do not adhere to all of the requirements in the ISA Regulations, you’ll pay a government withdrawal charge (as set by the ISA Regulations and is currently 25%). Any withdrawal charges payable will be deducted by us at the time of the withdrawal. If you make a withdrawal and no withdrawal charge is applied at the time, but it needs to be applied afterward, we’ll request the return of the required penalty amount. If you don’t pay it, we’ll have to inform HMRC who may pursue you for the penalty themselves. 

We’ll need to approve that a withdrawal qualifies as being penalty free for any of the permitted reasons. To do that we may need to request more information which you’ll need to provide before we can give our approval. 

If your withdrawal is to buy a first home, you’ll need to notify us far enough in advance of the proposed house purchase and provide us with fulsome updates from all relevant parties, including HMRC and your conveyancer, involved throughout the process. We will not be liable for any losses caused directly or indirectly by the actions or inactions of any other party in the process or because we have not been provided with a reasonable time period to take any required actions. 

We will process any withdrawal request from your Lifetime ISA in line with the process in Section 3.11 (Withdrawals). We will complete all withdrawals within the required 30 day period following receipt of your instruction. You can ask us to make the withdrawal at a particular time and we will do our best to meet your request.

6.1.7 Transfers in 

You can transfer in money and investments from another Lifetime ISA manager to a Moneybox Lifetime ISA, so long as Moneybox, the ISA Regulations and your current ISA manager permit it. You may also be able to transfer from one Moneybox ISA product to another product – please see the relevant Key Features Document or contact us for further information. 

You can transfer a Lifetime ISA into us regardless of your age, albeit if you’re over 50 you will not be able to contribute any additional money. 

If you want to transfer into your Lifetime ISA you can instruct us to transfer part of your previous tax year’s ISA contributions, but if you want to transfer your current tax year’s contributions to us you need to transfer all of them. We can’t accept a partial transfer of the current tax year’s contributions.

The process for transferring a Lifetime ISA follows the steps set out in Section 3.7 (Transfers in). This requires us to contact your existing ISA manager and make arrangements based on their requirements.

If you already have a Help to Buy ISA, you can transfer your balance into a S&S LISA or Cash LISA at any time if the amount doesn’t exceed £4,000. If you keep your Help to Buy ISA and open a Lifetime ISA, you can only use the bonus from one of these accounts to buy your first home.

6.1.8 Transfers out

You can transfer your Lifetime ISA away from us to another ISA manager in accordance with applicable ISA Regulations. If you want to transfer, you should contact your new ISA manager and make arrangements based on their requirements. Your new ISA manager should then contact us to request the transfer out.

We will process any transfer out request within 30 calendar days. You can ask us to make the transfer at a particular time and we will do our best to meet your request.

If you want your transfer out to include contributions from the current tax year, then we must transfer all of the contributions from the current tax year. If the transfer includes contributions from previous tax years, then we can transfer all or part of those contributions.

6.1.9 Death 

If you die your Lifetime ISA will retain its ISA status until the earlier of: 

• • • The completion of the administration of your estate.
    • The closure of your Lifetime ISA.
    • The third anniversary of your death.

If there is an attempt to make a contribution after your death, we will not accept it. If we accept it inadvertently, we will arrange for it to be returned. 

There’s no government penalty charge to withdraw the money or investments from your account after your death. 

6.1.10 Applicable HMRC rules and ISA Regulations

Our Lifetime ISA and its preferential tax treatments and bonuses are covered by the ISA Regulations, and are subject to all of the rights and restrictions in those regulations. The government can and does change the rules. To the extent that there is a difference between these terms and conditions and the ISA Regulations (e.g. due to a change in regulation), the ISA Regulations will prevail.

6.2 S&S ISA and Cash ISA 

6.2.1 Opening a S&S ISA or Cash ISA

You can open either or both a S&S ISA and Cash ISA with us. 

If you have already subscribed to a S&S ISA and/or Cash ISA with any other ISA manager(s) in the same tax year, you can still open the same type of ISA with us provided that your current ISA manager(s) permits this and you ensure that you do not exceed your overall ISA allowance for each tax year. 

6.2.2 Managing your S&S ISA or Cash ISA 

Moneybox is the appointed ISA manager. 

We will automatically renew your S&S ISA or Cash ISA at the beginning of each new tax year unless you instruct us otherwise. 

By agreeing to these terms and conditions, you authorise us to disclose all information to HMRC in connection with your ISA that is required for us to comply with the ISA Regulations.

6.2.3 Contributing to your S&S ISA or Cash ISA

You can only contribute up to a maximum of your ISA allowance each tax year, which is set by the ISA Regulations. The allowance resets at the start of each new tax year on the 6th April, and you cannot carry over any unused allowance from the previous tax year. The annual ISA allowance is combined for all ISA products you hold with us or any other ISA manager(s) (except for the Junior ISA) and you are responsible for ensuring that you do not exceed your annual ISA allowance across all products. 

To contribute to your S&S ISA or Cash ISA, you have to be a UK tax resident. You must let us know immediately if you stop being a UK resident. We’ll stop contributions but you may be able to keep your account open, unless you become a US person in which case we’ll have to close the account.

All money and investments in your S&S ISA or Cash ISA must be in and remain in your beneficial ownership (that means you have the ultimate right to them, no matter who holds them for you). You cannot, for example, use them as security for a loan.

For the Cash ISA there may be a minimum account balance as set out in the Key Features Document you receive when you open your account. If your account balance is lower than the minimum, the applicable interest rate may be reduced as set out in Section 6.2.10 (Cash ISA Interest Rate). 

6.2.4 Cancellation

If you cancel a S&S ISA or Cash ISA within the cancellation period set out in Section 3.3 (Cancelling your product opening), we will treat it as if you never contributed to that ISA. If you cancel a transfer from another third party ISA manager, we will take reasonable steps to return the money or investments to that party.

6.2.5 Withdrawals

If you withdraw money or investments from your S&S ISA or money from your Cash ISA, they will no longer be held in a tax-advantaged way. 

If you want to make a withdrawal from your S&S ISA or Cash ISA, you can request to make either a full or partial withdrawal request. 

There may be restrictions on the number of withdrawals you can make from your Cash ISA, as set out in the Key Features Document. 

We do not currently offer a flexible ISA. This means any amounts you withdraw from your S&S ISA or Cash ISA cannot be paid back into your ISA without counting towards the ISA allowance for that tax year.

We will process any withdrawal request from your ISA in line with the process in Section 3.11 (Withdrawals). We will complete all requests within the required 30 day period following receipt of your instruction. You can ask us to make the withdrawal at a particular time and we will do our best to meet your request.

6.2.6 Transfers in 

You can transfer in money and investments from another ISA manager to a Moneybox S&S ISA or Cash ISA, so long as Moneybox, the ISA Regulations and your current ISA manager permit it. You may also be able to transfer from one Moneybox ISA product to another Moneybox ISA product – please see the relevant Key Features Document or contact us for further information. 

If you want to transfer into your S&S ISA or Cash ISA you can instruct us to transfer part of your previous tax year’s ISA contributions, but if you want to transfer your current tax year’s contributions to us you need to transfer all of them. We can’t currently accept a partial transfer of the current tax year’s contributions.

The process to transfer a S&S ISA or Cash ISA follows the steps set out in Section 3.7 (Transfers in). This requires us to contact your existing ISA manager and make arrangements based on their requirements. For Cash ISA transfers, we will do this within five business days of receiving your instruction, following which your old ISA manager has five business days in which to send the money. 

6.2.7 Transfers out

You can transfer your S&S ISA or Cash ISA away from us to another ISA manager in accordance with applicable ISA Regulations. If you want to transfer, you should contact your new ISA manager and make arrangements based on their requirements. Your new ISA manager should then contact us to request the transfer out.

A transfer out request for a Cash ISA to another Cash ISA will be processed within 15 working days. We will process any other transfer out request within 30 calendar days. You can ask us to make the transfer at a particular time and we will do our best to meet your request. 

You can transfer out all or part of your contributions from the current or previous tax years provided that, in the case of a partial transfer of contributions from the current tax year, your new ISA manager must accept such partial transfers.

6.2.8 Death 

If you die your ISA will retain its ISA status until the earlier of: 

• • • The completion of the administration of your estate.
    • The closure of the ISA.
    • The third anniversary of your death.

If there is an attempt to make a contribution after your death, we will not accept it. If we accept it inadvertently, we will arrange for it to be returned. 

6.2.9 Applicable HMRC rules and ISA Regulations

Our S&S ISA and Cash ISA products and their preferential tax treatments are covered by the ISA Regulations, and are subject to all of the rights and restrictions in those regulations. The government can and does change the rules. To the extent that there is a difference between these terms and conditions and the ISA Regulations (e.g. due to a change in regulation), the ISA Regulations will supersede.

6.2.10 Cash ISA Interest Rate 

The Cash ISA interest rate is variable and you may receive a higher interest rate or lower interest rate depending upon whether you satisfy the eligibility criteria.

You will receive the higher interest rate on your Cash ISA if you meet the following criteria:

• • • if you make less than four withdrawals within each 12 month period from the date of opening your Cash ISA; and
    • maintain a balance of £500 or more.

You will receive the lower interest rate on your Cash ISA if you do not meet the above criteria. In each case:

• • • if you make four or more withdrawals within each 12 month period from the date of opening your Cash ISA, you’ll receive the lower interest rate for the remainder of that 12 month period after you’ve made your fourth withdrawal; or
    • if your balance is below £500, the lower interest rate will be applied for as long as your balance remains below £500.

The interest rate (both higher and lower rate, as shown in the Moneybox app) and eligibility criteria for receiving the higher interest rate may change from time to time at our sole discretion. We will inform you at least 14 days in advance if the interest rate decreases or if the eligibility criteria change is detrimental to you. 

From time to time Moneybox may offer additional bonus interest rates for certain customers. Any additional bonus interest will be treated as interest and paid in accordance with the specific terms supplied by Moneybox. The bonus rate is separate from the higher and lower interest rate.

6.3 Junior ISA

6.3.1 Opening a Junior ISA

In addition to all of the requirements in Section 3.1 (Opening an account), to open a Junior ISA as the registered contact on behalf of a child you will also need to confirm the following conditions, which all need to remain true throughout the time the account is open:

• • • The child is under 18 years old.
    • The child is a resident in the UK or is a UK Crown servant, a dependant of a UK Crown servant or is married to or in a civil partnership with a UK Crown servant.
    • You have parental responsibility for the child and are prepared to act as the registered contact.
    • The child is not a US person (as defined by the US Internal Revenue Service). 
    • The child was born after 3 January 2011 or does not have a child trust fund.

If any of these conditions stops being true you must tell us immediately.

Our Junior ISA is a stocks and shares investing account. The child can’t be subscribed to another stocks and shares junior ISA, but can already have, or be subscribed for, a cash junior ISA with another ISA manager.

All money and investments in the Junior ISA must be in and remain in the child’s beneficial ownership (that means they have the ultimate right to them, no matter who holds them for you). The money and investments cannot, for example, be used as security for a loan. 

When we provide custody, it is the child who retains beneficial ownership. 

6.3.2 Registered contact

We can change the registered contact on the Junior ISA account to someone else with parental responsibility for the child, but doing so requires your consent as the existing registered contact. To change the registered contact, please contact us for further information and appropriate application forms.

6.3.3 Managing the Junior ISA

Moneybox is the appointed ISA manager. 

We will automatically renew the Junior ISA at the beginning of each new tax year unless you instruct us otherwise.

By agreeing to these terms and conditions, you authorise us to disclose all information to HMRC in connection with the Junior ISA that is required for us to comply with the ISA Regulations.

6.3.4 Contributing to the Junior ISA

You can only contribute up to a maximum of the Junior ISA allowance each tax year, as set by the ISA Regulations. The allowance resets at the start of each new tax year on the 6th April, and any unused allowance from the previous tax year does not carry over. 

All payments into the Junior ISA are treated as a gift and can’t be paid back at a later date. The money belongs to the child once it has been contributed. 

In order to contribute to the Junior ISA, you have to be a UK tax resident.

6.3.5 Cancellation

If you cancel a Junior ISA within the cancellation period set out in Section 3.3 (Cancelling your product opening), we will treat it as if you never contributed to that Junior ISA. If you cancel a transfer from another third party Junior ISA manager, we will take reasonable steps to return the money or investments to that party.

6.3.6 Withdrawals

Withdrawals from a Junior ISA cannot be made except (i) after the child’s 18th birthday (once the Junior ISA has been converted to a S&S ISA – see (Section 6.3.9 (Conversion to a S&S ISA on the child’s 18th birthday)) (ii) when the child is terminally ill (iii) death of the child or (iv) for any other reason permitted by the ISA Regulations.

We will process any withdrawal request from the Junior ISA in line with the process in Section 3.11 (Withdrawals). All requests will be completed within the required 30 day period following receipt of your instruction. You can ask us to make the withdrawal at a particular time and we will do our best to meet your request.

6.3.7 Transfers in 

You can transfer in money and investments from another Junior ISA so long as Moneybox, the ISA Regulations and your current ISA manager permit it.

If you want to transfer into your Junior ISA you can instruct us to transfer part of your previous tax year’s ISA contributions, but if you want to transfer your current tax year’s contributions to us you need to transfer all of them. We can’t accept a partial transfer of the current tax year’s contributions.

The process for transferring a Junior ISA follows the steps set out in Section 3.7 (Transfers in). This requires us to contact your existing ISA manager and make arrangements based on their requirements.

6.3.8 Transfers out

You can transfer a Junior ISA away from us to another ISA manager in accordance with applicable ISA Regulations. If you want to transfer, you should contact the new ISA manager and make arrangements based on their requirements. The new ISA manager should then contact us to request the transfer out.

If you want your transfer out to include contributions from the current tax year, then we must transfer all of the contributions from the current tax year. If the transfer includes contributions from previous tax years, then we can transfer all or part of those contributions.

We will process any transfer out request from the Junior ISA within 30 days. You can ask us to make the transfer at a particular time and we will do our best to meet your request.

6.3.9 Conversion to a S&S ISA on the child’s 18th birthday 

After the child’s 18th birthday, we will contact the child to let them know that the Junior ISA will be converted into a S&S ISA in their name and be subject to the terms and conditions relevant to that type of account. The registered contact will cease to have access to the account from this point onwards. 

Contributions from the registered contact must cease once the Junior ISA has been converted to a S&S ISA. The child (now an adult) will be able to set up contributions into their S&S ISA once all of the information and documentation we require has been received. 

6.3.10 Death 

If the child dies, we’ll hold the investments and any income they generate after the child’s death, until we can pay or transfer it out on instruction from the executor or personal representative.

We’ll stop reclaiming tax on any income distributions that we receive after the child’s death. We’ll also pay back to HMRC any tax refunds already received as a result of income paid after the date of the child’s death.

6.3.11 Applicable HMRC rules and ISA Regulations

All of our ISA products and their preferential tax treatments and bonuses (as applicable) are covered by the ISA Regulations, and all of our ISA products are subject to all of the rights and restrictions in those regulations. The government can and does change the rules. To the extent that there is a difference between these terms and conditions and the ISA Regulations (e.g. due to a change in regulation), the ISA Regulations will supersede.

6.4 Savings Accounts

Savings Accounts are Trust products powered by third party banks (see Section 2.2.2. (CASS products vs Trust products)). 

6.4.1 Contributing to your Savings Account

We’ll place any money you contribute to your product into a Trust Bank Account with the relevant provider. It will earn interest from that point on at the rate of interest that we’ll notify you of from time to time. Any interest earned on your contributions will be transferred to your product, rounded down to the nearest penny. 

You can only contribute up to any maximum amount the relevant product allows.

6.4.2 Interest on your money

For Savings Accounts, you will receive the rate of interest on the product as shown in the Moneybox app at the time. Moneybox will receive a fee from the underlying third party bank where your money is deposited or will retain the difference (if any) between the interest received from the third party bank and the amounts paid on your product.

6.4.3 Withdrawals

Once we’ve received a withdrawal instruction from you, we’ll pass that instruction to the third party bank that provides the account. 

For withdrawals from a Savings Account with a notice period you should expect the money to be in your account the business day following the expiry of the applicable notice period. 

For withdrawals from easy access Savings Accounts you should expect the money to be in your account on the next business day. 

Your product may have certain withdrawal restrictions (e.g. the number of withdrawals you can make per month). These will be set out in the Key Features Document for the product. 

If you instruct us to withdraw all your money from your product and the interest rate on the product increases after you’ve made the instruction, but before the notice period has ended, you’ll earn the new interest rate from the moment the rate increases. In this scenario, if no subsequent contributions have been made to the product, we will waive the notice period for withdrawing the additional interest and pay this out to you as a secondary payment.

6.4.4 Simple Saver Reward Rate

For the Simple Saver Savings Account, the reward rate is an additional variable rate applied to qualifying Simple Saver customers, on top of the underlying interest rate. 

To earn the reward rate on your Simple Saver savings account, you must satisfy at least one of the below eligibility criteria:

• • • Have a balance above £0 in a Moneybox Cash ISA, S&S ISA, Junior ISA or Moneybox Pension;
    • 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 then you are eligible to keep the reward rate for 12 months from the date your balance dropped to £0 or until 13 February 2025, whichever date is later; or
    • Hold, or have previously held, a Reward Savings Account without exercising your cancellation rights.

The reward rate and eligibility criteria may change from time to time at our sole discretion. We will inform you at least 14 days in advance if the reward rate decreases or if the eligibility criteria change is detrimental to you. 

6.5 Moneybox Pension

6.5.1 Set up, operation and the Moneybox Pension Trustee

The Moneybox Pension scheme is a registered pension scheme operated by Moneybox. As operator, Moneybox is responsible to you to administer the Moneybox Pension.

It’s set up by a trust deed (which means it’s structured as a Trust – see Section 2.2.2. (CASS products vs Trust products)) and governed by the Moneybox Pension scheme’s trust deed and rules, which together with these terms and conditions and applicable laws forms the legal agreement between us in respect of your Moneybox Pension. If there’s any conflict between the trust deed and rules and these terms and conditions, the trust deed and rules will supersede.

The trustee of the scheme is Moneybox Pension Trustee Ltd. As trustee, it has responsibility for holding your Moneybox Pension money and investments, but does not perform any other function and is not a party to this agreement. Meanwhile, we’ll be the party that keeps a record of the investments that you’re entitled to.

The trust deed and rules may change from time to time. If you ask us to, we’ll send you a copy of the trust deed and rules.

As with all our investing products, we arrange for someone else to provide dealing, safe custody, settlement and post-execution services in respect of the investments held within your Moneybox Pension.

6.5.2 Custody

All investments other than money are held in a pooled investment account by an approved custodian appointed by us in the name of Moneybox Pension Trustee. As a result, we might not be able to identify individual entries in the records of the custodian so if there’s a shortfall because of a default by the custodian, all customer accounts will share that loss proportionately between them. We won’t be liable for any default or failure of a custodian.

6.5.3 Managing your Moneybox Pension

By agreeing to these terms and conditions, you authorise us to disclose all information to the Financial Conduct Authority and HMRC in connection with your Moneybox Pension that is required for us to comply with the pension regulations.

6.5.4 Contributing money

You need to monitor the amount of money you contribute and any contribution limits. 

We can only refund contributions in a very limited circumstances, as permitted by the relevant regulations.

When you contribute money to your Moneybox Pension, it’s usually considered to have already had basic rate tax taken out of it. We will act on the basis that all contributions are eligible for tax relief. If you are not eligible for tax relief, you must cease contributing immediately. The money we get back won’t be ready for use until we actually receive it from HMRC, which usually happens approximately within 11 weeks after you made your contribution. If you pay a higher rate of tax than the basic rate which would also be reclaimable, you are in charge of reclaiming the relief above the basic rate yourself. 

Investments in your Moneybox Pension must not be used as security for a loan.

You need to keep the value of your Moneybox Pension above £1. This minimum value may change. If it does, we’ll let you know. If you don’t keep the value of your account above the minimum for a 12 month period we may close the product by giving notice to you.

6.5.5 Transfers into your Moneybox Pension

If you have transferred an existing pension scheme in your name to Moneybox but decide during the cancellation period to cancel your Moneybox Pension in line with Section 3.3 (Cancelling your product opening)), we’ll do what we can to return your investments and money back to the existing pension scheme provider, but it might not always be possible. If that happens, you’ll need to arrange for another pension scheme to accept the transfer and we’ll hold on to your investments and money until you tell us which replacement provider to send them to.

We can’t accept transfers of all pensions, only some. 

You can’t transfer in from a pension where your benefits are safeguarded, such as a defined benefit scheme, or one with guaranteed annuity rates. If you request a transfer of a scheme we can’t accept we’ll notify your current pension provider.

You also can’t transfer in a pension with your current employer where your employer is still contributing to it. 

If an existing pension provider instructs a transfer in of a pension scheme that we can’t accept, even after we’ve told them that we can’t accept it, and you suffer a loss of your pension benefits, we won’t be liable for that loss. You should also know that you might be subject to charges and exit penalties from your previous provider.

6.5.6 Interest

Interest may be paid to us by banks on the Moneybox Pension Trustee Ltd’s Trust Bank Account, including where we hold cash pending the execution of order instructions. We will retain any such interest.

If interest becomes payable on cash held in your Moneybox Pension, the interest rate will be disclosed to you and we will (and you authorise us to) deduct such charges as HMRC imposes from time to time on interest payments. 

We will retain the difference (if any) between the interest received from the third party banks and the amounts (if any) paid to your Moneybox Pension.

6.5.7 Dividends and income

Dividends and income received will be added to your Moneybox Pension on the day of receipt wherever possible but may take up to 10 business days. 

If you receive income in the form of cash, we will add it to your Moneybox Pension and reinvest it into the Fund that paid the income unless you’ve transferred out your Moneybox Pension, in which case we’ll send it to your new provider subject to them agreeing to accept it. 

We’ll reclaim tax on investment income received into your Moneybox Pension where it’s allowed by HMRC’s rules. We’ll submit any tax reclaims to HMRC by the 31st January following the tax year in which the tax was taken. If we are successful, we’ll credit your Moneybox Pension with reclaimed money promptly.

6.5.8 Transfers out

You can transfer your money and investments from a Moneybox Pension to a third party provider.

6.5.9 Withdrawals and taking benefits

You can access your Moneybox Pension after age 55 (rising to age 57 from 2028) in line with the options set out below. Where your assets are held as investments, these will need to be sold down to cash first. Please contact us for further information and the appropriate application forms to access your pension benefits.

If you choose to flexibly access your pension benefits after 6th April 2015, then you may become subject to rules which provide you with a lower pension contribution allowance. If that’s the case you must inform us immediately if you accessed cash with another pension provider and tell us when you accessed your benefits in this way.

6.5.9.1 Purchase of an annuity

You can use the funds in your Moneybox Pension to purchase a lifetime annuity from a third party annuity provider. In order to do so, you’ll need to instruct us to transfer your Moneybox Pension funds to the third party annuity provider that offers those facilities.

6.5.9.2 Pension Commencement Lump Sum (PCLS)

If you choose to use some or all of your Moneybox Pension to purchase an annuity from a third party annuity provider, at the same time you may withdraw up to 25% of your Moneybox Pension as a Pension Commencement Lump Sum (PCLS), subject to any regulatory limits. This is a lump sum payment that is free from tax. The residual value of your Moneybox Pension following a PCLS payment will be transferred to your chosen annuity provider.

6.5.9.3 Uncrystallised Fund Pension Lump Sum (UFPLS)

You can withdraw some or all of the money in your Moneybox Pension as a lump sum. This is known as an Uncrystallised Fund Pension Lump Sum (UFPLS).

If you request a partial UFPLS withdrawal we will sell your investments proportionately to raise the required amount of money. If you request a full UFPLS withdrawal we will sell all of your pension investments.

The first 25% of each UFPLS withdrawal is tax free, with the remaining balance subject to tax at your applicable marginal income tax rate.

Any cash left in your Moneybox Pension following a partial UFPLS will continue to be invested in the applicable Funds.

If you withdraw money using UFPLS, please note you will trigger the money purchase annual allowance rules and reduce your annual pension contribution allowance going forward.

6.5.9.4 Small Pot Lump Sum

If the balance in your Moneybox Pension is £10,000 or less, you can withdraw it all as a ‘small pot’ lump sum.

The first 25% of the ‘small pot’ lump sum is tax free cash, with the remaining balance being subject to tax at your applicable marginal income tax rate.

6.5.9.5 Drawdown

Moneybox doesn’t offer drawdown, where you are able to take a tax free lump sum and income directly from your pension. If you’re looking to do this with your pension at retirement age, we can help you to quickly and efficiently transfer to another provider who offers this.

6.5.10 Early withdrawal due to serious ill health or a terminal illness

If you are diagnosed with serious ill-health or a terminal illness that means your life expectancy is less than 12 months, and you have not yet started to take benefits, you can choose to take your pension benefits as a lump sum. Taking your benefits early may affect the value of your benefits.

6.5.11 Death 

If you die, your Moneybox Pension full cash value will be used to provide benefits for your spouse/civil partner, dependants, family members or other beneficiaries nominated by you for this purpose. 

If you do not leave a surviving spouse/civil partner or dependants then the value of your fund may be paid to a charity nominated by you for this purpose. Any funds paid to charity will be exempt from tax.

Moneybox will decide who will receive benefits at our absolute discretion. However, we will take into account any wishes you have expressed through the completion of a death benefit expression of wish. For more information, please see the relevant Key Features Document.

We won’t be responsible for any changes in the price of the investments as a result of market movements between your death and the payment out of those investments.

6.5.12 Pension Locating Service

If you request to use the Pension Locating Service, we will use the information you provide us to try to locate your existing pensions on your behalf. 

The information we ask you to provide about yourself could include further information about your existing pensions, employment history and other personal details that may be relevant for our search. We may also ask you for authorisation to approach the providers of your existing pensions (in writing or verbally) on your behalf to obtain relevant information from them. 

By using the Pension Locating Service you agree to allow us to use this information (including your personal data and any approved form of your signature, if provided) to identify you to your existing pension providers upon their request. You also agree to allow us to contact organisations on your behalf to find your existing pensions, including government departments, pension providers, your current and past employers and any other person or organisation we believe may help us to locate your pensions. By asking us to locate your pensions, you approve our usage of a standard letter of authority, which may contain an electronic or physical (wet ink) copy of your signature.

You understand that even if you have provided us with further information to locate your existing pensions, we cannot guarantee that we will be able to locate any or all of them.

While we will always take reasonable measures to ensure the information we provide you is accurate, we cannot guarantee the accuracy of information provided by third parties in relation to your existing pensions. We do not accept liability for any default or mistakes by any third party who has provided us with information about your pensions or resulting mistakes or inaccuracies.

6.5.13 The Moneybox Pension Starter Fund 

The Starter Fund is the default investment option offered to the members of the Moneybox Pension. The Starter Fund is intended to meet the needs of a wide range of the Moneybox Pension members – people of different ages, backgrounds and income levels. There is no guarantee that it will be suitable for your particular retirement goals.

The Starter Fund is a target date fund which invests your pension savings depending on how far away you are from your selected retirement age and it aims to preserve their value by gradually moving them into more cautious investments as you get closer to your retirement age. 

The Starter Fund investment option will be carefully monitored and may be changed by us at our discretion if it is no longer considered to be right for the members of Moneybox Pension. If you are invested in the Starter Fund and we decide to change it, you will be automatically switched to the new Starter Fund option and we will notify you at least 30 days in advance of this change.

Appendix 1

Fees and Charges Overview

1. INTRODUCTION 

Welcome to Moneybox, the saving and investing app that helps turn your money into something greater.

We believe in being fair and transparent. This document provides a breakdown of the fees and charges that apply across all of our products and services. 

To help you navigate this document we have broken our fees and charges down by product type:

• • • Section 2: Savings Products
    • Section 3: Investing Products (except for the Moneybox Pension)
    • Section 4: Moneybox Pension 

All Moneybox fees and charges are subject to VAT, if applicable.

2. SAVINGS PRODUCTS (Savings Accounts, Cash ISA and Cash LISA)

For savings products, you will receive the rate of interest on the product as shown in the Moneybox app at the time.

At Moneybox, we do not charge a customer service fee for our savings products. Instead, we will receive a fee from the underlying third party bank where your money is deposited or will retain the difference (if any) between the interest received from the third party bank and the amounts paid on your product.

3. INVESTING PRODUCTS (S&S ISA, S&S Lifetime ISA, Junior ISA and General Investment Account)

This section provides an overview of the fees and charges on investing products, along with illustrative breakdowns of how fees and charges would apply based on different investments.

These fees and charges are exhaustive of the fees paid on our investing products. We do not, for example, charge a fixed fee or commission on each individual buy or sell order. 

These fees are only paid on the value of investments, and not on any money held in Available Cash. 

Fees and charges

If we sell a US stock on your behalf, US regulators including the Securities and Exchange Commissions and the Financial Industry Regulatory Authority may levy regulatory fees on the brokerage firms we use. These fees may be passed on to our customers, however, these are unlikely to materially impact the proceeds of your order to sell.

For money held as Available Cash, you will receive the rate of interest on the product as shown in the Moneybox app at the time. We do not charge a customer service fee for money held in Available Cash. Instead, we will retain the difference (if any) between the interest received from the underlying diversified third party banks and the amounts paid on your product.

This section shows how these fees and charges would be applied on an annualised basis for an investment of £3,000 in different scenarios.

Scenario 1: Balanced Allocation

In this scenario, we look at the investment of £3,000 using a balanced allocation starting option

Table 1: Annualised Charges for a Balanced Allocation

And now those product costs and service costs on an itemised basis.

Table 2: Itemised Annualised Charges for a Balanced Allocation

Now let’s look at the effects of those charges on the return on investment.

Table 3: Effect of costs on returns for Balanced Allocation*

*Note: This example assumes a net growth rate on investments of 3.32% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 3.32%. After fees have been deducted you could achieve returns of 2.46%. This equates to a reduction in profit of £31.24

Scenario 2: US Stocks only

In this scenario we look at the costs in relation to a portfolio of investments that are only invested in US stocks.

Table 4: Annualised Charges for a US Stocks Portfolio

And now those product costs and service costs on an itemised basis.

Table 5: Itemised Annualised Charges for a US Stocks Portfolio

Now let’s look at the effects of those charges on the return on investment.

Table 6: Effect of costs on returns for a US Stocks Portfolio*

*Note: This example assumes a net growth rate on investments of 4% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 4%. After fees have been deducted you could have achieved returns of 2.26%. This equates to a reduction in profit of £52.20.

**Regulatory fees on sell orders by the Securities Exchange Commission and FINRA are levied on brokerage firms for engaging in US stock trading. These fees may be passed on to our customers, however these are unlikely to materially impact the proceeds of your sell order.

4. MONEYBOX PENSION

Fees and charges

The Moneybox Pension is an investing product , but because of how it is operated the fees that apply to it are different from our other investing products.

These fees are exhaustive of the fees paid on the Moneybox Pension. We do not, for example, charge a fixed fee or commission on each individual buy or sell order.

Example breakdown

Scenario: Global Shares Fund

In this scenario, we look at the effect of fees on an investment of £10,000 into the Global Shares Fund through your Moneybox Pension.

Table 7: Annualised Charges for Investment in the Global Shares Fund

And now those product costs and service costs on an itemised basis.

Table 8: Itemised Annualised Charges for Investment in the Global Shares Fund

Now let’s look at the effects of those charges on the return on investment.

Table 9: Effect of costs on returns for Investment in the Global Shares Fund*

*Note: This example assumes a net growth rate on investments of 3.41% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 3.41%. After fees have been deducted you could achieve returns of 3.39%. This equates to a reduction in profit of £61.00.

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