February marked the start of our end of tax year countdown! ⏳ From ISA allowances to the Lifetime ISA bonus, it’s important to know what ISA season means for you as, in some cases, you could be missing out on free money. 💸 We break down everything you need to know, including our important 2020-21 end of tax year collection timings in our Updates below.
Plus, we’re offering people who contribute to a Moneybox Stocks & Shares ISA before the end of the tax year the chance to win in our Prize Draw!
Final collection timings ⏰
The official 2020-21 tax year runs from 6 April 2020 and ends on 5 April 2021. However, as a Moneybox customer you know we operate on a weekly cycle, collecting your money on Wednesdays with a direct debit taken from your bank account the following Monday. This means the last chance to open a new Moneybox ISA or Lifetime ISA if you’d like to contribute for the 2020-21 tax year will be midday 30th March. Our final collection (money added to a ISA or Lifetime ISA) for this tax year is midday 31st March.
From midday on Wednesday 31st March, we’ll begin to collect the amount shown in the green circle on your This Week tab, with the money leaving your bank account a few days later. The Easter holiday period also falls around this end of tax year so, due to the bank holidays, your money will likely leave your bank account on 7th April – but don’t worry, if it was collected from your green circle on Wednesday 31st March, it still counts towards the 2020-21 tax year.
The first collection of the 2021-22 tax year will be on the 7th April.
Invest or open an ISA before the tax year ends & enter our prize draw! 🚀
Last month we were pleased to launch our new ISA Prize Draw, to help you make the most of your Stocks & Shares ISA allowance before the tax year ends.
We’re offering people who contribute at least £100 to a Moneybox Stocks & Shares ISA between 27th February and 30th March the chance to win one of four epic prizes. We have two £10,000 and two £5,000 cash prizes to be won!
We’ve paid out £95 million in Lifetime ISA bonuses this tax year! 🎉
Now’s a great time to consider saving for your first home with a Lifetime ISA as you can get up to £1,000 for free each tax year thanks to the 25% government bonus. We’ve already paid out £95 million in Lifetime ISA bonuses this tax year alone – don’t miss out on your share!
Introducing Moneybox Mortgage Advice 🏠
At Moneybox, we’re on a mission to help everyone save and invest for their future. As the UK’s largest provider of Lifetime ISAs, we’re already helping hundreds of thousands of you to save for your first homes. Now we want to help you with the next step of your journey, whether you’re buying your first home, next home or remortgaging.
Last month, we were very excited to start internal testing of Moneybox Mortgage Advice – a service to help you find a mortgage that’s right for you. This is now live in beta!
We know the experience of buying or remortgaging a home can be difficult, expensive and unnecessarily stressful. So we’re approaching mortgages differently. Moneybox Mortgage Advice will allow you to complete your mortgage application from start to finish all from within the Moneybox app. Through our dedicated team of advisers and simple in-app experience, we want to bring the joy back to buying a home. We offer free, impartial advice and our advisers are not incentivised by commission, meaning you always get the advice that’s right for you and your financial needs.
Throughout our beta we’ll be working to develop a best-in-class service, before making it available in-app to all current and then future Moneybox customers – stay tuned for further updates.
Moneybox Mortgage Advice is provided by Moneybox Mortgages.
Please note your home could be repossessed if you do not keep up repayments on your mortgage.
We were thrilled to win four Boring Money Best Buy Awards for 2021! 🙌
🏆 Best Buy ISAs
🏆 Best for Customer Service
🏆 Best for Digital – ISA
🏆 Best for Beginner Investors – ISA
These were awarded based on expert’s opinions and customer reviews, meaning your reviews on Boring Money contributed to our score. 🤗 As always, we can’t thank you enough for your support. Awards like these are a great way to spread the word about Moneybox and encourage even more people to start saving and investing for their future!
In the news 🗞
- “I’m so motivated when I look at my increasing funds now!” Check out how Moneybox investor, Olivia, has reviewed her money habits in lockdown and is now focused on her long-term goals with a Stocks & Shares ISA.
- We share some of our top home-buying tips via This is Money.
Behind the scenes 🎬
This month, we go behind the scenes at Moneybox HQ and catch up with Android developer Teo! Learn more about how he brings to life what you see when you log into the Moneybox app!
For the Lifetime ISA, you must be over 18 but under 40 to open an account. If you need to withdraw money for any reason other than your first home (up to £450,000) or retirement, you’ll pay a government withdrawal charge. Please note, the government charge has been temporarily reduced to 20% until 5 April 2021, meaning you will lose any government bonuses you have earned. The government charge will change back to 25% on 6 April 2021. If you’re a Lifetime ISA holder we’ll be in touch this week via email about what the change in government withdrawal penalty means for you.