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Why do I need a Direct Debit?
Why do I need a Direct Debit?

An outline of how we collect funds at Moneybox, and why we need a Direct Debit.

Brandon avatar
Written by Brandon
Updated over 4 months ago

Any funds you add to the app are taken from your linked bank account, so you'll need a UK current account linked in order to pay into your account(s) with us.

For most of our accounts (excluding Notice Accounts and the Reward Savings Account), you can deposit £100 or more instantly via instant bank transfers, and do not need an active Direct Debit for this.

So, if you’d prefer to solely deposit through instant bank transfers you’re more than welcome to cancel your Direct Debit with your bank 👍

If you’d like to set up recurring payments, or deposit into an account which doesn’t support instant bank transfers you’ll need to set up a Direct Debit for us to collect the funds.

Setting up a Direct Debit doesn’t mean you need to commit to recurring payments though, and you can still contribute via one-off deposits through our collection cycle if you’d prefer!

The amount collected and debited each week is according to your app settings, which can be changed at any time!

You can also cancel your Direct Debit with your bank at any point to prevent any further payments through our weekly collection cycle.

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