How does the Cash ISA and Open Access Cash ISA interest rate work?

Interest for both our Cash ISA and Open Access Cash ISA is calculated on a daily basis and paid monthly, on the first of each month.

How is interest displayed on my account?📱

Interest is calculated based on the money you’ve contributed, interest paid, and interest due (interest that has been earned but not yet credited to your account).

In the Moneybox app, you can see how much interest you have earnt each day by viewing your “today’s interest” figure in the Wealth tab. You can also see how much interest you are due to receive for the current month in your account breakdown, accessible in Wealth > Tap on your account > Breakdown.

You’ll see your daily interest increase when any pending deposit(s) have been fully deposited with the partner banks who power your Cash ISA or Open Access Cash ISA.

For deposits made in-app through our weekly collection cycle, your ‘today’s interest’ typically updates on the Thursday after the funds leave your bank account. If you deposit via easy bank transfer, manual bank transfer, transfer in an ISA from another provider, or move money from another Moneybox account, this will typically occur the next working day after the funds have been added to your Cash ISA balance.

You can find an example of how much interest you could earn for your account in the Summary Box found on our website, which can be accessed by selecting your chosen account under the ‘Savings’ heading, and scrolling down.

Please note that our advertised interest rates are annual equivalent rates (AER) and our rates are also variable, which means they could go up or down in future.

Moneybox Cash ISA interest rules 📝

For both our Cash ISA and Open Access Cash ISA, a lower interest rate of 0.75% AER (variable) applies whenever your account balance is less than £500, and you’ll temporarily lose the bonus rate until your balance increases to £500 or more. Once your balance increases to above £500, you’ll see your rate update in the app within 24 hours.

For our Cash ISA only, you can withdraw as often as you’d like, however, if you withdraw four or more times within each 12-month period from the date of opening your Cash ISA, you’ll receive a lower rate of 0.75% AER (variable) for the rest of that period and lose the bonus rate if this is within your introductory bonus period. The number of withdrawals you can make without impacting your rate will reset yearly on the date you opened your Cash ISA.

If you request a full withdrawal or a full transfer out to another provider, we’ll prepay any interest you’ve earned to date.