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

Interest for both our Cash ISA and Open Access Cash ISA is calculated on a daily basis. For our Cash ISA, interest is paid monthly, on the first of each month. For our Open Access Cash ISA, interest is paid annually, on the anniversary of your account opening.

How is interest displayed on my account?📱

You can keep track of how much interest you’ve earned each day either by viewing your ‘today’s interest’ figure in the Wealth tab of the Moneybox app, or by logging in to the Moneybox website and clicking ‘View account’ in the Home screen.

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.

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.

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.