I have heard the same about Moneybox so will no doubt find out in a few days.
My Virgin ISA has stood open and empty since I transferred the contents out in 2021. It never closed
I have heard the same about Moneybox so will no doubt find out in a few days.
My Virgin ISA has stood open and empty since I transferred the contents out in 2021. It never closed
As soon as I transferred my cash ISA from Chip, the empty ISA disappeared and I don’t have the option to create another. They did make this clear at the time, though.
It’s conditional on an application for compensation and then a review of that claim and a decision to payout. In most cases for your average person if compensation is applied to one it would likely be applied to everyone affected, but it is not a guarantee that will always automatically pay out on any failure
For some reason a lot of these digital/app banks are only interested in getting new customer signups, and only new customers that they’ve never had before.
I recently transferred my legacy Santander ISA (I think 1.5-2%) to Zopa - it took only a few days, but there’s no evidence it ever having existed in my Santander online banking.
Guess you’ll need to be satisfied with a confirmation letter through the letter box.
Nothing left in Documents or Statements?
Moneybox Cash ISA
Well, a few interesting emails from Moneybox, since I transferred my Cash ISA out to Monument.
The first had clearly stated that once I left, I could not open another Cash ISA.
Though technically, I have not actually asked to close the account, just transfer the balance.
Then I get an email saying that as my balance was below £500, my interest rate would drop.
Well, I know that cos it’s in the T&Cs. 0.75% now I believe.
Then an email saying that my Cash ISA bonus expires on 10 May.
Yeah, I know. That is why I left, cos my rate then would be just 3.75%
The same email also said that, wef 10 May (coincidence) the underlying interest rate for my Cash ISA would become 4.20%
So a 0.45% rise - really?
As it is, it shall now remain dormant, unless they close it, as I have exhausted this year’s ISA allowance, and my funds in accounts earning greater interest than they offer.