Moneybox has launched a new market-leading Cash ISA, offering 4.65 percent AER (variable) on deposits of £500 or more.
This new Cash ISA allows up to three withdrawals within each 12-month period from the date of account opening, without compromising the “attractive interest rate”.
The Moneybox Cash ISA can be opened with a £500 deposit or by transferring an ISA from another provider.
Up to £20,000 can be deposited each tax year, but this limit is shared between any other ISAs held (e.g. a Lifetime ISA, Stocks & Shares ISA, etc.).
The Moneybox Cash ISA takes the leading spot in the easy access ISA market offering 4.65 percent.
This new interest rate blows their competitor Cynergy Bank out of the water as they are offering 4.55 percent.
With this easy access cash ISAs, there are no limits to the number of withdrawals that can be made.
However, if people make four or more within the 12-month period, the interest rate will drop to 0.75 percent AER (variable) for the remainder of that period. The rate will drop to 3.8 percent after 12 months.
Funds withdrawn will be paid out on the next available working day.
Charlie Mortimer, Co-Founder of Moneybox added: “The Moneybox Cash ISA complements our existing range of saving, investing, home buying, and retirement services, all delivered through one simple and easy-to-use app.”
Brian Byrnes, head of personal finance at Moneybox explained with current bank rates at their highest in over a decade, it has never been more important to make sure our money is working as hard as possible.
A Cash ISA is different from other savings accounts because any interest earned is completely tax-free, making it an ideal choice for anyone saving for longer-term goals or important life events such as getting married or raising a family.
With a Cash ISA, Britons will have peace of mind as they watch their savings grow over time, knowing how much interest they’ll earn each year.
The investing platform aims to help people build and embed positive savings behaviours in order to grow their money and build wealth throughout life.
