Moneybox, the award-winning saving and investing platform, has today launched a new market-leading Cash ISA.
The solution is set to offer users 4.65%* AER (variable) on deposits of £500 or more, allowing people to grow their savings tax-free over the medium-long term.
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.
Brian Byrnes, Head of Personal Finance at Moneybox, said: “At Moneybox we are passionate about helping people build and embed positive savings behaviours in order to grow their money and build wealth throughout life.
“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, you’ll have peace of mind as you watch your savings grow over time, knowing how much interest you’ll earn each year.”
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.
Upon making a fourth withdrawal within a 12-month period, the interest rate will be adjusted to 0.75% AER (variable) for the remainder of that period. Funds withdrawn will be paid out on the next available working day.
Charlie Mortimer, Co-Founder of Moneybox added: “In the 72 hours since we launched our Cash ISA to current customers, I am delighted to say that the product has been extremely well received, with many thousands of Cash ISAs opened and millions in funds deposited.
“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. We are proud to support a growing community of more than 1 million people achieve their financial goals and build wealth with confidence, so they can enjoy life today and tomorrow.”
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