How long does the weekly collection cycle take?

Most Moneybox products offer the option to set up recurring payments that are collected and debited from your account automatically via our weekly payment cycle.

Here’s a breakdown of how our collection cycle works:

Step 1: Your savings are collected from your upcoming collection in the Home tab of the app on Wednesday at around midday. At this stage, you’ll be able to see this collection appear in your ‘activity’ section in the Wealth tab.

Step 2: This money leaves your linked bank account via Direct Debit early the following week (usually on Monday) and you’ll see your deposit added to your account balance by the end of the day. We’re still waiting for full confirmation from your bank at this stage.

Step 3: For cash accounts, your money will then be submitted with the partner bank(s) that powers your account on Thursday, and this is when you’ll begin earning interest.

For investment accounts, your money will be submitted for investment on Thursday and will then take a few working days to settle.

What if I want to deposit instantly?

You can also deposit £100 or more instantly with easy bank transfers, providing these are supported by your bank – just tap ‘Add money’ in the Home tab to get started.

Or, if you hold an ISA, LISA, Simple Saver, Reward Savings Account, Notice Account or GIA, you can send payments of £100 or more directly from your linked bank account using manual bank transfers. You can find more information on how these work here.

Paying into our 1 Year Fixed Rate works slightly differently – further information is available here.