What is the 1 Year Fixed Rate and how does it work?

The 1 Year Fixed Rate is a savings product which offers a fixed interest rate of 4.0% AER for 1 year. Please note that this product is currently only available to existing Moneybox customers.

When you open a 1 Year Fixed Rate, you’ll have a limited funding window within which to make payments. You can pay in from your linked bank account via manual bank transfer, and all payments must be received by 23:59 on the ‘Fund by’ date shown in the app.

You can pay in as little as £1 and up to £120,000 in total, which is also the maximum you can save across any Fixed Rate products you hold with Moneybox. Please note that, when you make a deposit during the funding window, it cannot be reversed and you won’t be able to withdraw it until the access date shown in the app.

Once the funding window closes, you can no longer make further payments, and your balance is locked away for a year, earning interest daily. You can check the date you’ll be able to access your money in the app in Wealth > 1 Year Fixed Rate > Access date.

At the end of the product term, you’ll need to decide what to do with your money. We’ll contact you before your access date to explain the options available to you, however, you will always be able to withdraw your money, together with any interest accrued, to your linked bank account on this date.

Moneybox does not charge you any fees for your 1 Year Fixed Rate, however, we will receive a fee from some of the third-party banks where your money is deposited.