What is the Simple Saver and how does it work?

The Simple Saver is a savings account which allows you to build your savings and access your money when it suits you, and can be managed via our mobile app and on the Moneybox website.

The account has an underlying interest rate of 2.40% AER (variable). You can pay in up to £120,000 in total and can keep the account open for as long as you like.

Withdrawals can be requested in the app in Settings > Withdraw or via our website in Home > View account > Withdraw, and are limited to one per calendar month. Once requested, withdrawals are paid into your linked bank account on the next working day.

Moneybox does not charge you for your Simple Saver, however, we will receive a fee from some of the third party banks where your money is deposited. The interest rate you see in the app is the interest rate you’ll receive.

If you hold a balance of above £0 in a qualifying Moneybox account (ISA, LISA, JISA, or Pension), or you have a Reward Savings Account that hasn’t been cancelled, you’ll earn a reward rate of 1% (variable) on top of the underlying rate of 2.40% AER (variable). This gives you a reward rate of 3.40% AER (variable).