MoneyBox quietly closed its 95 Day Notice Savings Account last month

By Oliver Smith on Friday 3 July 2020

Savings and Investment

The latest casualty of rock-bottom interest rates and huge savings demand.

MoneyBox quietly closed its 95 Day Notice Savings Account last month
Image source: MoneyBox.

In the rock-bottom interest rate world of Covid-19, decently paying savings accounts have become the latest casualties. 

Marcus took steps to slash rates and then withdraw its fixed saver after demand put it up against a regulatory threshold, now MoneyBox has followed suit. 

The savings app quietly removed its 95 Day Notice Savings Account last month, telling existing customers of the Investec-provided account that they would no longer be able to deposit more cash into their accounts, only withdraw. 

In an email to customers on 15 June, seen by AltFi, MoneyBox wrote that “over the last few months, we have seen large numbers of customers sign up for the 95 Day Notice Savings account.” 

“Unfortunately we have limited capacity with Investec and have therefore taken the decision to temporarily suspend deposits for existing customers and close the account to new customers.” 

Any funds currently invested in an account will continue to earn interest, which stood at 0.8% AER before the account was closed. 

Customers on social media were told the team was working hard “behind the scenes” to get deposits reopened, while a note on the fintech’s website says “we hope to make it available again soon.”

MoneyBox co-founder Ben Stanway said: "We understand that this might be frustrating for customers who are building up their savings with us."

"We’ll continue to work closely with the team at Investec and all our banking partners, and will be sure to notify customers as soon as deposits become available again. In the meantime, we’d encourage anyone who is interested in saving or investing with Moneybox to consider one of the other accounts we offer."

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