By Oliver Smith on Friday 3 July 2020
The latest casualty of rock-bottom interest rates and huge savings demand.
In the rock-bottom interest rate world of Covid-19, decently paying savings accounts have become the latest casualties.
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.”
"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."