Today Moneybox launches a 95 day notice account powered by Investec, offering customers a very competitive rate of 1.65% AER variable on savings from £1 to £85,000.
This is the company’s first traditional savings account and is the latest fintech partnership for the saving and investing app. Most recently, Moneybox partnered with OakNorth to launch a Cash Lifetime ISA which offers the market-leading rate of 1.4%. These partnerships enable Moneybox to offer great rates to customers on savings accounts, in addition to its range of investment products.
Millions of people across the UK have money sitting in current and savings accounts offering low rates of return. The Financial Conduct Authority (FCA) found that almost 50% of money held in easy access savings accounts in the UK is earning less than 0.5% interest, and around 77% is earning less than 1.1%.
Notice accounts are a great way to earn higher interest rates with only a little less flexibility than easy access accounts. The competitive rate on the new Moneybox account, combined with the £1 minimum deposit, makes it an attractive option for savers looking for higher rates. Customers can sign up to the award-winning app directly from their mobile phone and start saving in minutes. They can choose from a range of savings features including the popular round ups tool which enables you to ‘round up’ everyday purchases to the nearest pound and save the spare change.
Ben Stanway, co-founder of Moneybox, commented: “The low interest rates being offered by high-street banks on easy-access accounts make it almost impossible for people to grow their hard-earned money. We believe people deserve better and we’re excited to launch our 95 day notice account, offering customers a much higher rate from as little as £1.
Moneybox customers asked for savings accounts to help them reach their short-term saving goals. It’s great to be working with Investec on the first of a range of accounts we plan to launch over the coming months.”
Investec’s David Hunt commented: “By working with Moneybox to deliver this offering to their growing user base we are providing another opportunity for individuals to save for their future whilst earning a very competitive interest rate. We have worked closely with Moneybox to create a tailored account to meet the needs of their customers, delivering a seamless user experience and working alongside their investment account. This further cements our commitment to supplying innovative solutions in the exciting space of savings apps and platforms.“