Moneybox

Moneybox has simplified its pension fees. The personal pension charges a flat 0.15% platform fee, capped at £150/year for Moneybox's own IFSL funds. No trading fees. No transfer fees. No tiered nonsense where your first £100k costs more than your second.

What does that mean in practice?

• £10,000 pot: £15/year
• £50,000 pot: £75/year
• £100,000 pot: £150/year (the cap kicks in)
• £500,000 pot: still £150/year
• £1,000,000 pot: still £150/year

Add fund charges — the IFSL Moneybox pension fund range has OCFs capped at 0.29% — and your all-in cost is about 0.44% on a £100k pot, or £440/year. That undercuts Vanguard's 0.15% + fund fees (capped at £375/year on platform alone, so £525+ all-in on £100k). It demolishes Hargreaves Lansdown's uncapped 0.45% on the first £250k.

The July cashback offer — £100-£5,000 on pension transfers — has now expired. It was aggressive while it lasted, but the underlying fee structure is strong enough to stand on its own. If you've got old workplace pensions sitting in high-fee default funds, the £150/year cap alone makes consolidation here worth a serious look.

Important detail on fund choice. The 0.15% capped fee applies to Moneybox's own IFSL funds. Choose third-party funds instead and the platform fee changes to 0.45% on the first £100,000, then 0.15% on any amount above that, with no cap. That's not bad on smaller pots but gets expensive fast above £100k. If you want maximum fund choice in a pension, AJ Bell or Interactive Investor are better. But for straightforward pension consolidation with a genuinely competitive fee structure, Moneybox remains best-in-class. For more on pension options, see our pensions hub.

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Moneybox's investing accounts — Stocks & Shares ISA, GIA, JISA, S&S LISA — still charge 0.45% platform fee plus a £1/month subscription.

The verified breakdown as of August 2026:

• £1/month subscription — free for first 3 months, waived if you hold £5,000+ in the Cash ISA or Simple Saver
• 0.45% platform fee — charged monthly by selling down your largest holding
• Fund provider fees (OCF) — 0.12% to 0.31% depending on the fund, per Moneybox's current fund listings
• 0.45% FX fee on US stock purchases — charged on the conversion each way

The real numbers: Moneybox's own example shows a £3,000 Balanced portfolio at 0.17% fund fees + 0.85% service costs = ~1.02% all-in. On £10,000, the subscription impact shrinks and total cost drops to roughly 0.74%.

Compare that to Vanguard Investor (0.15% platform fee, no subscription): on £10,000 you'd pay about 0.27% all-in including fund fees. On £50,000, the gap is £225 at Moneybox vs £75 at Vanguard — £150 extra every year for the same passive index exposure.

And InvestEngine charges 0% platform fee on its managed portfolios. Zero.

The £1/month subscription is clever pricing disguised as trivial. On a £500 ISA it adds a hidden 2.4% annual charge before you even get to the 0.45% platform fee. That's a terrible deal for small savers — exactly the people Moneybox markets to. The £5,000 waiver is the fix, but most new investors won't hit that threshold for years.

Investment range: deliberately narrow. Three risk-rated Starting Options (Cautious, Balanced, Adventurous), a handful of individual tracker funds, ESG variants, and US individual stocks — Apple, Amazon, and similar mega-caps. No UK individual shares. No investment trusts. No bonds. No broad fund marketplace. If you want to buy Scottish Mortgage or Fundsmith, you can't.

This is fine for a first ISA. It's actively frustrating once you know what you're doing. Read our investing hub for more on building a portfolio.

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Moneybox's Cash ISA now pays 4.52% AER (variable) — up from 4.00% in July. The number that matters is still 3.45%.

The 4.52% rate includes a 1.07% bonus that lasts exactly 12 months. After that, you drop to the underlying rate of 3.45%. This is a common loyalty-lag strategy — and it works because most people don't switch when the bonus expires. The bonus has nearly doubled from 0.55% to 1.07%, which makes the headline rate look dramatically better. Don't be fooled — the underlying rate hasn't moved.

There are strings attached even during the bonus period. Make four or more withdrawals in a 12-month window and your rate collapses to 0.75% AER. Drop your balance below £500 and the same thing happens. The minimum opening deposit is £500.

The Open Access Cash ISA offers 3.80% AER (variable) with unlimited withdrawals and a £1 minimum balance. No withdrawal penalty, no bonus expiry cliff. It's the better product for most people — you sacrifice 0.72% in headline rate for complete flexibility.

For transfers in, the standard Cash ISA accepts them at the 4.52% rate. The Open Access version offers 3.25% on transfers.

New: The Cash LISA is paying 4.25% AER. This hasn't had much attention but it matters. The rate is made up of a 1.45% variable rate plus a 1.45% introductory bonus for the first year. For first-time buyers using a Lifetime ISA, that's a 4.25% tax-free return plus the 25% government bonus on contributions up to £4,000/year. No other LISA provider combines rates this high with the government bonus. If you're saving for a deposit and don't want stock market risk, this is the best Cash LISA rate on the market.

Compare these rates to the broader market. The Bank of England held Bank Rate at 3.75% on 30 July 2026 — its seventh consecutive hold. Top easy-access cash ISAs are hovering around 4.00-4.50%. Moneybox's 4.52% is competitive but the bonus expiry means you'll need to review it after 12 months.

For full context on ISAs, see our ISA guide and our savings hub.

Moneybox is the UK's largest Lifetime ISA provider, responsible for over 100,000 first-home purchases. This isn't marketing — it's structural. No other platform has invested as heavily in the LISA product, and it shows.

They offer both a Cash LISA and a Stocks & Shares LISA. The government adds a 25% bonus on contributions up to £4,000/year — that's up to £1,000 of free money annually. For a couple both using LISAs, that's £2,000/year toward a deposit, plus any investment growth or interest.

The Cash LISA now pays 4.25% AER (variable) — composed of a 1.45% underlying rate and a 1.45% introductory bonus for 12 months. For someone maxing out the £4,000 annual contribution, that's roughly £170 in interest plus the £1,000 government bonus. Combined with the 25% bonus, you're looking at an effective first-year return that no standard savings account can touch.

The S&S LISA invests your money in the same Starting Options as the regular ISA — Cautious, Balanced, or Adventurous. It's only suitable if you're at least 5 years from buying; short-term stock market exposure before a house purchase is a terrible idea.

Important limits: you must be 18-39 to open a LISA, you can only contribute until age 50, and withdrawing for anything other than a first home (up to £450,000) or retirement triggers a 25% government penalty — which takes back more than the bonus you received. Do not open a LISA unless you're certain it's for a home deposit or retirement.

The LISA remains Moneybox's standout product. If you're saving for a first home, there's no better place to do it — the combination of a good app, competitive rates (including the 4.25% Cash LISA), and the UK's deepest LISA expertise is hard to match. For more on first-time buyer strategies, see our first ISA guide.

Three specific use cases make Moneybox the best platform in the UK. For everything else, there are better options.

Use Moneybox if:

• You're consolidating old pensions. The 0.15% cap at £150/year is the best simple-pension deal available right now on Moneybox's own funds. The pension finder tool works well, and you can have multiple old pots combined in minutes. The July cashback has expired, but the underlying fee structure remains market-leading for pots over £100,000.
• You're a first-time buyer. The LISA is genuinely best-in-class, and the 4.25% Cash LISA rate is the highest available. The app guides you through the home-buying process, the bonus is automatic, and the track record of 100,000+ homes bought isn't something any competitor can claim.
• You want one app for everything, and the cash savings rates matter to you. Savings, ISA, LISA, pension, JISA, business savings — no other app-based platform covers this much ground. The Cash ISA at 4.52% and Open Access Cash ISA at 3.80% are genuinely competitive. The dashboard gives you a proper picture of your finances. For someone who finds finance boring and just wants it handled, this is a genuine advantage.

Don't use Moneybox if:

• You have a large S&S ISA (over £20,000). The 0.45% platform fee adds up. On £50,000, you're paying £225/year vs £75 at Vanguard. On £100,000, it's £450 vs £150. That gap compounds over decades. If you're a buy-and-hold index investor with a meaningful portfolio, switch to Vanguard, AJ Bell, or Interactive Investor.
• You want to pick individual UK shares, investment trusts, or a wide fund range. Moneybox doesn't offer them. Try AJ Bell or Interactive Investor instead.
• You're chasing the highest savings rates without strings. The Cash ISA's 4.52% is competitive but comes with a 12-month bonus clock and a penalty rate of 0.75% if you withdraw too often. The Open Access Cash ISA at 3.80% with no restrictions is the safer long-term bet if you value flexibility over the extra 0.72%.
• You prefer a desktop interface. Moneybox is app-first. There's now a web portal for some functions (pension management, for example) but it's not a full desktop trading platform. If you want charting, research, and a proper browser interface, look elsewhere.

For independent guidance on choosing a platform, see MoneyHelper's comparison tool.

vs Vanguard: Vanguard is cheaper (0.15% platform fee, capped at £375) for S&S ISA investing. Its fund range is limited to Vanguard's own — but those are excellent low-cost index funds. Vanguard doesn't offer cash ISAs, Lifetime ISAs, or savings accounts. If you just want cheap passive investing, Vanguard wins. If you need pensions + LISA + savings in one place, Moneybox is more versatile. On pensions specifically, Moneybox's £150 cap beats Vanguard's £375 cap for pots above £100k.

vs AJ Bell: AJ Bell charges 0.25% on funds (capped at £42/year for ETFs/shares) and offers thousands of funds, investment trusts, UK and international shares. It's far more flexible and cheaper for most portfolios. But AJ Bell doesn't offer round-ups, cash savings at 4.52%, or a LISA ecosystem that comes close to Moneybox's. For choice and cost in a proper platform, AJ Bell wins. For simplicity and LISA-first saving, Moneybox wins. Read our AJ Bell review.

vs InvestEngine: Zero platform fee on managed portfolios. That's the cheapest investing you'll find anywhere. But it's investing-only — no cash savings, no LISA, no pension consolidation. For pure S&S ISA investing, InvestEngine is the cheapest option. For everything else, it doesn't compete. See our InvestEngine review.

vs Nutmeg (J.P. Morgan): Nutmeg charges 0.75% on pots under £100k, dropping to 0.35% above that, plus fund fees. That's expensive for what is essentially the same managed-portfolio approach. Moneybox is cheaper at every portfolio size and offers a wider product range. Nutmeg's only edge is a slightly broader fund selection and a marginally more sophisticated portfolio builder. Read our Nutmeg review.

vs Trading 212: Zero platform fees, zero commission on stocks, and a much broader range including UK and international shares. Trading 212 is a far better platform for active investors who want individual stocks. But it doesn't offer LISAs, cash savings, or pension consolidation. It's a trading app, not a financial life app. See our Trading 212 review.

For independent guidance, see MoneyHelper.

Capital at risk. This article is for informational purposes only and does not constitute financial advice. You should seek independent financial advice before making any investment decisions. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may change in the future.

Moneybox Ltd is authorised and regulated by the Financial Conduct Authority (FRN 712935). Your eligible cash deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per banking group (the limit increased from £85,000 in December 2025). Investments held through Moneybox are protected up to £85,000.

Moneybox uses a panel of partner banks to hold customer cash deposits, so your FSCS protection depends on which bank holds your money. The app shows you which banks your cash is allocated to. Investment assets (funds, ETFs, US stocks) are held in a nominee account, segregated from Moneybox Ltd's own assets.

Rates quoted are as of 7 August 2026 per Moneybox's website and are variable. Check Moneybox's cash ISA page and pension page for the latest rates before opening an account.