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Alex O

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Review of the Moneybox app, Lifetime ISA:

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Denied my £1,000 bonus from the Government

Moneybox didn’t give me the £1,000 bonus for the Lifetime ISA for this financial year (which was the reason why I opened the account with them). I have been misled into adding my savings for my deposit into a Cash ISA, without being able to make any further transfers. Leaving me £1000 for my house deposit. Nothing in the app warned me about any limitations in transferring the money between a Cash ISA / Lifetime ISA or how my yearly allowance will change after each transfer. Also after having two conversations with Moneybox agents, this has never been communicated to me. The calls were registered, and this can be verified easily. They mislead customers, they don’t communicate clearly the operations allowed with their ISA, their agents don’t have the knowledge so the calls with them are very high level information, but nothing in details that actually would be of help. Reporting them to the Financial Ombudsman. Reviewed on: 7th February 2024

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