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How to Cancel Moneybox

You must sell all investments and withdraw your balance before closing your account. The process is app-only and takes up to 2 weeks including settlement times. Watch for Lifetime ISA penalties - 25% government charge if you withdraw before age 60.

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Quick Facts

Cancel online?
Yes
Pause option?
No
Refund policy
No closure fees apply. Lifetime ISA withdrawals before age 60 incur a 25% government penalty. All other funds return in full.
After cancellation
Moneybox retains your account data for 6 years as required by UK tax regulations. Your information is securely deleted after this period.

Cancellation Steps

Go directly to Moneybox cancellation page

  1. Open Moneybox and sign in

    Launch the Moneybox app on your phone and log in with your credentials.

  2. Go to Settings and select Close Account

    Tap the menu icon, select Settings, then scroll down to find Close Account.

  3. Sell all investments and withdraw funds

    Liquidate all holdings in each investment pot, wait 1-2 days to settle, then withdraw to your bank.

  4. Confirm closure

    Return to Close Account, review the summary, and tap Confirm Closure. Your account deactivates immediately.

Tips & Things to Know

  • If you hold a Lifetime ISA, closing before age 60 triggers a 25% government penalty on your entire balance.
  • Sell investments 2-3 business days before closing to ensure settlement completes before account deactivation.
  • Consider pausing automatic round-ups instead of closing if you want to take a break from saving.

Your Consumer Rights

  • The Consumer Rights Act 2015 protects your rights when closing a regulated financial services account.
  • FCA rules require fair handling of closure requests with clear information about penalties and fees.

Frequently Asked Questions

Can I close my Moneybox account without penalties?
You can close free of charge, but Lifetime ISA withdrawals before age 60 incur a 25% government penalty. Other account types have no early withdrawal penalties.
What happens to my investments?
You must sell all investments before closure. Funds transfer to your bank account within 5-7 working days.
How long does closure take?
Closure is instant after confirmation. Allow 1-2 days for investment sales to settle and 5-7 days for fund transfers.
Can I transfer my ISA instead of closing?
Yes. Request an ISA transfer to another provider instead. The process takes 4-8 weeks - do not close until it completes.
Will I get a refund?
No refund applies as there are no subscription fees. You receive the full value of your savings minus any Lifetime ISA penalty.

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