Any funds you pay into your Moneybox savings account from your linked bank account are taken via our weekly collection cycle. Here’s a little more information on what happens between your weekly savings being collected and your money being deposited into your savings account.
Step 1
Your ‘Saved this week’ total in the home screen of the app is collected every Wednesday at around midday. At this stage, you’ll be able to see this collection appear in the ‘Recent activity’ section when viewing your account in the Accounts tab.
Step 2
This money leaves your linked bank account via Direct Debit early the following week (usually on the Monday).
On Tuesday, you’ll see your deposit added to your account value by the end of the day. We’re still waiting for full confirmation from your bank at this stage.
Step 3
On Thursday, once the payment has been confirmed and is received by the partner bank which powers your savings account, you’ll begin earning interest.
For an in-depth look at our weekly payment cycle, please see our blog.