Finished my LOQBOX after 12 months. Not sure what impact it has had on my credit, but the process to withdraw the funds is a heck of a lot more complicated than I thought.
Firstly it takes three workings days for each deposit to clear. This can feel like a lifetime when you’re trying to withdraw.
You can only withdraw to one of their ‘partner banks’ for free. I emailed LOQBOX a few weeks ago to ask what the partner banks were and never had a response, disappointingly. You can also pay £30 to deposit your savings into an existing current account.
Naturally I elected to open a new bank. The choices are RBS, NatWest & TSB. I selected RBS, and the application process is painfully outdated, and now I have to wait several working days for RBS to tell me if I can have a bank account with them (no instant decision offered or given).
The exit procedure seems a bit . I get LOQBOX needs to make money, but I’m one of those people that needs access to these savings so I can get on with buying my wedding ring and didn’t really want to pay to access my savings sooner rather than later. If I had known RBS would not give a same day decision, I probably would have considered TSB/NatWest if they offered same day opening.