You can close your LOQBOX at any time, through ClearScore Build. However, if you haven’t made payments on time or if you 'unlock' early you could negatively impact your credit history and score.
For more information on this, please see our FAQ.
To learn more about other factors that impact your score, check out this article.
If you still want to close your LOQBOX follow these easy steps:
- Log into your ClearScore account and go to the ‘Build’ tab.
- Select ‘Manage your LOQBOX’, which will take you directly to your LOQBOX.
- Click on Save at the top of the screen.
- Click on Settings.
- Click on ‘Unlock your LOQBOX Save’.
If you haven’t made any payments, your LOQBOX will be closed and no further action is required.
To redeem your savings, you’ll be asked to either open a new bank account or use an existing bank account.
Opening a new bank account
- Select your chosen provider and follow the instructions on LOQBOX’s site, to set up your new account.
- Once you’ve done this, you’ll return to your LOQBOX page and you’ll be asked to enter your new sort code and account number (for the new account you’ve just created).
Using an existing bank account
- If you’d rather use an existing bank account, you can pay £30 to unlock your savings by using LOQBOX’s Flexi Unlock premium add-on.
With both of these options, you’ll typically receive your money the next working day, after you finish closing your LOQBOX.