You can close your LOQBOX Save at any time, through ClearScore Build.
'Unlocking’ or closing early stops monthly LOQBOX Save payments. These payments are reported to the credit reference agencies which positively impact your credit score. Stopping this process means that the initial drop in your credit score may not be recovered.
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 Save 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 Save 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 Save.