How does Loqbox Save work?

  • Updated

Looking to boost your savings and improve your credit score? Loqbox Save is here to help you on that journey. 


Loqbox Save helps you to grow a pot of savings and your credit score, as you go. By saving with us for over a year, we can help you to build your credit history with Experian, Equifax and TransUnion — the three main credit reference agencies that hold your credit reports and create your scores. 


Why does this matter? Well, if you know that you'd like to take out a loan, credit card or mortgage in the future, taking time to improve your credit score can save you £1,000s in interest rates. Lenders are likely to trust you more, which means better deals for you.


Here’s how it works:


Step 1: Save

You decide on your comfortable savings amount for a year. We secure a 0% APR loan (via our sister company Loqbox Finance ) for that sum in your Loqbox Save. Think of it as a digital piggy bank. For instance, if your target is £1,200 in a year, we'll lock away a loan for that. You repay it in 12 interest-free monthly instalments of £100.


Step 2: Grow

Your monthly loan payments are reported to Experian, Equifax, and TransUnion. This demonstrates your responsible borrowing and repayment behaviour, boosting your credit score in turn. Consistent payments over a year give your credit score the best chance to shine. Remember, you can cancel Loqbox Save anytime, 'unlocking' the loan and receiving back what you've paid so far.


Step 3: Unlock

After a year of monthly payments, your Loqbox Save loan is repaid (woohoo!). It's time to celebrate! With a boosted credit score, you're all set to access the loans, credit cards, and mortgages you've been eyeing. Choose whether you'd like to transfer your savings to a new bank account with our partner banks for free, or into an existing account for a £30 fee.


We receive a commission from our partner banks for setting up a new account for you – that's how we keep Loqbox Save free. Or, if you prefer, you can opt for our Flexi Unlock premium add-on and withdraw to an existing account for £30. This covers your entire credit-building journey.

Top tip: Many savers find it easier to resist temptation when their savings are kept separate from their day-to-day funds. So, consider withdrawing your money into a bank account that is dedicated to your savings.


Our mission is to help you to live a richer life. Get started with Loqbox Save today, take your first step towards enjoying a happier, healthier relationship with money.