Everything you need to know to manage your Save payments confidently.
Quick summary
- Your Save payments are taken using the payment method saved in your account
- As a member, you can save between £20 to £200 per month, or more if you activate a Bolt-on
- If you miss a Save payment, you have until the 14th of the next month to make it. Missed payments are reported to the credit reference agencies (CRAs) and may harm your credit profile
How to make your monthly payments
Your payments are taken using the payment method in your account.
That might be Apple Pay, or your debit card. Payments are not taken by Direct Debit
We use a Continuous Payment Authority (CPA), which means your monthly Save payment will be collected automatically on the date you choose, usually between 2am and 5am.
If payment fails, you’ll get an email and see a banner in your account with a link to retry.
If you’re experiencing financial difficulties, please contact our member support team for guidance.
You can unlock your savings and close your Loqbox Save if you can’t afford the repayments.
Change your payment details or date
You can change your payment method and in some situations, your payment date. Here’s how:
✏️ Payment method
- Log in
- Go to ‘Account’
- Select ‘Payment method’ and ‘edit’
- Manually update your card information from here if it’s out of date, or you want to change how you pay
⏰ Payment date
- Log in
- Go to 'Save' > 'Settings'
- Click 'Edit' next to your payment date
- Pick a date from the dropdown
- We’ll show you the next three payment dates for you to review
- Select ‘Update payment date’ to save the new date
Increase your Save payments
As a member, you can save between £20 to £200 per month.
If you’d like to Save more, that’s possible if you activate a Bolt-on.
A Bolt-on is an optional paid extra. There are three tiers of Bolt-ons: Gold, Silver and Bronze. Each one will increase your Save limit.
Here’s what each tier offers:
| Tier | Credit Limit | Nooli access | Monthly saving limit | Price |
| Bronze | £500 | Discounted access | Up to £300 | £5/month |
| Silver | £1,000 | Free access | Up to £400 | £10/month |
| Gold | £2,000 | Free access | Up to £500 | £20/month |
💡Find out more about the Bolt-on packages: Boost your credit, your way: How Bolt-ons work and when they help
Missed or failed payments: what to do
If you miss a Save payment, you have until the 14th of the next month to make it. We won’t report it as missed if you catch up by then.
If your payment is declined:
- You may have reached the maximum of three attempts per day
- Your card may need updating
- You might need to check with your bank
You can retry your payment anytime. Just log in and follow the on-screen prompt.
If you miss six payments in a row, your Save account will unlock automatically to avoid further harm to your credit score.
If you’re worried about your finances and making payments on time, please contact member support.
💡Have both Save and Grow? If your Grow payment fails, we may use your Save balance to make the repayment. It’s a last line of defence to protect your credit history.
What if you want to stop using Save?
If your Save payment feels unaffordable, you could think about stopping Save early.
If you ‘unlock’ you won’t pay anything further and you’ll get the money back you’ve saved so far.
Your credit history won’t grow further because we’ll stop reporting your repayments to the CRAs.
But there are other considerations, too.
What happens when you unlock early?
You can unlock your Save at any time.
There are things to keep in mind if you choose to unlock your savings early:
- Save is a credit-building powered by a 0% APR loan
- If you unlock early, that means you’re leaving a finance arrangement earlier than agreed
- That could have a negative impact on your credit history
Does it cost anything to unlock my savings?
Sometimes you will pay a fee to unlock your Save. It depends on:
- What kind of membership you have, and;
- When you want to unlock
Let’s look at some common situations:
💎You’re a paying member, and you’ve reached the end of your 12-month Save agreement:
- You can unlock your savings to any bank account you like for free
🌱You’re a paying member, and you’d like to unlock early
- You can unlock your savings for free if you’ve made 26 weekly membership payments. They don’t need to be consecutive payments
- You can unlock your savings for free if you open a new account with one of our partner banks
- If you haven’t made 26 total weekly payments, and you’d like to unlock your savings to an account you already have, there’s a £30 fee
✔️You’ve downgraded your membership before making 26 payments, and reached the end of your 12-month Save agreement:
- You can unlock your savings to an existing account for £30
- You can unlock your savings for free by opening a new account with one of our partner banks
✔️You’ve downgraded your membership and you’re unlocking your savings early:
- You can unlock your savings to an existing account for £30
- You can unlock your savings for free by opening a new account with one of our partner banks
You can unlock to your existing bank account for a one-off fee of £30 (called a ‘Flexi Unlock add-on’).
How to unlock your Save
Think about unlocking earlier carefully, and consider all the outcomes, before you decide either way.
If you are ready to unlock, here are the steps you need to follow:
- Log in
- Select 'Save' > 'Settings' > 'Unlock your Loqbox Save'
- We’ll show you how many payments away you are from the end of your credit-building journey
- Scroll down and select ‘I still want to unlock’
- We’ll ask you if you want to start another Save
- Next, we’ll ask for your feedback about why you would like to close your Save
- You’ll see a summary of what you’ve saved, and any bonuses you’ve collected
- Click ‘Confirm’ to unlock
💡We may occasionally ask for documents (e.g. ID, bank statement) to help us validate your request.
If you’re within the first 14 days of signing up to Loqbox, you can cancel and get a full refund.
Want to try again later? You can start Save again at any time.
FAQs
What is Save?
Save is a simple way to build your credit history and grow your savings, all at your own pace.
💡Get the information you need: How Save works (and how it helps your credit)
Why has my credit score dipped?
When you open Save, you might see your credit score dip.
Save is a 0% APR loan. When you borrow money, it affects your credit utilisation, and may affect your credit history.
Can I change my payment date before my first payment?
No. Your first payment date is fixed as part of your credit agreement. To change it, you’ll need to unlock and restart your Save.
Can I change how much I’m saving each month?
Not at the moment.
If you would like to change how much you’re saving, you would need to close your current Save and start a new one at the new amount.
How do I know if my payment has gone through?
You’ll see confirmation in your account:
- Log in
- Select ‘Save’
- Scroll down and look for the green tick next to the most recent payment date
You can cross-check it against your bank account statement.
If a payment hasn’t gone through, and you’re not sure why, reach out to our member support team by logging in and tapping the purple speech bubble, or if you’re not a member yet, by using this form.
What happens if I miss several payments in a row?
If you miss six payments, we’ll unlock your Save automatically.
Why did my Save balance change without warning?
If you also use Grow and a payment fails, we may cover it using your Save balance to protect your credit. We’ll let you know if this happens.
Will unlocking early harm my credit score?
There could be an impact on your credit record.
Save is a 0% APR loan. ‘Unlocking early’ means you’re exiting that arrangement earlier than agreed, which is why it may make an impact.
We report the loan as “settled,” but we won’t report any positive credit-building activities relating to Save once you’ve unlocked.
What happens when my Save voucher expires?
Your Save voucher will expire 3 months after you unlock your Loqbox Save. If you do not unlock your Loqbox Save, after the full term of 12 months it will be automatically unlocked and your voucher will expire a further 3 months after this.
We send you a series of reminders of the expiry of your Save voucher in the period up to expiry and again to notify you that the voucher has expired.
Once your Loqbox Save voucher has expired, you should visit your member’s area for more information on how to redeem your funds.
Need help?
Let’s get Save working for you. Get in touch, and we’ll do our best to help you move forward