If stepping away from Loqbox feels right, that’s okay. We'll always cheer you on to do what’s right for you. In this guide, we’ll help you to downgrade or close your membership quickly and easily, with no stress.

How downgrading works

You can change your membership quickly and easily. Here’s what to expect:

✅ What always happens:

• When you cancel your paid membership, you'll downgrade to a free version of Loqbox
• After you've downgraded, you can cancel your membership at any time
• Your credit-building card will be closed immediately and you won’t be charged again for membership, bolt-ons or savings after cancellation
• You’ll still have access to your benefits until the end of your billing period
• You can upgrade and get going again at any time

💡 What might happen, depending on your features:

• If you have recurring savings payments set up, we will cancel this and refund any savings that have not yet been paid for. You will still be able to withdraw any savings that are paid off.
• If you have an outstanding Grow balance, we will bill for that in the next cycle

How to change your membership step-by-step

It depends on which plan you’re on, but there are two ways to stop using Loqbox:

1. Downgrade to our free plan to keep your access to our member's area
2. Close your Loqbox account completely

To close your account, downgrade to free membership first.

Steps to downgrade

1. Log in using your username and password
2. Navigate to ‘Account’ in the top right
3. Select Manage Membership
4. Select ‘Choose a different membership plan’
5. Scroll down to ‘Loqbox Lite’, the free version of Loqbox membership, and click 'Downgrade'

A few things to be aware of:

• You’ll be asked why you’d like to downgrade, and we use your answer to improve the Loqbox experience, so be as honest as you like.
• If you have Bolt-ons, you’ll see a reminder that they’re about to be switched off.

Once you’ve been through all these steps, you’ll see a confirmation that you’ve downgraded.

Steps to close your account

You can only completely cancel your membership after you’ve downgraded. To make sure you’ve downgraded, follow the steps to downgrade above.

To completely cancel:

1. Log in using your username and password
2. Navigate to ‘Account’ in the top right
3. Select ‘Membership’
4. Scroll down to 'Manage Membership'
5. Select ‘Cancel my membership and close my Loqbox account’
6. We’ll ask you why you’d like to leave. To cancel, click ‘Confirm’ Cancelling during the cooling-off period

Within 14 days of signing up, you have the right to cancel and receive a full refund. Refund will happen automatically, so you don’t need to do anything.

I've cancelled my recurring savings but another payment has been taken. Why is that?

Your regular monthly savings are separated from your membership fees. If you have cancelled your regular savings and also wish to cancel your membership, please follow the steps below:

Steps to downgrade to Lite membership (free)

1. Log in using your username and password
2. Navigate to ‘Account’ in the top right
3. Select Manage Membership
4. Select ‘Choose a different membership plan’
5. Scroll down to ‘Loqbox Lite’, the free version of Loqbox membership, and click 'Downgrade'

I've withdrawn my savings but another payment has been taken. How do I get that back?

Regular monthly payments are set to be taken every month, so if you withdraw your savings and no longer wish to use regular savings, please cancel by following the steps below:

1. Log in using your username and password
2. Select 'Your Loqbox' on your home screen
3. Select 'Cancel regular savings' in the 'Your Loqbox' section of the savings page

What happens when you cancel?

The credit-building signals we’ve been helping you send will stop.

In other words, we won’t report the information that builds your credit history to the Credit Reference Agencies (CRA).

The good news is that every successful payment you make is recorded in your credit history.  It’s success that stays with you.

What happens to your Grow credit-building card balance?

When you downgrade your membership, we close your credit-building card so you won’t have a line of credit.

It could mean you’re using more of your available credit, increasing your credit utilisation, which can sometimes affect how lenders view your credit history.

Any balance you built up before downgrading will be paid in your next billing cycle. There won’t be any future payments.