How does Loqbox Save work?

Here’s the simple, smart way Loqbox Save builds your credit history.

how loqbox works

Loqbox Save helps you build your credit history. That shows lenders you're trustworthy, and could save you £1,000s on credit cards, loans, and mortgages.

Watch this video to find out how Loqbox Save works.


Simply choose how much you want to save each month (between £20 and £200). We lock away a 0% APR loan for that amount in your Loqbox Save. A bit like a digital piggy bank.


You’ll save that amount each month for 12 months, growing your credit score as you go. (We’ll use your payments to pay off the loan you locked away.)


Pop every penny into a new account (our partner banks pay us a commission, making it free for you). Or if you prefer to use an existing account, it’s just £30 for your Loqbox credit-building, savings and financial guidance journey.

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Improvements to your credit score are not guaranteed.
Missing payments to Loqbox or other credit accounts may harm your score.

Your questions, answered.

How much does it cost?

Loqbox Save is free to use with our Lite membership when you unlock your savings into a new account with one of our partner banks. This way, we get paid by our partner banks for opening a new account for you, which is how we keep Loqbox Save free.

If you prefer to use an existing account, it’s just £30 for your Loqbox credit building, savings and financial guidance journey. Top tip: Using an existing account to unlock is free with full Loqbox membership!

How does Loqbox Save build my credit score?

We report your monthly payments to the three main credit reference agencies  (Equifax, Experian and TransUnion). This shows them you can handle credit, which can improve your creditworthiness and grow your credit score.

How much could I save with a better credit score?

Growing your credit history can save you £1,000s on the interest you’ll pay to borrow money through things like credit cards, loans and mortgages. To give you an idea, here’s how much different increases could save you on average.

 +10 points +25 points +50 points
On a £10,000 loan*£219£546£1,088
On a £5,000 credit card balance†£450£1,000£1,750

* 60-month term, starting APR 14.9%APR

† £100 monthly repayment, starting APR 19.95%APR

Is Loqbox Save a loan?

No. Loqbox Save is technically a ‘cash redeemable savings voucher’. But you use finance to buy the voucher. This finance element is the part that gets ‘locked’ in your digital piggy bank and is a loan provided by our sister finance company, Loqbox Finance (the trading name of DDC Financial Solutions Ltd).

The finance is transferred from Loqbox Finance to Loqbox on your behalf when you buy your Loqbox Save (savings voucher) using the loan. This is how we’re able to report your monthly savings to the credit reference agencies.

What happens if I miss a monthly payment?

If you miss a Loqbox Save payment, we’d have to report it to the credit reference agencies, which would harm your credit score. But you can always unlock early to avoid missing a payment, so this should never happen.

By unlocking you’d miss out on growing your credit history, and we’d report your loan as settled debt. But unlocking early is far better than missing a payment, which would harm your credit history.

How much will my credit score improve by?

There are too many influencing factors outside of Loqbox for us to give you an exact figure. But we’ve been doing this long enough that we’re confident you’ll build your credit score.

Also, it’s worth remembering that lenders don’t base their decisions on your credit score – they look at your credit history. As long as you make your Loqbox Save payments each month, you should be more creditworthy in their eyes.

When will my credit score go up?

Most people see a real improvement to their credit report after about four Loqbox Save payments, with steady growth as they make all 12 monthly payments. It takes a little patience, but the savings you’ll make on credit cards, loans and mortgages are worth it. With a good credit score you can improve your chances of being accepted for credit when  you apply, and save £1,000s as you may be able to get a better deal.

Is my money safe with Loqbox?

Yes, your money's safe with Loqbox. Your Loqbox Funds are held on Trust, for your benefit, in a completely separate account to our own with an authorised and regulated bank. The trust is administered by Loqbox Trustee UK Limited.

Can I access my savings any time?

Technically yes. When you unlock Loqbox Save, you get back the amount you’ve paid in so far. Anything you haven’t paid back is used to settle the outstanding loan. So you can unlock whenever and never be left in debt. But if you haven’t made enough regular payments, unlocking early could harm your credit history.

When you unlock, pop every penny into a new account (our partner banks pay us a commission, making it free for you). Or if you prefer to use an existing account, it's just £30 for your Loqbox credit-building, saving and financial guidance journey.

Opening a new partner account can take a few days on average.  If you opt to use Flexi Unlock, payments are made the next working day.

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