Our verdict
Moneybox started out life as a stocks and shares ISA. The neat app and product make it a great place to start investing your savings if you’re not wanting to get too involved. The trade-off for this is the fees. The fees are slightly higher than other stocks and shares ISAs, but then those alternatives come with clunkier interfaces and a frankly less fun experience.Since the early days, Moneybox has branched out into offering savings products, so now it’s “round ups” feature can be coupled nicely with shorter-term goals. (Remember, investing is generally best done over the long term!)
Overall, Moneybox is a good option for beginner investors or savers who are looking to put money towards a shorter-term goal. The round ups feature is really fun and Moneybox makes a big deal out of you achieving your goals which is really nice to see. There are other apps out there which allow you to round up spare change though (such as Monzo, Revolut and Starling Bank), and these may be better suited to your needs.
- The app is simple, making it easy to save and invest.
- You could see a greater return than if funds were stored elsewhere.
- You are able to select a preferred risk level – cautious, balanced or adventurous.
- Great for individuals with no experience in investing.
- You can withdraw some, or all, of your money at any time, using the app, as long as that amount has fully settled.
- Safe and secure, FCA-authorised with 256-bit encryption protecting your personal details.
- Every time you invest, your capital is put at risk.
- The charges could be an issue for those starting out with small investments, as fees could be higher than monthly profits. You might make more money with a high interest current account.
- It can take time to see any substantial return on savings.
Does Moneybox work with “Tide”?
Hi Charlie,
Thanks for reaching out to finder.
If you are referring to Tide- a fintech app which offers business current accounts, Moneybox does not work with them or have integrated their services with them.
Moneybox helps their customers with investing while Tide provides specialised service to help businesses grow. You can head on to our review page on Tide for more information about them an how their services work.
I hope this helps.
Cheers,
Charisse
Hi
So as this looks good application so who and what companies do you invest in and are there limits to what you can put in
Hi Neil,
Thanks for getting in touch with finder. I hope all is well with you. :)
Moneybox didn’t specify all the companies that your money will be invested in. However, they mentioned that your money will be invested across thousands of global companies such as Netflix and Disney via simple tracker funds.
Yes, there’s a limit. According to their webiste, “the maximum you can contribute to an ISA for the 2018/19 tax year is £20,000. There is no limit to what you can invest in a GIA but there is a £20,000 limit to the amount you can invest on any one week.”
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hello! I am wondering what the .45% platform fee is taken out of. Is it taken out of overall profit made during the year starting from the date of signing up? Thanks!
Hi Margot,
Thanks for getting in touch with finder. I hope all is well with you. :)
The 0.45% platform fee is taken from the value of your investments per year. This fee accrues daily but is charged monthly by selling down your largest holding.
Please note though that daily fee won’t show in the daily valuations posted within the Messages section of the app. It is only reflected on the daily valuation at the end of that month when you will be charged.
For more information about the platform fee, please visit Moneybox’s Junior ISA FAQ section on their website.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Is the app suitable for an Amazon Fire tablet
Hi there,
Thanks for leaving a question on finder.
Unfortunately, the Moneybox app will only work on iOS and Android devices as of writing. It will not work on Amazon Fire OS yet.
Please send me a message if you need anything else.
Cheers,
Joel
Does it mean that if I invest £20 a month after 3 months I will get charge £1 plus other charges eventhough returns may be less?
Hi Ann,
Thanks for getting in touch with finder. I hope all is well with you. :)
The £1 fee is a standard fee for using the platform. However, it will only be charged every month after three months. It does not depend on whether you have invested £20 or not.
Other fees include platform fees and fund provider fees.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua