Moneybox will round up your purchases to the nearest pound and invest the extra cash into a Stocks and Shares ISA. Moneybox want to make investing more accessible, while giving customers the opportunity to grow their money.
Read on to find out more about Moneybox and whether it is the right option for you.
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In a nutshell
Round up purchase and invest spare change
Really simple app makes it easy to invest
Fees can outstrip earnings if you don’t use regularly
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Launched in 2016, Moneybox is an investing app that aims to make investing simple and accessible to anyone.
With as little as £1, you can invest in companies like Amazon, Netflix, Apple, Nintendo, Unilever and Disney via Moneybox’s tracker funds.
It takes the whole investment process out of your hands too. All you have to do is spend and the app will round up your purchases to the nearest pound and invest the spare change. Or you can deposit lump sums weekly or monthly yourself.
By connecting a spending card to the Moneybox app, you can set up a Stocks; Shares ISA, GIA or Junior Stocks; Shares ISA from your mobile phone in a couple of minutes. This gives those with little or no investment experience an easy starting point.
How does Moneybox work?
The streamlined smartphone app gives everyone the opportunity to invest by following a few simple steps:
Connect a card: To begin you’ll need to connect a spending card to your Moneybox app.
Save as you spend: Moneybox will enable you to round up the spare change from purchases such as your morning coffee or bus fare.
Invest your spare change: It can then be invested in thousands of global companies via tracker funds.
Invest: You can also contribute via one off payments or weekly deposits.
Select your starting option: Choose from cautious, balanced or adventurous. The options are made up of different ratios of the same three tracker funds – a cash fund, a global shares fund and a property shares fund.
Automatic withdrawals: Every Wednesday at midday your money is taken by direct debit and invested in your ISA, your General Investment Account, or your child’s junior ISA.
How do Moneybox roundups work?
With Moneybox roundups you can regularly squirrel small amounts of money away. As the name suggests, it rounds up your transactions to the nearest pound, before putting the spare change in a savings pot.
If you buy a £2.60 coffee, for instance, it will round the transaction up to £3 and then put the spare 40p in your “digital piggybank.”
Your round ups will be automatically calculated every two days. Or you can do them manually. Head to the account section in the app and choose between the automatic or manual round up options.
All these round ups will build up in your Weekly savings total, which you can see as a blue circle on your home screen. At midday Wednesday, this little savings pile is taken by your pre-arranged direct debit and invested in your ISA or GIA, or your child’s junior ISA.
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Aside from personal investment you also select to invest in a Junior ISA or a Lifetime ISA
Junior ISA: A Junior ISA is a savings and investment account for children up to the age of 18. It is an efficient way to save or invest towards your child’s future as it is free from any income or capital gains tax. Money can only be withdrawn by the child after they reach the age of 18.
Lifetime ISA: With the Lifetime ISA, you can pay in up to £4,000 per year and you get a 25% government bonus on all savings. That means for every £4 you save, you get £1 for free. If you pay in the maximum £4,000 you’ll receive a £1,000 bonus. Savings can then be used either to buy your first home or for retirement.
Moneybox’s fees and limits
Fixed Subscription fee: Free for the first three months, £1 thereafter. Charged monthly.
Fund provider fees: 0.23% average. Charged annually, billed monthly.
Is Moneybox safe?
As with all investing, the value of your investments are subject to rise and fall. It is important to know that there is some risk involved. You could get back less than you invested.
Moneybox is FCA authorised and covered by the FSCS. So if it were to go bust, your investment would be protected up to £50,000. However, this does not protect your money if investments fall in value.
Moneybox use 256-bit TLS encryption for all your personal information and will never share any of your details with third parties without your consent.
Pros and cons of Moneybox
Pros
You can withdraw some, or all, of your money at any time, using the app, as long as that amount has fully settled.
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.
Safe and secure, FCA authorised with 256-bit encryption protecting your personal details.
If you have online banking, a national insurance number and £1 to spare, it takes a few minutes to invest.
Cons
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.
Compare Moneybox against its competitors
Updated September 21st, 2019
FAQs
No. Moneybox leave it up to you to decide whether and how to invest your money. Monitoring your investments is also your responsibility.
You will need your bank account details to set up Direct Debit, your National Insurance number to open your Stocks & Shares ISA (not required to open a GIA) and your personal online banking or credit card details if you’d like to use round ups.
Yes and no. Stocks and shares can provide higher returns than cash over the long term. Over the last 50 years, stocks and shares have returned 5.4% per year, compared to cash at 1.9%. However, the risk of loss is also higher and past performance is not a reliable guide to future performance.
Yes, any income from the investment may be subject to tax. How much you would pay depends on your personal tax rate and tax bracket. For more information, please contact your local tax office directly.
As long as that amount has fully settled, meaning it has been about 2 weeks after that amount was collected during the Wednesday midday collection, then you can withdraw your money at any time.
You can only have one withdrawal request active at a time.
Moneybox doesn’t specify all the companies that your money will be invested in. However, they mention 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.”
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.
The £1 per month fee is a standard fee for using the platform. However, it will only be charged every month after three months. Whether you have invested £20, or £100, or £500 – whatever amount, you’ll be charged that flat rate of £1 after three free months.
There are other charges to think about too. Other fees include platform fees and fund provider fees.
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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.
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.
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!
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.
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.
Thanks for getting in touch with finder. I hope all is well for you. :)
Income from the investment may be subject to tax. The amount that you would be paying depends on your tax rate and tax bracket. Get in touch with your local tax office to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
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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
Is the investment profit taxable?
Hi Tony,
Thanks for getting in touch with finder. I hope all is well for you. :)
Income from the investment may be subject to tax. The amount that you would be paying depends on your tax rate and tax bracket. Get in touch with your local tax office to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua