Wealthify vs Moneybox

These platforms offer similar things at similar prices, with a few very slight differences.

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App-based (or “robo”) investing is popular at the moment. It only takes a couple of taps and you’re off, with automation (and some people power) doing all the work for you. It can all be done from the comfort of your sofa (as can everything these days), and you don’t need loads of experience or money to get started. There are plenty of options out there for you to choose from, two of which are Wealthify and Moneybox.

But how do they compare?

Wealthify vs Moneybox: Vital statistics

WealthifyMoneybox
Finder rating★★★★★★★★★★
Customer satisfaction rating★★★★★★★★★★
Costs rating★★★★★★★★★★
Stocks and shares ISA available?
FSCS protected?
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Both platforms are on par with one another based on key statistics. You can open a stocks and shares individual savings account (ISA) with both accounts. This lets you invest up to £20,000 without paying tax on your profits (in the 2021/2022 tax year).

Wealthify and Moneybox are also both covered by the Financial Services Compensation Scheme (FSCS). This covers up to £85,000 of your deposits if the platform were to go bust.

Round 1: Products

WealthifyMoneybox
Stocks and shares ISA
Lifetime ISA (LISA)
Pension
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Again, both providers are pretty similar here. As we mentioned above, you can open a stocks and shares ISA with both accounts. You can also invest in a private pension, which locks up your deposits until you turn 55 but does get you a nice little top-up from the government.

Moneybox lets you invest in a lifetime ISA (LISA). This lets you save up up £4,000 per year for your first home or for retirement. The government contributes £1,000 for every £4,000 invested.

  • Winner: Moneybox

Round 2: Portfolios

WealthifyMoneybox
Portfolios rating★★★★★★★★★★
Risk assessment quiz
Number of portfolios on offer106
Ethical portfolios on offer
Managed portfolios on offer
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Portfolios are ready-made investments that you choose between. Wealthify’s got 10 portfolios to choose between – two different options split over 5 risk profiles each. These are all fully managed and there is the option to invest ethically.

Moneybox has 6 portfolios on offer – two options split over 3 risk profiles. Again, these are fully managed and you can choose to invest ethically.

Neither of these platforms has risk assessment quizzes. These tend to be between 5 and 20 questions about you, your understanding of investing, how much risk you want to be exposed to and your plans with your investments. These tend to then suggest a portfolio based on your answers.

With Wealthify and Moneybox, you’ll have to choose the risk profile that suits you based on its description.

  • Winner: Wealthify

Round 3: Costs

WealthifyMoneybox
Costs rating★★★★★★★★★★
Annual cost of investing £10,000£82.00£87.00
Annual cost of investing £100,000£820.00£762.00
Annual cost of investing £1m£8,200.00£7,512.00
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Wealthify charges based on how much you invest, this is called “tiered charging”.

It charges 0.7% on investments up to £15,000, 0.6% on investments between £15,001 and £50,000, 0.5% on investments between £50,001 and £100,000 and 0.4% on investments over £100,000. On top of these fees is a transaction cost of 0.12% and a fund fee of 0.21%.

Moneybox charges slightly differently. There’s a £1 per month fixed subscription fee (free for the first 3 months). As well as this, it charges a platform fee 0.45% annually and between 0.12% and 0.30% fund provider fees.

For Wealthify, we got these numbers from the website, so if you want to check how much your investment will cost you, that’s where you can find out. Moneybox doesn’t have a cost calculator, so this was worked out the old fashioned way (£45 platform fee + £12 subscription fee + £30 fund provider fees).

  • Winner: Wealthify

Round 4: Features

WealthifyMoneybox
Features rating★★★★★★★★★★
Desktop or web access
iPhone app
Android app
In-app news and research
In-app top-up
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The main factor that separates Wealthify and Moneybox here is that Moneybox is app only, while Wealthify can be accessed in a mobile app and on desktop in your browser. Both platforms have mobile apps with in-app top up and in-app news and research.

  • Winner: Wealthify

Round 5: Learning resources

WealthifyMoneybox
Resources rating★★★★★★★★★★
Guides
Videos and walkthroughs
Demo account
Advice
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Neither of these providers have a particularly good set of learning resources to help you learn about investing and how it works. If this isn’t a factor that you’re interested in, then either of these are a fine choice. If you are looking to expand your investing knowledge while investing then a platform like Hargreaves Lansdown might be a better option. You can still invest in a ready made portfolio and its got great learning tools.

Not shown here, but included in our scoring is calculators. Moneybox has calculators in its app that help you understand how your investments might grow.

  • Winner: Moneybox

Our verdict: Is Wealthify better than Moneybox?

These two platforms have very similar offerings, with the ability to choose pre-made portfolios based on your attitude to risk. If you’re planning on opening a lifetime ISA, you can only do this with Moneybox, out of these two. Meanwhile, Wealthify is the only one of the two that you can access via a web browser, so if app-only investing isn’t for you, Wealthify is your best bet.

They both have very similar fees (there’s a fiver in it), but this depends on how much you invest, so make sure you take a look at their sites to work out how much your investments will cost you (or get out a calculator, for Moneybox).

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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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