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Wealthify vs Moneybox
These platforms offer similar things at similar prices, with a few very slight differences.
What's in this guide?
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
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| Overall rating | ★★★★★ | ★★★★★ |
| Markets and products rating | ★★★★★ | ★★★★★ |
| Costs rating | ★★★★★ | ★★★★★ |
| Mobile and web features rating | ★★★★★ | ★★★★★ |
| Learning resources and tools rating | ★★★★★ | ★★★★★ |
| Go to site More Info | Go to site More Info |
What markets and products do they cover?
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| Rating | ★★★★★ | ★★★★★ |
| Share dealing | ||
| Stocks and shares ISA | ||
| Pension (SIPP) | ||
| Lifetime ISA (LISA) | ||
| Fractional shares | ||
| Ready-made portfolios | ||
| DIY portfolios | ||
| Ethical investing | ||
| Go to site More Info | Go to site More Info |
Mobile and web features
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| Rating | ★★★★★ | ★★★★★ |
| Desktop app | ||
| Web app | ||
| iPhone | ||
| Android | ||
| Share price notifications | ||
| Go to site More Info | Go to site More Info |
Learning resources
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| Rating | ★★★★★ | ★★★★★ |
| Info on share trading | ||
| Info on funds | ||
| Info on retirement | ||
| Videos | ||
| Go to site More Info | Go to site More Info |
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Wealthify vs Moneybox: Costs
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.
What does that all actually mean?
If you invest £10,000 with Wealthify then you’ll spend £82 (in a year).
If you invest £10,000 with Moneybox then you’ll spend around £87 (in a year).
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).
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. Capital is at risk.
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