Moneybox - Anyone use this saving/investment app?

[SideWinder]

https://www.finder.com/uk/moneybox-review

https://www.shortlist.com/home/micro-investment-moneybox-investment-app/353555

So, if you buy a coffee for £2.40, the app will round it up to £3 and invest the 60p for you.

Moneybox is part of the growing trend of micro-investing, which is a more realistic kind of investment for the majority of people – less The Wolf of Wall Street, more Will of High Wycombe. Here’s why we should all be micro-investing if we want to make bank…

Thoughts?

P.S Hi all, been away for ages!

 

[SideWinder]

Yeah i have watched a few YouTube reviews and it sounds great for me.

One thing i do want to know is, can i amend the 'risk' level whenever i want...so if anyone can help that would be great. Eg, if i start it at low but want to make it high.

 

[SideWinder]

I've used it for a year or so, mostly because I'm awful at saving anything and it does make a difference if you're lazy like me, I racked up about 700 quid over the year, gains aren't great on it but works for me and got a new laptop out of it! If you're ok at saving on your own I guess it's pointless but it works for me...
Also seems you can change between cautious, balanced and adventurous investments but presumably it's only for new money going in?

Ah ha - thats what i was looking for, cheers.

May start with balanced then see from there.

Not a brilliant saver so this will help.

 

[SideWinder]

It’s a great idea but it’ll only work for you if you use your debit card a lot. The 0.45% annual fee isn’t too bad but the £1 a month fee would rapidly decimate any savings I’d make.

When you consider tapping in and out for Oyster 5 days a week, going out at the weekend..it can add up!

I reckon mine is about 100 a month!

 

[SideWinder]

A bit of a bump, but I wonder if anyone has any updates on this app? A friend mentioned he uses it and I now have it set up doing the round ups, just into the 95 day account. I have savings and was wondering about throwing some into the medium risk ISA as I like it's simplicity. Any thoughts a few years on?

Wellll seeing as i made this thread a while ago...i actually got annoyed with it.

I liked the concept, liked how it functioned BUT for me personally...i didn't enjoy how long it took for money to move around/become invested. So money was in limbo/waiting etc. Obviously this IS investing so these things aren't always super speedy but as soon as i got Monzo, i didn't look back.

So now, i have roundups on Monzo and it goes into easy to access pots.

 

[SideWinder]

@AndyCr15 - Monzo could be what you're after as they have pots (so seperate accounts but attached to your main one) but the interest rates are very low currently - around 1%.

Could be worth youtubing Monzo pots and seeing what you reckon.

 

[SideWinder]

Highest rate currently is 0.5% easy access.

All that moneyzzzzz.