Moneybox - Anyone use this saving/investment app?

I use it and have done for the past 6 months or so. I Wanted to throw some money somewhere for 5-8 years or so and (hopefully) let it grow, but have (almost) no knowledge of the stock market and had no interest in learning about it. I've got just over £4k in there now and it has been negative around £100 for the past month or so, but I also know that the market is generally down at the moment, and should pick up, definitely before i withdraw in a few years. I have £600 going in each month and that's set up so that it takes that as a one off on the first of the month, 'payday boost' i believe it's called.

I'm with RBS and unfortunately Moneybox doesn't support RBS for 'round-ups', but obviously you can still invest money in through normal fashion. I started my account at the 'balanced' option of the 3, mid-risk, mid-yield, hopefully :p I can change my 'risk' level, however I'm not sure how it would affect the money already invested.

For yours or anyone's info, £4388 in my ISA, £1340 cash, £1974 global equities and £1073 Global property shares. As i say, i've been using it for I'm sure 5-6 months and have incurred fees of £6.

I'm sure there are better options out there, but i basically wanted to put money in somewhere, let someone take a cut (this £6 which is far less than i was anticipating) and have them invest it for me using their knowledge :) Any more questions, give us a shout :D
 
Lloyds Bank have done this in a similar format for years called "Save the Change". It rounds up any transactions and sends the extra to a savings account that you hold.
 
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?
 
I tend to use cash more than anything else, so I just dump all my shrapnel into a jar and a friend of my Mother has it off me for notes. £1 & £2 coins go in their own jar, which once full (about £500) is deposited into an account. Those add up surprisingly quickly.
 
AndyCr15 said:
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?
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Wellll seeing as i made this thread a while ago...i actually got annoyed with it. :o

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.
 
Tbh, I liked the sound of roundups, but they don't work as I hoped they would (which on reflection, simply isn't possible). If I spent £2.80 and I actually got charged £3 with 20p going into the pot, that's great. If I spend £2.80 and a week later an extra 20p is taken out... erm... I can throw a few quid in a savings account with a standing order myself. I am more interested in the ISA aspect really. The round up is just an excuse to chip some extra savings each week I guess.

Is there a better ISA option, but just as easy as this? I bank with Barclays if that matters.
 
@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 said:
@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.
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Highest rate currently is 0.5% easy access.
 
My bank has this feature by default so not something I would pay for

Edit - question is 2 years old.

Monzo is great, interest is low but on a day to day bank I find it irrelevant. Features are worth more to me.
 
Use their Lifetime ISA package. App is friendly enough and interest rate was one of the better ones. This has dropped now in line with global economic happenings..
 
rainbowGuy said:
i have found that it isnt giving me as much interest as it promised/i believed it would... :( so i wouldnt really recommend it!
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rainbowGuy said:
it still isnt as much as they had made me believe.. gains have been paltry
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So... you're getting less interest AND gains, or you're using those words meaning the same thing? There's never any guarantee on the gains, you just need to either accept that or try someone else I guess. They have historical data showing they do okay, but there are two years (2011 and 2018?) where they actually lost money. I think this is a risk with anyone.

I watched a couple of videos about Moneybox, one by a financial adviser that seemed to think they were pretty good, so I've gone and thrown a decent amount into an ISA with them. Although I have a savings account, I feel like this is the first time I've really had proper savings! :) (A bit late to the party really!)
 
SideWinder said:
Wellll seeing as i made this thread a while ago...i actually got annoyed with it. :o

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.
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I had this exact experience. It would take about 10 days to get my money out once invested, and in that time the value would often full. So you'd think you were pulling out on a profit, and by the time they process the damn thing it's lost 5%.

The roundups and automated savings were useful, but I found that if I wanted to get money sent over to the app on, say, the 25th (pay day) I'd have to schedule it for maybe a week before and then hope it wasn't a weekend otherwise it would happen at the wrong time.

I stopped using Moneybox as a consequence, though it did help me save with the roundupds, it all just got too annoying.

I'm trying Wombat at the moment. I put £50 in last week. It initially went down, but it's now at £50.20 :cool:
 
SideWinder said:
Wellll seeing as i made this thread a while ago...i actually got annoyed with it. :o

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.
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Yeah, it takes ages. I got so confused by their terminology, saying money was 'collected' on a certain date didn't mean it had actually been taken from my bank, only the amount they had settled on for that week. Takes about 5 weeks before it's even invested and showing on the account. We've been saving for about 18 months now for a house deposit using a medium risk stocks and shares ISA, it went up about 6% pre covid-19, went down to -11% and it now about level for what we put in. 18 months of saving for nothing on top.
 
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