How does Moneybox work?
- Moneybox's Round Up feature allows you to save spare change by rounding up your card transactions to the nearest pound and saving the difference. (e.g. if you spend £2.30 on a coffee, Moneybox automatically saves 70p for you).
- You can choose to save your money in either a 45-Day Notice Account or a 95-Day Notice Account.
- Your money will be available 45 or 95 days after you make a withdrawal request depending on the Notice Accounts you choose.
- If you want to take a break from saving or feel the app is putting away too much, you can always turn off Round Ups.
- Please note: As with all investments, your capital is at risk.
- When you pay for a Moneybox subscription, you can choose to invest your money in a variety of tracker funds.
- Moneybox helps you invest your spare change by rounding up your card transactions to the nearest pound and investing the difference (e.g. if you spend £1.60 on a snack, MoneyBox automatically invests 40p for you).
- The app allows you to make weekly or one-off deposits into one of three investment options based on your risk appetite - cautious, balanced or adventurous.
- Money is invested in funds managed by established brands such as Legal & General, BlackRock and Fidelity.
- Moneybox offers Stocks and Shares ISA, Lifetime ISA, Junior ISA, General Investment Account and socially responsible investments.
Minimum ISA Deposit: £1
Subscription Fee: £1 per month (first 3 months free)
Platform Fee: £0.45% per month
Annual Investment Cost: 0.12% - 0.30%
Trading Fee: £0
Exit Fee: £0
- Please note: As with all investments, your capital is at risk. You usually can't access the money in your pension pot until you are 55 years old (increases to 57 in 2028), when you can take 25% as a tax-free lump sum.
- Moneybox allows you to track down your old workplace pension pots and combine them into one simple Moneybox Personal Pension.
- You can set up a weekly deposit, switch on a monthly payday boost or make one-off deposits whenever you like. You can even round up your daily purchases to the nearest pound and save for retirement on the go.
Subscription Fee: £0 (you don't pay a subscription fee for this service).
Annual Platform Fee (Charged monthly):
Balances up to £100,000: 0.45%
Balances over £100,000: 0.15%
Fund Management Fee: 0.13% - 0.25%
Other Top Features
- Cash Lifetime ISA
- Stocks and Shares Lifetime ISA
- House Deposit Calculator
- Mortgage Advice
How much does Moneybox cost?
It’s free to download the app and the savings products are completely free.
The investment and pension products come at cost as detailed above.
Is Moneybox regulated by the FCA?
Yes, to carry out payment services activities.
Does Moneybox connect to my bank account?
Yes, but only if you want to.
Is Moneybox safe?
Your money is protected by the Financial Services Compensation Scheme (FSCS). Note that this does not cover losses arising from the performance of any of your investments.
Can you withdraw money from Moneybox?
You can withdraw at any time, but it takes around 2-3 weeks to sell your investments on your behalf and transfer the money back to your Moneybox account.
Does Moneybox have a referral scheme?
How do I get the Moneybox app?
Visit Moneybox’s website here.
Tags: Open Banking App; Automatic Savings Apps; Automatic Investment Apps