Moneybox Review

Moneybox Review

Moneybox rounds up your everyday purchases to the nearest pound, then automatically saves or invests the difference.

Visit Moneybox's Website
Double-chevron pointing right
Updated On:
May 12, 2021

How does Moneybox work?

Automatic Deposits

  • 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.


Automatic Investments

  • 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

    Charges

    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


Personal Pension

  • 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.

    Charges

    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?

No.

How do I get the Moneybox app?

Visit Moneybox’s website here.


Reviews

Leave a review for Moneybox! When you write a review, we use the data to tell you and many others about the best financial products.

Alternatives to Moneybox

Plum

Plum automates your deposits and investments, analyses your spending, and automatically switches your utilities.


See: Plum Review

Also see: Moneybox vs Plum

Chip

Chip analyses your bank transactions to identify spare change, then automatically saves or invests that spare change for you.


See: Chip Review

Also see: Chip vs Plum


728x90.gif
Koody Man with Laptop

Subscribe to Our Newsletter

Every month, we send out a newsletter that curates the best personal finance content in the UK. We share the most popular community questions, real-life stories, how-to guides, top personal finance news and tips to help you stay on top of your finances.

Thank you! Your submission has been received!
Error: This email cannot be added because it may already be on our list. Please enter a different email address.

Read a Sample