Money box save and invest.

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  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Malthusian wrote: »
    The OP wanted views on MoneyBox from people with experience in investing.

    Not true. Here it is from the OP:
    I'm just wondering if anybody on here is using or has any experience with the above app
    It's just a shame that what the OP got is verbal diarrhea!
    Malthusian wrote: »
    If saving pennies is your main method of saving then that doesn't bode well for your retirement, or any other long-term future needs. Pennies in, pennies out.
    Business Insider sums up Moneybox app rather aptly I think
    A savings app for cash poor millennials
    http://uk.businessinsider.com/personal-finance-apps-manage-money-fintech-2016-7?r=US&IR=T/#budget-pariti-all-your-accounts-in-one-app-1

    But what on earth does my pension have to do with it?
    Malthusian wrote: »
    Forum injoke.
    I've been on MSE for a few years but never seen that before. Are you making it up as you go along?
  • jimjames
    jimjames Posts: 17,619 Forumite
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    Anthorn wrote: »
    I've been on MSE for a few years but never seen that before. Are you making it up as you go along?
    Nope. I got the reference.


    If it suits you then great but it's not for anyone seriously looking to invest. But investing pennies is hardly worth the bother when you can open a proper account with £25 per month so under £1 a day and avoid these high charges and lack of flexibility.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • msallen
    msallen Posts: 1,494 Forumite
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    Don't feed the troll.
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    Anthorn wrote: »
    http://uk.businessinsider.com/personal-finance-apps-manage-money-fintech-2016-7?r=US&IR=T/#budget-pariti-all-your-accounts-in-one-app-1

    "The beauty of MoneyBox is it helps you save without thinking about it, perfect for cash-strapped millennials". Well, that sounds like a recipe for long-term financial security to me - conscious ignorance and spending all your income. Beautiful.

    Millennials should ask what it is about being 30 or under that makes you liable for eye-watering charges.
    But what on earth does my pension have to do with it?

    If you have a pension and you're paying in more than a tenner a month (or whatever Moneybox is taking) then Moneybox isn't your main method of saving. If you don't then it doesn't bode well for your retirement.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    edited 24 February 2017 at 6:18PM
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    jimjames wrote: »
    Nope. I got the reference.


    If it suits you then great but it's not for anyone seriously looking to invest. But investing pennies is hardly worth the bother when you can open a proper account with £25 per month so under £1 a day and avoid these high charges and lack of flexibility.

    You and just about everyone else in this thread are trying to make Moneybox app something it isn't and also failing to compare like with like. Investing "pennies" is exactly what it is. Oh ok a little bit more than "pennies" but not very much more. Also I don't consider a £1 per month flat fee "high charges". Certainly not as high as the dealing charges of most providers of stocks and shares ISAs. Lastly, I agree; It's not for anyone looking seriously to invest, it's for investing left-over pennies lol but left-over pennies soon become left-over pounds.

    The next step up if an app is desired would be the comparatively new robo-investing apps. Try Googling it!
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Malthusian wrote: »
    "The beauty of MoneyBox is it helps you save without thinking about it, perfect for cash-strapped millennials". Well, that sounds like a recipe for long-term financial security to me - conscious ignorance and spending all your income. Beautiful.

    Millennials should ask what it is about being 30 or under that makes you liable for eye-watering charges.



    If you have a pension and you're paying in more than a tenner a month (or whatever Moneybox is taking) then Moneybox isn't your main method of saving. If you don't then it doesn't bode well for your retirement.

    I really don't think that £1 per month flat fee is "eye watering charges".

    It's an ISA not a SIPP. You really must learn the difference between the two.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Anthorn wrote: »
    I really don't think that £1 per month flat fee is "eye watering charges".

    It's an ISA not a SIPP. You really must learn the difference between the two.

    So what percentage charge are you paying on your investments in total?

    You continue to amaze with your financial naivety.
  • harriet_whit
    harriet_whit Posts: 4 Newbie
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    I think if anything its putting money somewhere so that I don't spent it, even if I don't make anything from it its better than the banks interest rates at the moment
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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    harriet_whit wrote: »
    I think if anything its putting money somewhere so that I don't spent it, even if I don't make anything from it its better than the banks interest rates at the moment

    Apologies in advance but you're sounding exactly like the sort of naive punter they're aiming to capture.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Nannird
    Nannird Posts: 1 Newbie
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    I'm guessing the Scottish dig was aimed at us being stereotypically tight in the pockets?
    Hi everyone, being my first post since I just registered to comment here.

    I've only been using moneybox for 5 weeks now so I can't exactly comment fully yet but I'm bad at saving money and I use my debit card a lot through business use for fuel & materials since I'm a self employed kitchen fitter.
    I'll give a proper comment nearer Xmas as that's my plan for now, save the roundups plus an extra £10 per week and use the money I've saved for presents for my kids. Currently I've invested £76 in the first 4 weeks and my hope is that I won't lose it by December as have chosen the highest risk/reward option.

    ...anyway, wish me luck
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