Money box save and invest.

Nannird wrote: »

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

The Xmas Day lottery will be fun. Will it be ipads for the kids this year or just a lump of coal?

aaravmali22 wrote: »

No, i haven't heard of this type of app. It will be better if you use apps which are known to everyone, so that you get to know about the features of the app and use it wisely for your money saving.

stevenmiranda wrote: »

I would suggest you not to go for apps which are not familiar with people and not known in the market.
It is always advisable to go for apps which are best known to the people and they can tell you about the features of app.

Two similar posts which I am commenting on.

Actually all we need to know about the app is whether or not it works without errors. What is relevant is the companies behind the app, whether they are reliable and the investments themselves.

When I look at my Moneybox app I see investments in Henderson, Vanguard, Blackrock and those investments managed by Greyfriars Asset Management. It should be of interest that funds and management of that calibre is available to anyone who invests from just £1 a week! Something to shout about I think.

I really don't see the value of misinformed comments from anonymous people who have never used the app. However it comes down to the user and what they feel confident with. Very rare for me to be 100% confident with anything but Moneybox gets my 100% vote and it gets that vote based on my experience of it.

As the saying goes, the proof of the pudding is in the eating: My Moneybox App Adventurous account running total shows a profit of 2.42% after fees. It will be interesting to see what actual profit I will realise after a year.

Personally, I dismiss adverse comments about Moneybox App by those who have never used it as irrelevant.

ViolaLass wrote: »

2.42% over what period of time?

The Moneybox app provides both a running total in the "Investments" section and a projected annual return in the "History" section based on current experience. Not surprisingly the running total showed a loss in April (due to ex-div) so we could say since then and the actual running total return is therefore more than the current 2.42% accounting for the loss.

The projected return on my Adventurous account is 5.8% and that is based on my usage of regular weekly deposit, round-ups and one-off deposits.

Note that when considering the performance we are considering the performance of the underlying funds less Moneybox fees and not the performance of Moneybox app itself. Also withdrawals are free so I could withdraw all of it less the minimum of £1, get my profit and continue saving as I have been doing.

Anthorn - I think your somewhat aggressive style of writing perhaps is taking away from the good points you are making. The other commentators are absolutely right in that Moneybox is not the most efficient or best value for money with regards to investing. It is for pennies investing (as you say) but if investing pennies then the £1/month fee becomes more significant.
I think the bottom line is that it is a very good platform as an introduction to investing and the rounding-up feature is unique. It is good for what it does but all should be aware that you are paying extra for the 'ease of use'. I would suggest that once more savvy that moving to the other suggested investing platforms would be more efficient for long-term savings and gains.