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  • FIRST POST
    • SS67
    • By SS67 7th Sep 16, 1:32 PM
    • 3Posts
    • 1Thanks
    SS67
    Money box save and invest.
    • #1
    • 7th Sep 16, 1:32 PM
    Money box save and invest. 7th Sep 16 at 1:32 PM
    Hi
    I'm just wondering if anybody on here is using or has any experience with the above app, I found it on the App Store and it hasn't long been released. It seems a pretty good idea in general, they basically round your purchases up from spending and invest them in a stocks and shares ISA, you can also add extra funds aswell. I have no experiance with investing so I was just looking for views from people with a bit more experiance in this kind of thing. This is my first post so please be gentle lol.
Page 2
    • Malthusian
    • By Malthusian 24th Feb 17, 10:58 AM
    • 3,305 Posts
    • 5,020 Thanks
    Malthusian
    All I see is verbal diarrhea and not anything constructive.
    Originally posted by Anthorn
    The OP wanted views on MoneyBox from people with experience in investing. The majority view from experienced investors is "use a lower cost and more flexible alternative" and "forget about rounding up and save an amount that actually matters". If the OP takes these views on board they'll lose less money to charges, their investments will have higher growth potential and they may find that they are better off in the future because they decided to save a meaningful amount for the long term, instead of signing up to have a few pennies taken out of their bank account and thinking "job done". That sounds pretty constructive to me.

    I've already named Moneyfarm in a previous post as a viable alternative for small savers but they don't have the round-up feature which is my main method of saving - I don't miss the small amounts involved.
    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.

    "Scottish Friendly" flew over my head: What do they have to do with it?
    Forum injoke.
    • Anthorn
    • By Anthorn 24th Feb 17, 11:52 AM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    The OP wanted views on MoneyBox from people with experience in investing.
    Originally posted by Malthusian
    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!

    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.
    Originally posted by Malthusian
    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?

    Forum injoke.
    Originally posted by Malthusian
    I've been on MSE for a few years but never seen that before. Are you making it up as you go along?
    • jimjames
    • By jimjames 24th Feb 17, 1:16 PM
    • 12,185 Posts
    • 10,703 Thanks
    jimjames
    I've been on MSE for a few years but never seen that before. Are you making it up as you go along?
    Originally posted by Anthorn
    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
    • By msallen 24th Feb 17, 1:47 PM
    • 558 Posts
    • 497 Thanks
    msallen
    Don't feed the troll.
    • Malthusian
    • By Malthusian 24th Feb 17, 3:19 PM
    • 3,305 Posts
    • 5,020 Thanks
    Malthusian
    "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
    • By Anthorn 24th Feb 17, 3:23 PM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    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.
    Originally posted by jimjames
    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!
    Last edited by Anthorn; 24-02-2017 at 5:18 PM.
    • Anthorn
    • By Anthorn 25th Feb 17, 6:46 AM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    "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.
    Originally posted by Malthusian
    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
    • By bigadaj 25th Feb 17, 7:26 AM
    • 10,696 Posts
    • 6,988 Thanks
    bigadaj
    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.
    Originally posted by Anthorn
    So what percentage charge are you paying on your investments in total?

    You continue to amaze with your financial naivety.
    • harriet_whit
    • By harriet_whit 18th May 17, 11:39 AM
    • 4 Posts
    • 0 Thanks
    harriet_whit
    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
    • By JohnRo 18th May 17, 12:17 PM
    • 2,458 Posts
    • 2,213 Thanks
    JohnRo
    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
    Originally posted by harriet_whit
    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
    • By Nannird 24th May 17, 7:42 PM
    • 1 Posts
    • 1 Thanks
    Nannird
    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
    • jimjames
    • By jimjames 24th May 17, 8:15 PM
    • 12,185 Posts
    • 10,703 Thanks
    jimjames
    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
    Originally posted by Nannird
    If you're investing money that you need to use for Christmas and using the highest risk option I'd say that was crazy! Investing should be for 5 years plus, not 5 months! But as long as you're aware you're on a rollercoaster and could end up with less than you invested then go ahead - it's entirely your choice!

    Using a regular saver account would be a far better option with guaranteed 5% return and no risk of losing your money.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • TheShape
    • By TheShape 24th May 17, 8:35 PM
    • 1,113 Posts
    • 869 Thanks
    TheShape
    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
    Originally posted by Nannird
    The Xmas Day lottery will be fun. Will it be ipads for the kids this year or just a lump of coal?
    • aaravmali22
    • By aaravmali22 25th May 17, 10:44 AM
    • 2 Posts
    • 2 Thanks
    aaravmali22
    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.
    • Anthorn
    • By Anthorn 25th May 17, 2:39 PM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    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.
    Originally posted by aaravmali22
    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.
    Originally posted by stevenmiranda
    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.
    • AndyT678
    • By AndyT678 25th May 17, 3:32 PM
    • 726 Posts
    • 985 Thanks
    AndyT678
    Really! Nearly 3,000 posts in almost 6 years and you still can't tell the difference between pidgin English spam posts and informed opinion.

    No wonder you think we're all unemployed, child fantasists.
    • Anthorn
    • By Anthorn 16th Jun 17, 9:22 AM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    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
    • By ViolaLass 16th Jun 17, 9:29 AM
    • 5,076 Posts
    • 7,045 Thanks
    ViolaLass
    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.
    Originally posted by Anthorn
    2.42% over what period of time?
    • Anthorn
    • By Anthorn 16th Jun 17, 10:04 AM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    2.42% over what period of time?
    Originally posted by ViolaLass
    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.
    Last edited by Anthorn; 16-06-2017 at 10:59 AM. Reason: Last paragraph added
    • Rico121
    • By Rico121 1st Aug 17, 9:48 AM
    • 1 Posts
    • 0 Thanks
    Rico121
    Sorry for the late entry to this thread and also for my lack of posting, but I just wanted to ask you Anthorn, do you only recommend the adventurous path?

    I joined Moneybox yesterday and having read this whole thread I do agree with your side of the discussion, it makes the whole investing an easier and less stressful experience and with your experience so far being positive I feel comfortable investing about £50 a month in the app and I love the fact I can withdraw and get out at anytime.

    I have chosen the middle path though as caution kicked in a little, but I'd like to hear what you think on this?
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