MoneyBox App - Shares and Stocks Investment App

Kraezae

Hi guys,

Seen a few social media ads for a new money saving app called "MoneyBox". A quick google seems to offer a few reports on it and apparenlt yits FCA Certified. Its an IOS Eclusive app at the moment it seems

Anyone used this before? It offers the "save the change option" where it rounds up all transactions to the nearest pound and puts them to savjngs every week.

Just wondered if anyone has used it before?

AnotherJoe

Savings will likely be significantly eclipsed by the charges, and you could do the same yourself simply by saving an extra £10 a month (or whatever you guesstimate your average 'spare change' per month is,which will be £ (number of transactions)/2 into a fund of your exact choice rather than their very restricted choice of 3 funds.

Kraezae

I thought their had to be a catch somewhere. Makes sense when you say it like that!

khw

I liked the idea of it rounding up your transactions and investing the spare change - much more likely to work than managing it myself. But it seems that in the couple of threads about them, folk aren't so keen. Is there a better way of doing this - and not so that I have to trust myself to manage it

Anthorn

khw wrote: »

I liked the idea of it rounding up your transactions and investing the spare change - much more likely to work than managing it myself. But it seems that in the couple of threads about them, folk aren't so keen. Is there a better way of doing this - and not so that I have to trust myself to manage it

Depends on your bank account: Both Lloyds Bank and TSB have that round-up feature where the "spare change" from debit card purchases is automatically deposited into an instant access savings account. But you will still have to manage it unless you just want the money to sit in the savings account.