Moneybox App - Thoughts?

jimjames

Anthorn wrote: »

What I like best about Moneyfarm and Moneybox is their transparency of the fees charged: We know exactly what we're going to pay if we proceed!

Which is exactly the same as most other providers.

Anthorn wrote: »

If you actually get to over £10K total capital then the management fee is 0.6% plus fund management fees of 0.25% average and that's per month folks. According to Moneyfarm their management fee for capital of £50,000 is £20 per month.

That is very much on the expensive side. I pay 0.25% platform fee with Fidelity and 0.06% fund fee UK or 0.13% worldwide.

That's 0.38% maximum compared to 0.85% for Moneyfarm. In pounds, iWeb charge one off £25 fee compared to £240 per year for Moneyfarm. Over 10 years thats a saving of over £2000.

Anthorn

jimjames wrote: »

Which is exactly the same as most other providers.


That is very much on the expensive side. I pay 0.25% platform fee with Fidelity and 0.06% fund fee UK or 0.13% worldwide.

That's 0.38% maximum compared to 0.85% for Moneyfarm. In pounds, iWeb charge one off £25 fee compared to £240 per year for Moneyfarm. Over 10 years thats a saving of over £2000.

But the trick with Moneyfarm is to make sure the total capital is less than £10K and then the Moneyfarm management is free. What you have left is the fund managers fee over which Moneyfarm has no control.

george4064

Transfer out charges are probably extortionate.

edinburgher

george4064 wrote: »

Transfer out charges are probably extortionate.

Googled this for Moneyfarm. They don't charge to close the account or sell funds, but they can only make a cash transfer (not in specie).