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Moneybox ‘Top-up’ app

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I like the sound of this app - which rounds up your daily spends and invests it in three types of tracker funds (from cautious to adventurous). But I would probably just use it in a light way - literally for the top-ups that come from my daily expenses - and I’ve heard negative things about the fees, which make it less worthwhile for small amounts. Anyone use this app with success - or are there other apps with similar, easy concepts but better returns? Thanks.

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  • jimjames
    jimjames Posts: 18,657 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Not sure an app to invest is much help. Just setup a DD to buy units every month, some providers then have an app to monitor your investment but investing rounded pennies is not going to make a lot of difference to your financial future.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 23 October 2017 at 9:35AM
    Apps like this are pointless and will return less than simply setting up a fixed savings plan.

    Anyone who says they are happy with theirs hasn’t done the comparison, (or is mathematically illiterate if they have and still think it’s better.)

    If you want to save, save a known amount in a low or even no cost scheme rather than a random amount in a high cost scheme (£1 a month might sound like low cost for example, but if you are only savinga tenner a month, it makes the most expensive managed funds look like an absolute bargain)

    Not to mention, there’s really little point in saving trivial amounts, it might even be counterproductive in that it fools you into thinking you are doing something meaningful rather than work out what you really need to save and make the necessary sacrifices to do that.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Where's anthorn?
  • eskbanker
    eskbanker Posts: 37,073 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    bigadaj wrote: »
    Where's anthorn?
    Don't you mean Smed? ;)
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