Moneybox ‘Top-up’ app

SRTC

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.

jimjames

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.

AnotherJoe

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

Where's anthorn?

eskbanker

bigadaj wrote: »

Where's anthorn?

Don't you mean Smed?