Moneybox app

Nbressey

Hi, has anyone used the MoneyBox app? Is it safe? Is it worth using or are there better options available?

dd95

i set up an account but quickly cancelled it after reading some threads on here!

[Deleted User]

I have a Moneybox Account access by app. I pay about £8 in every month by direct debit - and occasionally a small additional payment. So far I only have about £70 saved but if I should be worried and close the account please let me know.

It may not be a lot of money but I have a (stable) low income and I would prefer to be safe, thank you.

Is there a link to the threads mentioned, please?

Crimson

dd95

hi crimson,

i trawled through really old threads so it would be like finding a needle in a haystack!

if you have a lower income i think it could be useful. Also if you are an impulse buyer (buying a coffee here and there) etc the round up feature would be excellent.

the crux of the threads were that the low interest and the account fees weren't worth the hassle and you'd be much better putting money into a normal ISA

[Deleted User]

Thank you dd95 - Post 4. That is very helpful. I don't think I am an impulse buyer and have not used the round up feature. I usually stay with Direct Debits of about £8 per month and, just occasionally, add a bit extra.


I have it in mind for a few extra bits and food 'treats' next Christmas. It will never be a huge amount but will be very useful at Christmas time.


Many thanks


Crimson

quirkydeptless

I'm intrigued by another possible source of a DD.

A monthly DD into 1.65% 95 days notice account would be useful, so can it be set up to do this?

md458

I use the Moneybox app quite a bit although it isn't my main saving source, I use it on the roundups and sometimes a 'payday boost'. I am using it for LISA and now interested re Post 2 to see what problems there are and have been reported. From my experience it is 'safe' but I would never fully assign to any app especially financial ones with what can happen

[Deleted User]

I save £2 weekly by direct debit to this Moneybox account I can also add single payments occasionally.

My plan is to continue with this and, around early September time, give notice to withdraw most of it, for some extra 'food etc.' treats in time for Christmas in December.

I'm just hoping that these modest savings are safe and, if so, would continue saving by direct debit for subsequent Christmas food treats etc.

Crimson

funkymonkey

I use the moneybox app for my lifetime ISA house deposit savings and have found them to be very good.

I think the main complaints with moneybox are:

1) Fees for their stocks and shares ISA are higher than other platforms (but there are no fees for the moneybox cash LISA)

2) The way money is paid in is a bit clunky. You nominate an amount to be taken from your bank account by lunchtime wednesday. This is then taken on a friday by DD and then posted a few days later into your account. They dont allow direct transfers in which i fund a bit annoying as I tend to spend whats in my current acct so would rather it went instantly lol.

Otherwise I am pretty happy with the service. I also had a couple of nominal amount pension pots lying around from saturday jobs from 20 years ago which i transfered in. Only a couple of thousand so they are never going to pay out mega bucks but its nice to see them in one place!

gymnophoria

I just opened a Moneybox account but quickly cancelled it.

It only takes payments on Wednesdays, at their own convenience, and once you've entered the deposit amount you can't change it, even though the money may not be taken for up to six days! I don't want money sitting around in my account when it could be earning interest! Not being able to pay in money when *I* want to is astonishing!

Also requires you to set up a Direct Debit for regular payments which I'm nervous of - I want control over what money I pay in, and when.