Moneybox App

PT1982

Is anyone using the Moneybox app (https://www.moneyboxapp.com/)?
If I already have a regular cash ISA, do I need to close that to open a Stocks & Shares ISA with Moneybox?
I really like the idea of small amounts going into savings  

eskbanker

You can pay into a S&S ISA at the same time as a cash ISA so there's no need to close the latter, but Moneybox's S&S offering is relatively high cost and low choice so there are many better investment platforms for those looking for value for money rather than gimmicks....

alflavor

I find it really handy and have saved £1500 since last September without even trying. I do a £100 on payday (was £50 until a couple of months back)  £5 weekly, and then all the round-ups from card usage.

Lumiona

I have their cash LISA, it's good, I have no problems with it.

ischris85

Just to note you can only open one ISA per tax year

grumiofoundation

ischris85 said:

Just to note you can only open one ISA  per tax year

That is incorrect.

You can contribute (i. e. new money) to 1 ISA of each type (cash, stocks and shares, IF and lifetime) each tax year.

You can open more than one of each type as long as you don't pay in new money. 

AnotherJoe

PT1982 said:

Is anyone using the Moneybox app (https://www.moneyboxapp.com/)?
If I already have a regular cash ISA, do I need to close that to open a Stocks & Shares ISA with Moneybox?
I really like the idea of small amounts going into savings  

Large amounts are better. And there's always the issue that the app encourages you to spend not save, eg you might be "hey why don't I buy this tat I don't need for £10.50 so I can save 50p in my app". 

As long as you haven't put more than £20k in your regular cash ISA which in your case sounds unlikely plus it's probably not the best  place regards interest, you don't need to close it, you can also open an S&S isa . Just don't put more than £20k in both overall, in one tax year. And don't close the Cash isa. If you don't want it, transfer it to retain the tax advantages to the s&s isa. (Though with small amounts there's no practical difference but someone with more money in one  might also be thinking of this)