Savings investment s apps

daz378

Been recommended  an app called moneybox   that rounds up your card purchases   into savings account stocks and shares  etc  are these safe and reliable ?

Nurse2047

Yes I use Moneybox for 3 small pots of money- I use the 90 day, 45 day and simple saver accounts. Easy way to build up saving pots and safe to use- fully protected 

colsten

They offer FSCS protection but their savings rates aren't the best, and their investments are unlikely to be most flexible and cost effective in the market.

grumiofoundation

As above they are ‘safe’ for holding cash. Stocks and shares are not safe in the way cash is in the sense that your capital is at risk and you can get back less than you pay in).

The Stocks and Shares offering from Moneybox costs £1 + platform fee of 0.45% (plus fund costs). 

How much will you be investing per month ? (I. E. Will the £1 per month be a big chunk of this?). 

The round up feature/gimic can look good on paper - “save without thinking” etc but is probably not as helpful as portrayed and is certainly not the best way to save (in isolation). 

Its helpful to someone who spends based on how much is in their account (since the round up feature will reduce the balance throughout the month) and always ends the month before payday with no money left. 

There is also the psychological risk tha you begin to associate spending with saving -  if I buy this thing I don’t need for £1.75 I save 25p, whereas in reality you have just spent £1.75. 

daz378

Thanks for the info   maybe 30 or 40 pound a month   and I'm quite solvent  and   aware I could lose as well as gain, especially at the moment with the pandemic   also would try to stay within my normal spending   pattern

kuratowski

As above, the £1 per month fee from Moneybox is probably not the best value for you.

For £30-40 per month that rules out Vanguard (minimum £100 pm).  How about Fidelity, whose minimum is £25 pm:

https://www.fidelity.co.uk/stocks-and-shares-isa/

Albermarle

ware I could lose as well as gain, especially at the moment with the pandemic  

With stocks and shares investments , you can gain or lose at any time in an unpredictable way.

In fact after a big dip , investments are up since the start of the pandemic.