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MoneyBox help
madz2802
Posts: 109 Forumite
Hi,
So I previously had a MoneyBox investment stocks account and lost money due to COVID.
So I previously had a MoneyBox investment stocks account and lost money due to COVID.
I was wondering- may be a silly question!- but if I open a savings account with them, is there the risk to lose money like with their investment account?
Thank you!
Saving and buying for Christmas 2013!! :rudolf::xmassmile:xmastree::snow_grin 
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Comments
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You need to read and understand this page: FSCS Protection | Moneybox | Save and Invest (moneyboxapp.com)
The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1 -
I don’t think I’ve word d my question very well. I currently have a stocks and shares account with them and from what I understand they invest my money and I can make/lose money. If I open one of their savings accounts my money isn’t invested the same way right? I won’t lose money? Thanks 😊Saving and buying for Christmas 2013!! :rudolf::xmassmile:xmastree::snow_grin0
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Moneybox cash savings accounts are FSCS protected up to £85k so you will earn the stated return with no risk other than perhaps inflation eroding the spending power over time.
If you made a loss on a S&S investment account it wasn't because of covid but because you withdrew when markets were low. Investment is for the medium to long term 5-7 years or preferably much longer to substantially reduce the chance of making a loss.
Good luck with that!madz2802 said:Saving and buying for Christmas 2013!!0 -
May I ask what draws you to Moneybox for savings? They don't seem to offer very good rates.0
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I have just opened a Moneybox Simple savings account for the Direct Debit I need, there doesn't appear to be a account number or sort code for this?0
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eskbanker said:
Is that a problem? You don't need these for setting up direct debits....Richchad said:I have just opened a Moneybox Simple savings account for the Direct Debit I need, there doesn't appear to be a account number or sort code for this?
No not a problem, just wondered why no account number etc for my records..
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