MoneyBox help

madz2802

Hi,

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!

tacpot12

You need to read and understand this page: FSCS Protection | Moneybox | Save and Invest (moneyboxapp.com)

madz2802

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 😊

Alexland

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.

madz2802 said:

Saving and buying for Christmas 2013!!

Good luck with that!

Daliah

May I ask what draws you to Moneybox for savings? They don't seem to offer very good rates.

Richchad

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?

eskbanker

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?

Is that a problem?  You don't need these for setting up direct debits....

Richchad

eskbanker said:

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?

Is that a problem?  You don't need these for setting up direct debits....

No not a problem, just wondered why no account number etc for my records..