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  • FIRST POST
    • LHZ
    • By LHZ 11th Apr 18, 9:31 AM
    • 24Posts
    • 8Thanks
    LHZ
    Any experience of 'Moola' robo-investment?
    • #1
    • 11th Apr 18, 9:31 AM
    Any experience of 'Moola' robo-investment? 11th Apr 18 at 9:31 AM
    Hello all. I'm tempted to take up the latest offer from Moola robo-investment platform via MSE (125 cashback after 12 months with minimum 1200 investment over the year). Does anyone have any experience of this? Seems like a reasonable offer. Also, is there any reason for me not to put this in a S&S ISA? I'm completely new to this and whilst I've been tempted to jump in to shares I've always held off. This Moola app seems an easy way in.

    Many thanks!
Page 2
    • Alexland
    • By Alexland 11th Apr 18, 3:00 PM
    • 2,229 Posts
    • 1,623 Thanks
    Alexland
    If I have both a Moola and an Orbis "platform", can both be in my s&s ISA wrapper or are you only allowed one "platform"?
    Originally posted by JPears
    Your S&S ISA contributions for this tax year needs to be with one provider but you could do the Orbis ISA offer and the Moola GIA offer. Moola defaults to ISA but there is a point early in the application process you can change to a GIA. At 100 per month it is highly unlikely that the Moola investment performance would cause you to pay tax anyway.

    Alex
    Last edited by Alexland; 11-04-2018 at 3:04 PM.
    • chockydavid1983
    • By chockydavid1983 11th Apr 18, 3:46 PM
    • 574 Posts
    • 345 Thanks
    chockydavid1983
    Is there a link to the offer or is applied automatically?
    • Voyager2002
    • By Voyager2002 11th Apr 18, 4:20 PM
    • 12,048 Posts
    • 8,189 Thanks
    Voyager2002
    Is there a link to the offer or is applied automatically?
    Originally posted by chockydavid1983
    The offer has now been pulled: they cite "overwhelming demand".
    • Alexland
    • By Alexland 11th Apr 18, 4:51 PM
    • 2,229 Posts
    • 1,623 Thanks
    Alexland
    The offer has now been pulled: they cite "overwhelming demand".
    Originally posted by Voyager2002
    Interesting, I wonder if everyone that signed up before it was pulled were in the first 500 or however many they are going to honour? I might drop them a message and ask about our accounts.
    • Herbalus
    • By Herbalus 11th Apr 18, 5:15 PM
    • 1,976 Posts
    • 1,567 Thanks
    Herbalus
    Interesting, I wonder if everyone that signed up before it was pulled were in the first 500 or however many they are going to honour? I might drop them a message and ask about our accounts.
    Originally posted by Alexland
    They said upon sign-up that they would confirm eligibility for offers when they check the account opening etc in the coming days.

    I was concerned about the first 500 when I signed up this morning, but expect them to tell me within the next week whether I made it. If not I will call them next week.
    • buyhighselllow
    • By buyhighselllow 11th Apr 18, 6:04 PM
    • 70 Posts
    • 36 Thanks
    buyhighselllow
    I was tempted by this offer this morning, but having done some research including this

    http://citywire.co.uk/wealth-manager/news/diary-of-a-digital-investor-what-are-they-doing-with-my-moola/a1031653

    I decided it was a very flakey way of investing
    Over 1500 made from bank switches and P2P incentives since 2016

    Mortgage free. Still enjoy the good things but save where possible.

    Aim to retire by 55.
    • AnotherJoe
    • By AnotherJoe 11th Apr 18, 6:16 PM
    • 8,977 Posts
    • 9,863 Thanks
    AnotherJoe
    I was tempted by this offer this morning, but having done some research including this

    http://citywire.co.uk/wealth-manager/news/diary-of-a-digital-investor-what-are-they-doing-with-my-moola/a1031653

    I decided it was a very flakey way of investing
    Originally posted by buyhighselllow
    I don't see why, AFACS the article isn't that different to Jeremy Ckarkson criticising a Honda Jazz because it doesn't have the same acceleration as a Bugatti Veyron.
    • Alexland
    • By Alexland 11th Apr 18, 6:24 PM
    • 2,229 Posts
    • 1,623 Thanks
    Alexland
    Yeah that Citywire article and the relatively high fees don't both me. I went for their mid risk option and have pretty low expectations but will give them a year to persuade me they are any good but I think it's unlikely.
    • buyhighselllow
    • By buyhighselllow 11th Apr 18, 6:38 PM
    • 70 Posts
    • 36 Thanks
    buyhighselllow
    I don't see why, AFACS the article isn't that different to Jeremy Ckarkson criticising a Honda Jazz because it doesn't have the same acceleration as a Bugatti Veyron.
    Originally posted by AnotherJoe
    The rather odd fund selections based on profile made them as attractive as a 1970's Trabant
    Over 1500 made from bank switches and P2P incentives since 2016

    Mortgage free. Still enjoy the good things but save where possible.

    Aim to retire by 55.
    • Shedman
    • By Shedman 11th Apr 18, 7:19 PM
    • 118 Posts
    • 68 Thanks
    Shedman
    One of the things that concerned me about going for the ISA option on this offer is that the cashback is paid after 6th April next year and will be paid into the ISA account per the T&Cs... "If you have an ISA account and you have not yet used your ISA allowance then it will be paid into your ISA account"

    This would presumably be regarded as a subscription of funds to a 2019-20 ISA and hence would automatically mean that you have committed to Moola for the 2019-20 Stocks & Shares ISA by default - which of course may not have been something you intended?

    The wife and I have therefore gone for the GIA instead.
    • LHZ
    • By LHZ 11th Apr 18, 7:46 PM
    • 24 Posts
    • 8 Thanks
    LHZ
    One of the things that concerned me about going for the ISA option on this offer is that the cashback is paid after 6th April next year and will be paid into the ISA account per the T&Cs... "If you have an ISA account and you have not yet used your ISA allowance then it will be paid into your ISA account"

    This would presumably be regarded as a subscription of funds to a 2019-20 ISA and hence would automatically mean that you have committed to Moola for the 2019-20 Stocks & Shares ISA by default - which of course may not have been something you intended?

    The wife and I have therefore gone for the GIA instead.
    Originally posted by Shedman
    Excellent point. I will contact them tomorrow and try to get them to switch it to GIA.
    • Malthusian
    • By Malthusian 12th Apr 18, 9:26 AM
    • 3,909 Posts
    • 6,106 Thanks
    Malthusian
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.

    Now, I know what you're going to say - Moola is targeting customers whom IFAs wouldn't give the time of day. But that's not actually true. If all Moola's customers only have a few thousand quid on the platform, they won't cover their overheads. Even the robo-advisers who are targeting small portfolios are doing so in the hope that they'll become big portfolios later. And in enough time that the platform achieves profitability before it runs out of venture capital money and goes bust.

    And in fact, Moola has stated that it is targeting customers with over 50,000 per annum.
    • LHZ
    • By LHZ 12th Apr 18, 10:02 AM
    • 24 Posts
    • 8 Thanks
    LHZ
    UPDATE: Just spoke to Moola via online chat. They told me that they will be making sure that the MSE cashback is paid in the 2018/2019 tax year. They also confirmed that I was eligible for the cashback (I applied around 10:30am yesterday).
    • BLB53
    • By BLB53 12th Apr 18, 11:33 AM
    • 1,242 Posts
    • 1,022 Thanks
    BLB53
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.
    I am sure there are more upfront fees for new customers which add an extra 3% and this is the saving offered by the robo advisors.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • Alexland
    • By Alexland 12th Apr 18, 1:33 PM
    • 2,229 Posts
    • 1,623 Thanks
    Alexland
    We applied just before 2pm yesterday and just received the below email.

    "You've qualified for the 125 Moola Cashback Offer

    Thank you for opening a MOOLA account as part of our cashback (Money Saving Expert) promotion. In order to receive your 125 bonus you will have to either:
    1. open the account with a minimum of 100 and make lump sum payments totalling 1,200 in the first year and not withdraw any funds from the account in the first year
    2. sign up to a regular direct debit of at least 100 for 12 months and not withdraw any funds from the account in the first year

    If you continue to meet these criteria for the promotion period we will deposit the bonus lump sum into your MOOLA account within 12 months of your first deposit."

    Alex
    Last edited by Alexland; 12-04-2018 at 1:38 PM.
    • Herbalus
    • By Herbalus 12th Apr 18, 2:16 PM
    • 1,976 Posts
    • 1,567 Thanks
    Herbalus
    I have the same email. Im quite pleased they have done this as it seems they are relatively organised and also for confirming before my first investment. I wouldnt have invested if I hadnt made the cut off.

    I wonder if they decided to honour to more than the 500.
    • thenewcomer
    • By thenewcomer 12th Apr 18, 2:29 PM
    • 82 Posts
    • 15 Thanks
    thenewcomer
    shame. i was going to sign up for it!
    Aim to retire by 45.
    • AnotherJoe
    • By AnotherJoe 12th Apr 18, 3:35 PM
    • 8,977 Posts
    • 9,863 Thanks
    AnotherJoe
    0.75% per annum to be dumped in a risk-rated portfolio which will probably lose money in real terms, when you can still get bespoke financial advice for that price and associated regulatory protection? (0.5% IFA + 0.25% IFA platform.) Ouch.

    .
    Originally posted by Malthusian
    Where can you get bespoke financial advice for 7.50.?
    • Herbalus
    • By Herbalus 12th Apr 18, 4:58 PM
    • 1,976 Posts
    • 1,567 Thanks
    Herbalus
    Where can you get bespoke financial advice for 7.50.?
    Originally posted by AnotherJoe
    You know thats pushing the concept of bespoke, considering Moola make you play a game with some dice and then pretty much everybody ends up with the same medium risk portfolio.
    • Alexland
    • By Alexland 12th Apr 18, 5:13 PM
    • 2,229 Posts
    • 1,623 Thanks
    Alexland
    You know thats pushing the concept of bespoke, considering Moola make you play a game with some dice and then pretty much everybody ends up with the same medium risk portfolio.
    Originally posted by Herbalus
    Yeah I wasn't impressed by their dice game and it gives the wrong impression that investment is similar to gambling when over the very long term the probability of a positive outcome on even a high risk portfolio is very good.
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