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  • FIRST POST
    • LHZ
    • By LHZ 11th Apr 18, 9:31 AM
    • 27Posts
    • 10Thanks
    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 4
    • Alexland
    • By Alexland 10th Apr 19, 11:19 AM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    Was just thinking by withdrawing now I might capitalise on the slight recent gain!! But overall not a bad profit for trying out a new robo-advisor.
    Originally posted by granta
    Now showing as £45 return which I would be very happy with for a balanced risk investment. Similar to our experience with Moneyfarm a few years ago there isn't a way of adjusting the risk profile to get more certainty of that return. Still I have read of others on Nutmeg using this feature to buy high (when confident) and sell low (when nervous after a drop) so maybe it's a good thing that less experienced investors don't fiddle too much.

    I always say don't invest for less than 5 years but then keep making small 1 year investments to collect these bonuses. The money gets continually recycled into other investment accounts so even if I sold at a loss then it would pickup the eventual recovery on another platform.

    Similar to Shedman I am on the lookout for new bonus opportunities as these will be our last GIA accounts closing next month. In particular I am on the lookout for a S&S JISA bonus as we had another child born last week just a bit too late to take advantage of the recent Welathify JISA offer. Also looking for any upto £1k IFISA bonus opportunities having already taken Kuflink, Ratesetter and Zopa bonuses.

    Alex
    Last edited by Alexland; 10-04-2019 at 11:25 AM.
    • granta
    • By granta 10th Apr 19, 9:08 PM
    • 36 Posts
    • 9 Thanks
    granta
    Now showing as £45 return which I would be very happy with for a balanced risk investment. Similar to our experience with Moneyfarm a few years ago there isn't a way of adjusting the risk profile to get more certainty of that return. Still I have read of others on Nutmeg using this feature to buy high (when confident) and sell low (when nervous after a drop) so maybe it's a good thing that less experienced investors don't fiddle too much.

    I always say don't invest for less than 5 years but then keep making small 1 year investments to collect these bonuses. The money gets continually recycled into other investment accounts so even if I sold at a loss then it would pickup the eventual recovery on another platform.

    Similar to Shedman I am on the lookout for new bonus opportunities as these will be our last GIA accounts closing next month. In particular I am on the lookout for a S&S JISA bonus as we had another child born last week just a bit too late to take advantage of the recent Welathify JISA offer. Also looking for any upto £1k IFISA bonus opportunities having already taken Kuflink, Ratesetter and Zopa bonuses.

    Alex
    Originally posted by Alexland
    I went for the highest risk portfolio and am up by £46! Like you, I was in it for the bonus and am always on the look for any promotions. Fingers crossed this year will bring some new entries to market!!
    • Alexland
    • By Alexland 10th Apr 19, 9:30 PM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    I went for the highest risk portfolio and am up by £46!
    Originally posted by granta
    That's the thing with current stock market valuations - you don't always get rewarded for taking high risk.
    • Shedman
    • By Shedman 25th Apr 19, 10:48 PM
    • 345 Posts
    • 234 Thanks
    Shedman
    Fingers crossed that the bonus gets paid tomorrow as detailed in their email of 30 March...

    "We are pleased to let you know that your £125 cashback for signing up to Moola through Money Saving Expert will be credited to your account on or before 26th April. More details to follow in an email next week."

    although not having received that promised follow up email I'm not confident. Did anyone get a second email with the 'more details'?
    • Alexland
    • By Alexland 26th Apr 19, 10:35 AM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    Woo we just received emails confirming the £125 bonus has been added to our Moola accounts as cash to give a week to withdraw before it is autoinvested. It has been over 12 months since our initial contributions, we stopped the DD before the 13th payment, so we have just clicked the account close buttons. With the over £50 investment return the £1,375 each will be contributed into our HL LISAs for a further 25% bonus.

    Our latest initiative is Onefamily were offering £80 cashback on a new S&S JISA for our newborn child in exchange for a £10pm DD. That money plus the Fineco bank referral cashback should be more than the £500 required to transfer to a Vanguard JISA. Also given up on the Orbis JISA for our first child so that's gone to Vanguard too.

    Alex
    • Shedman
    • By Shedman 26th Apr 19, 11:59 AM
    • 345 Posts
    • 234 Thanks
    Shedman
    Got the email as well so I should have had more faith . Pays for a few beers whilst sitting in the sun on the Algarve .
    • Alexland
    • By Alexland 26th Apr 19, 6:48 PM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    Drinking beer in the Algarve sounds much better than changing endless baby nappies.

    We just received contract note emails (presumably the sale trades) but to see the detail we would need to login to the Moola Dashboard which is no longer available as our accounts are in closure.
    • Shedman
    • By Shedman 26th Apr 19, 7:40 PM
    • 345 Posts
    • 234 Thanks
    Shedman
    Drinking beer in the Algarve sounds much better than changing endless baby nappies.
    Originally posted by Alexland
    Much , but been there, done that and got the T-shirt (4 kids within 6 years) and thankfully well out the other side, although I did have to go and look after one of the grandkids the other week and was changing nappies for the first time in over 25 years .

    Good luck with your growing family and keep posting any good deals you spot.
    • granta
    • By granta 27th Apr 19, 2:23 PM
    • 36 Posts
    • 9 Thanks
    granta
    We just received contract note emails (presumably the sale trades) but to see the detail we would need to login to the Moola Dashboard which is no longer available as our accounts are in closure.
    Originally posted by Alexland
    I did the same! In my excitement to close the account, I didn't download any statements and now the Dashboard is showing nothing. Still, £58 profit and some cashback...can't complain!
    • Alexland
    • By Alexland 3rd May 19, 8:30 AM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    Just over £1375 each arrived in our joint bank account this morning so that's £350 total profit.

    Overall Moola was a good experieince but the fees are too high to stay.
    • JPears
    • By JPears 18th Jun 19, 8:53 AM
    • 4,852 Posts
    • 1,316 Thanks
    JPears
    Closed my account on 12th June when showing £1385 after bonus. Dashboard said payment by 19th June, today says 25th June. 2 weeks to make a payment? I smell a rat......
    If you're new. read The FAQ and Vauban's Guide

    The alleged Ringleader.........
    • Alexland
    • By Alexland 22nd Jun 19, 12:46 AM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    All your Moola cash and/or assets are held by Winterflood who are extremely reputable and you would be covered by FSCS protection in the event their financial service failed to return your money. It's probably just a delay in their administration which might have worked in your favour given stock markets have been going up in recent days.
    • Shedman
    • By Shedman 22nd Jun 19, 11:32 PM
    • 345 Posts
    • 234 Thanks
    Shedman
    We've finally pulled out as well (oooh matron). Nice return but fees too high plus we're trying to reduce the excessive number of accounts of various types we hold and which following intensive consolidation into the Santander claimathon have come down from over 50 to a more managable 38 ). Mind you I'm waiting for Alex to find a few new ones for us to make some money on.
    • cfw1994
    • By cfw1994 14th Jan 20, 11:17 AM
    • 589 Posts
    • 552 Thanks
    cfw1994
    Anyone still with Moola will have received this notice of closure:
    Closure of Moola Systems Limited trading as Moola
    Individual Savings Account (ISA) investments
    After a recent strategic review, we have regretfully decided to close Moola with effect from 27 February 2020. Any monthly payments will stop being collected from 17 January 2020.
    My amount was small enough to just transfer out now, not worth moving to another ISA....

    Shame: it has performed okay (adventurous fund), BUT it strikes me many of the smaller or robo FinTech companies may struggle as their investors realise they are mostly losing money.
    • LHZ
    • By LHZ 14th Jan 20, 3:10 PM
    • 27 Posts
    • 10 Thanks
    LHZ
    Yes I got that email too and like you I haven't got enough in to worry about transferring to another ISA so I'll just cash out (option 2). It's come at that time of year when HMRC ask for a ton of cash from me so I'll be using it to pay some of my 18/19 income tax bill. I do plan to look at replacing it with some other form of share investing platform but not really got time to look into that just yet.
    • Alexland
    • By Alexland 14th Jan 20, 7:16 PM
    • 5,890 Posts
    • 5,138 Thanks
    Alexland
    So they didn't even build up enough AUM to be worth selling the client accounts to Nutmeg etc?
    • Malthusian
    • By Malthusian 15th Jan 20, 12:24 AM
    • 7,386 Posts
    • 11,860 Thanks
    Malthusian
    So they didn't even build up enough AUM to be worth selling the client accounts to Nutmeg etc?
    Originally posted by Alexland
    Sell to Nutmeg for what? Nutmeg doesn't have any money either. Nutmeg are also hoping to sell up to a bank or somebody else who wants a book of DIY investors who don't churn and don't have much money, once they've burned up enough VC capital.
    • Malthusian
    • By Malthusian 15th Jan 20, 9:36 AM
    • 7,386 Posts
    • 11,860 Thanks
    Malthusian
    To add to the above, Moola was bought by JLT for an undisclosed sum 18 months ago, to bolt on to their employee benefits package, or something. Whether or not it was worthwhile for JLT, nobody knows - this is the great thing about trade acquisitions, nobody outside JLT senior management knows whether it was a success or failure. Nobody invests their money via their employer unless it's a pension scheme (which JLT already did) or ShareSave (ditto, I think) so I'm not clear how they ever expected to make money from it. But easy to be cynical when nobody is ever going to tell you you're wrong.

    It is however fairly clear that Moola did not get the clients investing £50,000+ it was targeting in large numbers, and that it wasn't turning a profit, otherwise JLT would either have kept it running or sold it to another business.

    It looks like JLT is going to have to stump up for investors' capital gains tax bills as well. Although if Moola had very few investors, mostly investing trivial amounts, that will be paid out of petty cash.

    The only positive for the robo-sales industry is that they managed to stuff it in a sack and flog it to JLT before it shuttered. Albeit for an undisclosed sum, so who knows if the VCs made their money back.
    • george4064
    • By george4064 15th Jan 20, 10:00 AM
    • 1,441 Posts
    • 1,429 Thanks
    george4064
    To add to the above, Moola was bought by JLT for an undisclosed sum 18 months ago, to bolt on to their employee benefits package, or something. Whether or not it was worthwhile for JLT, nobody knows - this is the great thing about trade acquisitions, nobody outside JLT senior management knows whether it was a success or failure. Nobody invests their money via their employer unless it's a pension scheme (which JLT already did) or ShareSave (ditto, I think) so I'm not clear how they ever expected to make money from it. But easy to be cynical when nobody is ever going to tell you you're wrong.

    It is however fairly clear that Moola did not get the clients investing £50,000+ it was targeting in large numbers, and that it wasn't turning a profit, otherwise JLT would either have kept it running or sold it to another business.

    It looks like JLT is going to have to stump up for investors' capital gains tax bills as well. Although if Moola had very few investors, mostly investing trivial amounts, that will be paid out of petty cash.

    The only positive for the robo-sales industry is that they managed to stuff it in a sack and flog it to JLT before it shuttered. Albeit for an undisclosed sum, so who knows if the VCs made their money back.
    Originally posted by Malthusian
    Moo.la was acquired by JLT around September 2018, however not long after that JLT was acquired by Marsh & Mclennan Companies (NYSE). So perhaps just a strategic shift due to change of ownership rather than not performing well, or a combination.
    Last edited by george4064; 15-01-2020 at 10:38 AM.
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    • Malthusian
    • By Malthusian 15th Jan 20, 12:06 PM
    • 7,386 Posts
    • 11,860 Thanks
    Malthusian
    "A combination" is always a safe answer. But if Moola was making money and M&MC nonetheless wanted rid for strategic reasons, they would have sold it, not shut it down.

    The M&M takeover of JLT was announced in September 2018 and negotiations and due diligence must have been going on for months before that. So if M&MC didn't want Moola, they could have said so and JLT could have pulled out.
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