A lovely investment app
For newcomers who have little interest in how their money is put to work behind the scenes. Mobile-first, super engaging, clever presentation.
What we say
Holly's View
Holly has accounts with all the providers on our website and independently reviews all of them.
Nice, easy to use, simple to open an account and use. Moneybox has found a niche for those who want to start investing with minimum fuss, on an app - and make it easy! I personally think it's a little annoying I can't see more about where my money is invested, if I try and dig. But I'm probably not their target market so I will say no more about my Boomer grizzle! Customers love it and it's a very low-touch way to dip a toe into the world of investing and ISAs. Nice. Parents - tell your (18+) kids?
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Overall Summary
Best Buy 2021
Best Buy for ISA
Best Buy for Beginner ISA
Best Buy for Digital ISA
Best Buy for Customer Service
Ease of use
Opening an account was slick and easily done on a mobile.
All the more cumbersome documentation and details are kept until the very last minute, which is clever. But even then it’s not much more than knowing your National Insurance number.
It is relatively easy to provide your banking details so the Moneybox app can get to work rounding up your loose change. We don’t know how secure the tech is behind the scenes on this but it’s read-only access so it feels OK.
There are also really simple projection tools which give you a tangible idea of how saving an extra £10 a week could boost long-term savings.
Mobile & Apps
This is one of the few investment services which truly feels mobile-first. It is slick and easy to sign up and add money to your investments. The only downside is that if you want to find out more information about the underlying investment choices it is not that easy to do so.
Behind the scenes
There are three main investment options for customers: Cautious, Balanced or Adventurous. These portfolios are now more diverse; made up of different funds, where they used to be a blend of a select three.
The Lifetime ISA and Junior ISA are interesting additions to the service. Just be careful with Lifetime ISAs and picking the more adventurous options - be sure your timeframes are aligned.
Investment Choice
Products
Stocks and Shares ISA
Junior ISA
Lifetime ISA
Investment Account
Pension
Investment help
Robo advice / ready-made portfolios
The 'Geeky' Details
Provider details
There are three core investment choices in Moneybox: the Cautious fund; the Balanced fund and the Adventurous fund.
Costs range from 0.57-0.75% a year plus a £1 a month subscription fee. The percentage fee is made up of 0.45% for the platform administration and a fund charge ranging from 0.12-0.30% – the Cautious option will be cheaper than the Adventurous option as shares cost a bit more to manage.
Important Facts & Figures
Provider Size:
Growing start-up with some big friends under the bonnet
Moneybox