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 has accounts with all the providers on our website and independently reviews all of them.
Nice, easy to use, simple to open an account. A dream for those who want to save without the accompanying jargon and science. But we do have some serious quibbles. Fees are not as transparent as they should be, and the service is not that cheap for some investors with smaller balances. Actual information on the investments themselves is hard to access. But on balance this is a well-executed service and fills a niche. Not an obvious pensions player – best for those who want a simple service in the saving up phase only.
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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.
The 'Geeky' Details
The Robo-adviser that has taken the market by storm, Moneybox was the first to offer the idea of rounding up your regular investment based on what you spend on a linked account. It encourages people to build their wealth – they don’t just manage it.
The Moneybox Pension currently has three investment options: The Fidelity World Index Fund, Old Mutual World ESG Index fund and the BlackRock LifePath fund. All three are passive, cheap options with the BlackRock fund notably a ‘Lifestyle’ fund that changes the risk level of your investments as you get closer to your retirement date.
Moneybox’s platform fees for their SIPP differ to their ISA fees; there is no regular £1 per month subscription fee. Instead, it is a 0.45% charge on the first £100,000 in the account. This is reduced to a 0.15% charge for any balance above £100k. You’ll also be charged the fund provider fee, for example the Fidelity option is just 0.12%.
Moneybox do not provide any drawdown options currently, so anyone approaching retirement would need to transfer their pension to a different provider, should they wish to access it. Not a pensions specialist, this option is best for those for whom pensions remains ‘a bit on the side’.
Important Facts & Figures
Growing start-up with some big friends under the bonnet