Moneybox app review

Review

Micro-investments made easy, and it's all through your smartphone...
by
Moneybox app review

Making sense of the stock market with your smartphone

Moneybox is an app designed to help young savers get to grips with how the stock market works. The app rounds up your card payments to the nearest pound, to then invest the difference in some of world’s biggest companies - like Disney, Facebook, and Apple.

Availability

Moneybox is available to download for Android and iOS devices.

What does it do?

Say for example you spend £1.40 on a pastry for breakfast on your way into work. The app will take 60p to round up to £2.00, and save it up for you. And once a week, your savings are collected through direct debit, and invested just a couple of days later.

Once you’ve signed up, you can choose from three different investment methods, depending on how much you’d like to spend, and how you’d like to save. Here’s a brief overview:

You can also use Moneybox as a normal savings option – no stocks or shares involved. In this case, it’ll simply round up all your card payments, and keep the cash in an account for you to withdraw whenever you like. Very much the modern day piggy bank

You don’t have to round up every single purchase. On the app, you’re given a list of all the things you’ve bought, and you then decide which ones you’d like to roundup. So, you can swipe right to roundup, or left to ignore it. This gives you more control over how much you’re putting in the pot.

The guys at Moneybox estimate that the average user saves up to £8.40 per week, which is about £440 over a year. And through smart investments, which they take care of, you could see a growth on your savings.

Is it secure?

This is all well and good, but what about safety – and more importantly legitimacy? Well, Moneybox’s website says the company is “authorised and regulated by the Financial Conduct Authority (FCA). Their goal is to ensure that we always run our business in the best interest of our customers.” You’re also covered by the government’s Financial Services Compensation Scheme (FSCS).

They’ve also got a series of videos explaining the ins and outs of the app, and how your money is dealt with. Here’s one of them to give you a taster:

Verdict

Moneybox is by no means a get rich-quick-scheme. It is, however, a way of making small savings, which can add up over the months, and a solid introduction into the world of stocks and ISAs.

We’d love to hear your thoughts about micro-investments through your smartphone. Is it a good starting point for young savers? And will you be downloading Moneybox? Leave us a comment below.

0 Stars

What are your thoughts? Join the conversation here…

comments powered by Disqus
We're reviewing YNAB (You Need a Budget), a handy budgeting app that lets you track and control all

20 September, 2017
Monqi is a unique version of Android, designed for children. Through an accompanying...
15 September, 2017
Meet the LG V30, the first time the V-series has been available in the UK, exclusive...
15 September, 2017
If you think you might have missed any of the latest tech news, help is at hand....
13 September, 2017
If you want to make your next smartphone an iPhone, look no further than Carphone...
12 September, 2017
This is everything you need to know about Apple's latest flagship smartphone, iPhone...

15 September, 2017
Meet the LG V30, the first time the V-series has been available in the UK, exclusive...
23 August, 2017
The brand new Samsung Galaxy Note8 is here, featuring a 6.3-inch Quad HD, HDR display,...
17 August, 2017
The Nokia 8 has landed, the company's 2017 flagship smartphone, jam-packed with loads...
8 August, 2017
The Asus Zenfone AR is the world's first ever AR (augmented reality) and VR (virtual...
31 July, 2017
GoPro is going head to head with Snapchat with its own app called QuikStories. Film...
27 July, 2017
Moneybox aims to break down the confusing ins and outs of saving your money. Round...
14 July, 2017
Samsung DeX station is the ultimate Samsung Galaxy S8 accessory, able to transform...
13 July, 2017
The revised Samsung Gear 360 camera, DeX Station and Gear VR with controller make...
15 May, 2017
We've got our hands on Sony's Xperia XZ Premium, the world's first smartphone with...
15 May, 2017
HTC has revealed a phone with a difference. The HTC U11 lets you do all sorts by...
5 May, 2017
Nokia 6 is part of the new generation of Nokia Android smartphones. We take a look...
3 May, 2017
The LG G6 is now available to buy from Carphone Warehouse. We took a close-up look...