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:

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

26 April, 2018
With most smartphones on the market now offering dual-lens camera technology, we...
26 April, 2018
Get the lowdown on refurbished phones, and find out whether one might be right for...
25 April, 2018
The Motorola G6 Play and Motorola to G6 Plus are now available to pre-order. We delve...
24 April, 2018
The Samsung Galaxy A8 is an affordable mid-range smartphone with some truly flagship...
20 April, 2018
There are some great new Nokia Android smartphones on the way in 2018. Which one...

25 April, 2018
The Motorola G6 Play and Motorola to G6 Plus are now available to pre-order. We delve...
24 April, 2018
The Samsung Galaxy A8 is an affordable mid-range smartphone with some truly flagship...
18 April, 2018
The Nokia 7 Plus is a big, beautiful smartphone with a fantastic display and great...
13 April, 2018
Player Unknown’s Battlegrounds launches on iOS and Android. Need to know more? Here's...
6 April, 2018
We've spent some time with the P20, Huawei's latest flagship smartphone powered by...
21 March, 2018
We take a close look at two great new smartphones from Asus, the Zenfone 4 and Zenfone...
5 March, 2018
Introducing the Huawei P Smart, featuring a 5.65-inch FullView display and incredible...
15 February, 2018
Apply HomePod is the smart speaker and home assistant with Siri built-in. If you've...
13 February, 2018
Whatever your relationship status, we’re sharing the love with five apps to make...
2 February, 2018
HQ Live Trivia Game Show is an iOS and Android app that lets you test your trivia...
25 January, 2018
The Samsung Gear Sport smartwatch is a sporty brother to the Samsung Gear S3. We...
10 January, 2018
Hidden Folks is an award-winning mobile game for iOS and Android. It looks amazing,...