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Moneybox


superjack

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I've seen the ads for moneybox on the tele and it looks like a good idea. Just wondering of anyone here uses it, and if so, is it as good as it first appears?

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8 minutes ago, Jambo_in_Hamilton said:

What is it?

They promote it like a stealth savings/investment plan. Your purchases get rounded up to the nearest pound or so and the extra cash is invested.

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Shanks said no
22 minutes ago, Jambo_in_Hamilton said:

What is it?

Moneybox is an investing app that makes it simple and easy for everyone to start. You can begin investing with as little as £1. You can round up your everyday purchases to the nearest pound and invest the change into thousands of global companies via tracker funds. You can also deposit money into your account on a weekly or monthly basis.

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4 hours ago, jonesy said:

Just had a look at this and it's not a bad idea. However, I don't have a smartphone. Can I still use it?

 

You dont have a smartphone? 

 

Why? 

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6 hours ago, IronJambo said:

They promote it like a stealth savings/investment plan. Your purchases get rounded up to the nearest pound or so and the extra cash is invested.

 

6 hours ago, The Frenchman Returns said:

Moneybox is an investing app that makes it simple and easy for everyone to start. You can begin investing with as little as £1. You can round up your everyday purchases to the nearest pound and invest the change into thousands of global companies via tracker funds. You can also deposit money into your account on a weekly or monthly basis.

 

Thanks guys

 

is it quite easy to set up?

 

and when you say “investment”, is there a chance you could lose the money if not invested well?

 

 

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15 minutes ago, Jambo_in_Hamilton said:

 

 

Thanks guys

 

is it quite easy to set up?

 

and when you say “investment”, is there a chance you could lose the money if not invested well?

 

 

No idea about the former but yes to the latter. I would hope you can choose a risk level though.

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Have a look at plum. That came up on my Facebook yesterday looks a similar idea but you can pick a ethical or 2 other options that I cant remember 

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Been having a look in to this myself as on paper it seems like a great idea. There are a couple of drawbacks I've found whilst looking in to it though.

 

Just about every single trustpilot review claims that you wont actually make any money on the investments. In most cases, folk seem to actually be losing out. Obviously that's a risk you take with these sort of things, but there doesn't seem to be many folk at all making money from this.

 

Secondly, whilst the idea of 'rounding up' is a good one - that's not really how it works. If it meant you swiped your card paying for a £9.80 transaction, and £10 was deducted, with £0.20 going in to this - you'd maybe not notice it. How it actually works though is to store up your transactions and make a deduction on a weekly basis of the rounded up numbers.

 

So if you're buying lunch 5 days a week at £3.80 - you wont see 5 transactions at £4 - you'll see your lunch as normal and then have a weekly deduction of £1 covering your 5 x 20p....... scale that up accordingly depending how much you use your card.

 

Also, it rounds up EVERY purchase to the next pound, so even your £10.00 transaction becomes £11.00.

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43 minutes ago, Erik said:

Been having a look in to this myself as on paper it seems like a great idea. There are a couple of drawbacks I've found whilst looking in to it though.

 

Just about every single trustpilot review claims that you wont actually make any money on the investments. In most cases, folk seem to actually be losing out. Obviously that's a risk you take with these sort of things, but there doesn't seem to be many folk at all making money from this.

 

Secondly, whilst the idea of 'rounding up' is a good one - that's not really how it works. If it meant you swiped your card paying for a £9.80 transaction, and £10 was deducted, with £0.20 going in to this - you'd maybe not notice it. How it actually works though is to store up your transactions and make a deduction on a weekly basis of the rounded up numbers.

 

So if you're buying lunch 5 days a week at £3.80 - you wont see 5 transactions at £4 - you'll see your lunch as normal and then have a weekly deduction of £1 covering your 5 x 20p....... scale that up accordingly depending how much you use your card.

 

Also, it rounds up EVERY purchase to the next pound, so even your £10.00 transaction becomes £11.00.

 

I used it for about a year, having 50 quid a month go in direct debit plus round up transactions. I did make money on my “investment” (about £200), but it has started to creep down so I withdrew it and deleted the app. Meant i’d saved a nice chunk where before i’d been spunking away every last penny each month. 

 

As as for the roundup problem you mention, I think there was an option where you can view all the roundup transactions and stop any that are as you described. Not sure if this has changed in the 2 years since I used it. 

 

 

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Dean Winchester
2 hours ago, Herbert said:

Have a look at plum. That came up on my Facebook yesterday looks a similar idea but you can pick a ethical or 2 other options that I cant remember 

 

I have used Plum. Definitely a similar idea but it doesn't do the round up option. Instead it analyses your spending and depending on your settings will calculate amounts to save every couple of days.

 

I found it superb for saving alone as I didn't really notice a massive difference in my bank account from the amounts it was taking. 

 

You can then choose to have your savings going into an investment to (hopefully) get an increased return.

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47 minutes ago, gjcc said:

 

I used it for about a year, having 50 quid a month go in direct debit plus round up transactions. I did make money on my “investment” (about £200), but it has started to creep down so I withdrew it and deleted the app. Meant i’d saved a nice chunk where before i’d been spunking away every last penny each month. 

 

As as for the roundup problem you mention, I think there was an option where you can view all the roundup transactions and stop any that are as you described. Not sure if this has changed in the 2 years since I used it. 

 

 

 

I'd taken the investment losses / not making money with a hint of a pinch of salt to be fair - no doubt you'll have folk signing up and expecting their tenner to become a million quid in a year etc - in reality its never going to make you rich overnight thats for sure.

 

It was more the way its deducted that put me off to be honest. if it was a case of my £3.80 lunch costing me £4 etc etc, i'd struggle to notice the difference. But, having looked at my last weeks spendings just now - that would equate to something like £12 coming out my account a week. Thats a bit more noticable. Would proabbly be better just taking your £40-50 at the start of the month and sticking it away in a savings account.

 

Appreciate it would still add up to the same amount over the course of the month whether its taken in real time, or as a weekly lump sum though - i just think i'd notice it more as a weekly deduction.

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