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  1. #1

    Money box save and invest.

    Hi
    I'm just wondering if anybody on here is using or has any experience with the above app, I found it on the App Store and it hasn't long been released. It seems a pretty good idea in general, they basically round your purchases up from spending and invest them in a stocks and shares ISA, you can also add extra funds aswell. I have no experiance with investing so I was just looking for views from people with a bit more experiance in this kind of thing. This is my first post so please be gentle lol.

  2. #2
    Welcome, bienvenue and come on in.
    Your first post and you appear to be promoting a brand new financial product.
    You are brave at least.

  3. #3
    Not promoting, I have no link to this app, it's just something I think I might be interested in trying and I am am after people's opinions on the idea of it.

  4. #4
    Giving benefit of the doubt that you're a genuine prospective customer and not a shill


    Thing is with money box, if you only use it to "invest the change" and round up your purchases every time you buy something with a debit card (a bit like Lloyds "save the change" feature on its current accounts) you will have very small amounts invested and the pound a month fee will be crippling.

    And you have to give it access to read your bank account details which may be against the t&c of your bank,aside from being a privacy concern for some people. And the ISA wrapper is completely unnecessary on that amount of money, given the large annual dividend and CGT allowances we all get.

    Whereas, if you use it for periodic bigger contributions which are actually going to make use of your ISA allowances, then the USP of having an in-your-hand gadget to make investments by deploying an extra tenner a month is not really that useful.

    It's an interesting niche for the Snapchat /Instagram generation who might never go near an investment product if left to their own devices (excuse the pun). But whether it actually blows up into something that has a sustainable business model, with enough critical mass to stay afloat, remains an unknown.

  5. #5
    There's no shortage of entrepreneurs and VCs willing to put some capital into fintech minnows at the moment, but many will fail, and anyone with a decent amount of money to invest already has no shortage of "traditional" investment platforms to choose from. Generally these platforms are implementing progressively better and more accessible front-ends - so you can instead use a web or app-enabled product from a business which has financial stability and operating history together with track records of customer service.

    I'm sure they'll get some signups from kids, but once people are using it to "get interested in investments" then they would presumably migrate to something with greater investment choice or more control etc.

    From looking at their website they don't even cater for android yet, so that's me out (well, and the fact I already have a decent ISA provider).

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