Moneybox has a nifty feature called round-ups, round-ups allow investors to connect money boxes to their bank account and invest in the spare change from their everyday purchase.
What is a Moneybox?
Moneybox was launched in 2016, money box aims to make savings and investing a seamless part of everyday life with as little as £1, you can invest in big companies like Amazon, Netflix, Apple, Nintendo, and Disney on money box tracker funds
Moneybox makes investment so easy for its users all you have to do is spend as normal and the app will round up your purchases to the nearest pound and invest the spare change, or you can deposit wads of cash weekly or monthly basis into the moneybox account yourself.
All you need to do is connect your bank card to the money box app, then you can proceed with investment. You can easily set up you’re an investment account in the money box app from your mobile phone.
How does Money Box Works?
- To start investing on money box, you to open an account you will have a range of account option to make a selection from
- You will also need your bank account card to connect with the money box app
- Money is will round up spare change from your purchase. Save as you spend
- Spare change from coffee or bus fare can be invested
- You can also top up your investment budget
- Select the suitable investment plan and start investing
- Automatic withdrawal option.
What types of Investment Account does Money box Offer?
You can choose among the following, money box investing is quite thorough:
General investment account: You will pay tax on what you earn as long as you make profit.
Stocks and shares ISA: when you invest up to £20,000 a year you won’t be charged any tax on your profits
Stock shares Lisa: there few age limitations and withdraw restrictions to be aware of when considering this investment account on the money app. You can invest up £4,000 a year tax free and also get a 25% contribution from the government to either retire or buy your first home.
Junior stocks and shares ISA: allow you to invest for your kids. Earnings are tax free up to £9,000 annual allowance, but money can only be withdrawn when they turn 18.
Is Money Box Safe?
It is important to know that there is a risk involved, the value of your investment is subject to rise and fall. You could receive back less than you invested. Moneybox is authorized by FCA, and it’s not a bank itself all pensions, savings, and ISA account is held by money ox partner banks.
Money box App Pros and Cons
- The money box app has a simple interface making it easy for you to save and invest
- You can see grater refund of funds are stored somewhere else
- Great for people with no saving bad investing experience
- You can withdraw some or all of your money from the money app at any time.
- Save and secure, FCA authorised.
- Your capital is put at risk anytime you invest
- It can take time to see a substantial return on savings.