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Considering investing in Moneybox? We find out if it is worth your spare change

If you have found yourself on this page, then the chances are that you are obviously keen to secure your future finances with viable investment opportunities. Investing is a fantastic way to enhance your wealth and while you should start early, it’s never really too late to make a start, no matter how much or little you’re looking to invest. Unfortunately, many people hesitate because industry jargon and the investment industry is confusing and daunting place, the terms are scary, and there is a lack of real understanding of how investing works.

Investing made simple for the young market (and the old too)

Young adults seem to be shying away from investing and that spells bad news for their financial futures. Luckily enough, the young adult market is digitally minded and the latest investment opportunities are geared towards that. Now you’ll find that there’s an app, or in fact, various apps, for investing! Many recently released money apps have found new and enticing ways to interest and intrigue young people into considering investing for their futures. Today, we’d like to focus on the Moneybox app.

Introducing Moneybox

Moneybox is one of the apps to have hit the market recently. Dying to learn more about it and if it’s worth your time and money? Great! We’re here to help.

The first thing that you need to know about Moneybox is that it is a micro-investment app designed for novice investors. The app helps people to invest their spare change, and the process requires very little complicated input from users.

Your first question when considering an investment app might be whether or not you can trust Moneybox, and the answer is yes you can! Moneybox is not the first company to come from these developers. In fact, they have built various other companies and work with the likes of Hotels.com and Google too. The Moneybox app is backed by Oxford Capital and Stanford Investments, so that says a great deal about the positive reputation of the brand and the reliability thereof.

How does it work?

The app can only be accessed by those users using both Android and Apple devices. So, here is what you need to know about the Moneybox app before you get started.

  • When setting up the app, you can choose between cautious, balanced, and an adventurous investing style, which will determine what level of risk your money will be invested at.
  • Your purchases are rounded up daily to the next pound and invested for you. For example, if you purchase a cup of coffee for £3.50, you can round the purchase up to £4 and that remaining difference of 50p is what you invest.
  • In order for the app to work, you must link your credit card or bank account to the app so you can make your weekly investments.
  • There is the added option to make weekly bank deposits on top of your rounded-up purchases via the app.
  • You can see a detailed overview of your purchases within the app and decide which ones you want to round up and which you’d rather leave. All you have to do is swipe right to round up and left to ignore and it’s as simple as that.
  • There is the option to allow your purchases to automatically rounded up without your approval. If you opt for this then it will happen once every 48 hours.
  • Moneybox will use your rounded-up amount to invest in some major companies some of which include the likes of giants such as Disney and Netflix.

The good, the bad, and the ugly

Knowing what the advantages and disadvantages of Moneybox might help you to decide if it’s really the type of app that’s worth your spare change. Let’s take a closer look.

The pros

  • Moneybox has featured in a plethora of newspapers and publications so it is well-known and well-regarded.
  • On Google Play, the reviews are outstanding and the app has a 4-star average rating.
  • The entire system is user-friendly and doesn’t leave you guessing about anything.
  • Investments are made with your spare change, so you won’t have to fork out large sums of money each month.
  • The app automatically runs, so requires minimal effort from users.

The cons

  • One of the biggest cons for international investors is that Moneybox is only available to UK investors (that’s good news for you!).
  • While customer service exists, it can be a little slow.
  • Some users who haven’t taken the time to set Moneybox up right and use it regularly will find that the profits don’t cover the monthly fees.
  • Not all banks are compatible with Moneybox.

There is more good than bad

It is fairly obvious that the advantages outweigh the disadvantages with this investment app. However, what about the potential to lose money on fees? That’s one problem that’s easy to solve. Just make sure that the app is rounding up your purchases every day. Don’t skip payments, and you should find that you have no problems.

Moneybox is worth my spare change! How do I get started?

Now that you know what there is to know about Moneybox, you might want to give it a try for yourself. Here is how to get started:

  • Install the Moneybox app and register with your regular email address.
  • Choose the type of deposit that works for you. Options include weekly deposits, one-time deposits, and round ups of your card purchases.
  • Link your bank account and credit cards to your Moneybox app account.
  • Select the investment style for you. Options include cautious, balanced, and adventurous.
  • You may also have to provide your National Insurance number.

Invest your way to a comfortable financial future with Moneybox

Tired of being confused and scared of investments? Take the opportunity to use an investment app that does all the hard work for you. All you have to do is shop as per normal. Download and make use of Moneybox today. If it’s not for you, you can opt out and withdraw your money at any time.

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