Moneybox app for S&S ISA

[Eileen101]

Hello

Has anyone used the moneybox app for saving into a stocks and shares ISA please?
It rounds up your spare pence per transaction and puts it straight into a S&S ISA.

I have been meaning to look into a S&S ISA but this looks low effort and quite handy that it works through an app

Does anyone have real life experiences please?

I use Moneybox for my LISA and find it easy to use. No issues with it.

I have savings acc with money box. Really easy to do.

Pros- It creates good habits and takes a piece of work that many people neglect to do and automates it and gets people saving

Cons - it has slightly higher fees than other platforms but once you work it out you can always choose to move in future

The app works very well and the offerings keep increasing. If personal finance is a bit daunting it's an excellent way to start and might help you sort other areas of your finances in time

That's great thanks everyone. I had read that it had higher fees than elsewhere but tbh, I'd appreciate having the automation at this point in my life!

Have my Cash LISA in there and had a 120 day fixed rate saving account. I withdrew it as it became uncompetitive (was 3.48%). Then when I was in my waiting period, they upped it, so I got an extra £16, but this had to be withdrawn separately, so still waiting for that. Then with a week to go of the initial 120 days, they upped it again! So then I had £2 that is coming in like 10 weeks! Not sure why they can’t just hand over that all together, initial investment was £15k, so pretty small fry!

I haven't used Moneybox but if you're only adding small amounts by rounding transactions then the £12 annual fee seems very high. Plus 0.45% of the total annually will really add up as well.

Look into an ISA with Trading 212 as well for a lower cost alternative (no fees at all except currency conversion, also at a much better rate than Moneybox). It's also a phone app, UK based. You can choose a selection of low cost index tracker funds and set up a regular monthly payment very easily. And/or invest lump sums whenever you have some spare money.

Might be a little more effort to set up, but after that you're not losing anything in fees so worth it in the long run. Spending a couple of extra hours now could save you a lot of money over time. Free share worth at least £10 for opening an account as well. Link here.