https://www.moneyboxapp.com/ is quite simply the simplist foray into first time investing, and you can wrap up your investment into an ISA for maximum tax efficiency.
I was at a Finimize chat a couple of weeks ago and one of the founders of Moneybox was explaining the drivers behind their formation; which was essentially the creation of a super simple product that permits first time investors to simply and easily access markets, with no previous experience. I signed up out of curiosity in March and I have been broadly impressed by their product. It’s not perfect, but I think it’s a great start.
Freetrade.io are an execution only, mobile first stockbroker whose primary USP (for now) is super low fee or free trading. There’s a waiting list and it’s iOS only for the time being.
I’m not sure what you’d get out of 2 years of investing in Wealthify (or any other robo advisor).
It may not be much more than the 1.5% you’d get from Marcus.
It comes down to your risk appetite, if you want to risk it for bigger gains, but don’t necessarily know (or want to research the ins and outs of trading), then a Wealthily or Nutmeg might be the way to go.
If you really don’t want to lose any money, and would like a small return - I’d stick it in Marcus.
Edit - It’s sentences like that one above which makes me wish they hadn’t called it “Marcus”.
To me, investing is always down to risk levels. Yes, ‘just plain interest savings accounts’ such as Monzo’s Savings, Marcus and the like do tend to be low %, but they are also low risk (and you are covered up to £85k if the bank itself fails).
I would then say the next level up would be stuff such as Zopa and FundingCircle which I believe aren’t technically protected, but they do tend to have ‘protection plans’ in place and they try and spread your money across several borrowers so if one defaults, you shouldn’t lose too much.
Once you get into stocks and shares (and even into investment via crowdfunding using Crowdcube or Seedrs) and including ISAs etc - the rewards can can up massively, but so does the risk factor - you could lose everything you have invested. At the top end of the scale, you have things such as being a ‘Lloyds Name’ where the rewards can be really really high, but if a major disaster happens, you can lose everything - not just what you’ve invested, but your home/car etc etc.
Vanguard is by far the best place to be investing rn. Extremely low fees (way, way, way lower than MoneyBox / Wealthsimple and whatever else). Super, super simple to use (as simple as Marcus is) and the range of their products is massive. I would rather invest with a firm investment company that has been around for years and years than an app that’s not even 10 years old.
On a side note, I wrote a program to create some simulations of vanguard vs robo investor (wealthsimple, moneybox, nutmeg) and vanguard came out on top every single time due to how little their fees are.
You can do it in lumpsum or monthly. It really doesn’t matter to Vanguard.