What are your thoughts on MoneyBox. I’ve been using it now for just over a month, just rounding up on my expenditure. This all seemed pretty well till the charges got deducted recently. I feel that for the small investment each month the charges are quite high and could end up paying more in charges that the returns I could possibly make.
It took me a bit to find their fee info.
£1 a month. £12 a year. plus a 0.45% platform fee, plus any fund management fees. Thats pretty expensive when you have a small amount of money.
Ive noticed this is similar to most of the set and forget investment type apps what want to scoop up change from your bank.
Youd probably be better off using the round up feature on your monzo account into a pot, then every month transferring that money into a platform with better fees be it freetrade (expensive atm if you want an ISA £3/m but no platform fees), or vanguard etc. which is a bit better for smaller investment amounts.
Have you looked at Moneyfarm? They’re pretty cheap. I only pay a few pence a month.
1.09% (up to £25k) is still quite high.
Though i guess the fee might be acceptable depending on the availability of stocks etc. that you might want to put money into.
I use Moneyfarm too currently but will be transferring out once my free year is up because the fees are quite high compared to some other providers. The upside is they manage the portfolio and rebalance it so it’s a case of working out if the extra fees are worth it to you personally.
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