A place to discuss Moneybox news and talk about the Moneybox service.
It’s a good way to meet DD requirements for switches, otherwise not looked into them more really. Don’t like these auto saving things
You can just tell it how much to collect, no different to if you set up a regular standing order to a savings account.
Auto savings is an option which can be enabled or disabled.
Edit - the annoyance is it’s a weekly DD, not too bad if you use a pot though for it to collect just from that. I wouldn’t want it on my normal bills account
Edit 2 - the only thing they’re really any good for is the LISA, anything else, you can find better elsewhere.
Think Moneybox are quite well known for their LISA accounts, as the mainstream banks don’t offer them annoyingly.
Is there any reason why mainstream banks don’t offer them? Only Nude and Moneybox offers them, alongside Nutmeg.
There’s more providers than that
Skipton Building Society
Newcastle Building Society
Others too but I’ve gotten fed up of listing them.
Mixed bag of reasons why the bigger banks don’t offer it. LISAs are quite complicated products. They’ve also not been convinced by the government on them, whereas if you remember help to buy ISAs that was offered by most.
Don’t forget arguably the best one for an Investment LISA, Dodl by AJ Bell.
Any reason Moneybox still have a long convoluted process of taking out money on wednesdays and having only a £100 min bank deposit?
Have you tried asking them, we’re not really going to have that answer to hand.
This is how I use Moneybox with Starling.
x2 roundups + £12.50 a week into my Space.
x1 roundups + £10 a week direct debit from my Space into Moneybox.
Net result is auto–saving into Moneybox (currently have a lifetime time–weighted return of 31.92%), my Starling Space ticks up slowly and my main account just shows a regular savings amount leaving once a week too.
How much did you save with roundups in a month
3.25% AER on cash held in their S&S ISA
Can you round up to more than 1 space at a time?
So you round up X2, but 1 of those equals your Moneybox £10 and the other your savings basically?
Double round–ups, plus a weekly £12.50 transfer into Starling Space. Then Moneybox tracking single round–ups on the same spending, and debiting those, plus an extra £10, weekly by Direct Debit from the same Space.
Does that make sense?
Means I round–up to Moneybox and also save some extra round–ups in the Space, and also keep the admin of the weekly DD inside the Space too.
Got it. Good idea!
Is the Moneybox app good? I was thinking of transferring my LISA.
It’s quite ‘busy’ and a little difficult to navigate, but I like the round–up investing product.