I’d be happy for it to go to a Monzo pot and just build up there
Just opened a Moneybox account but am I missing something? It says it takes the round ups once a week. That completely misses the point of useing roundups so you don’t notice you are saving. I am certainly going to notice the lump going out every week.
You’re not missing anything
Yes it is not that useful is it? Spend 80p and it costs you a pound which makes sense, lots of 20p’s at the end of the week and you suddenly get debited pounds!
Yes and difficult to budget. You will never know how big the bill is going to be.
Wonder if it would round up a pot transfer
Apart from the obvious issue of lump sums coming out rather than loose change, the investment strategies seem really limited. If it comes down to choosing between low, medium and high risk funds or being able to freestyle a portfolio with freetrade- it will defo be the latter for me!
For me I am interested not just in relative risk or industry but geopolitical location of the investment. If I can’t select funds on that basis I am not interested.
Have I missed a Monzo announcement on this ?
This article appeared in the papers recently
Can UK users of Monzo link with Moneybox?
No, there wasn’t one. Moneybox are promoting it though.
Hey Nigel, I’ve moved your post here to keep all of the discussion about Moneybox in one place.
As of yesterday, we can
Sure can:
Thanks, but how do I set it up? The Help offers no help. Do I need to set up a moneybox account separately?
Yes, you need to download the Moneybox app & follow the instructions there. You should see the Monzo integration being promoted in the Discover tab..
Hmm, I reached out to CS at Moneybox as the £1 round ups still happen for auth checks. In some cases this could cause multiple £1 round ups where you get a Google active card check, a £0.00 card check for the company and then another round up if you make a whole number transaction.
They don’t have any plans on ‘fixing’ round ups for £0 transactions at the moment and suggested I just swipe them away from the transaction feed so I don’t get the round up for it.
Went through the signup process for Moneybox to check this out.
Conclusion - it makes no sense whatsoever unless the roundup value is moved to a seperate pot or sent directly to moneybox as the transaction happens. Otherwise its just going to get messy.
How is it going to get messy?
For me, the point of roundup is that you don’t notice the money disappearing into savings and your account balance is your spending money. If they just take the money once a week out of your main funds then for most of the week your remaining balance isn’t your true balance because some off your money has been ring fenced for moneybox.