Now in Labs: Investments Roundups

Hello everyone,

I’m Tim, an iOS engineer working on Investments. We were excited to launch Investments earlier this year, and we’ve been listening to your feedback on features that you’d love to see added.

That’s why we’re pleased to announce that we’ve now introduced a much-loved feature to Investments – Roundups.

:tada: We’re launching roundups on Investments

This means you can now round up spare change from your purchases into your Investment Pot. It’s been highly requested so we’re really excited for you to try it :rocket:

:question: How it works

This works a little bit differently to normal roundups. Each time you spend, we’ll round up the spare change to the nearest pound – setting it aside in your Pot. Once it reaches £1, we’ll invest it on a set day each week.
If you have Plus or Premium, you’ll also be able to multiply your roundups up to 10 times.

You can only turn on roundups for one Pot at a time.

The value of your investments could go up or down and you could get back less than you put in.

:running_man: How to get it

You’ll need to be on the latest Android or iOS app version 5.52.0.

Once you’ve updated the app, go to Settings → Monzo Labs, choose the “Investment Roundups" option, then restart your app.

Once you’re on the correct app version, head over to your Investment Pot and tap Turn on roundups.

UK residents only, Ts&Cs apply. You need a Monzo current account to use Investments

24 Likes

Mixed. In some ways I think cool, but also…

I don’t really see the point of this. You would have to do a lot of spending for it to have any real term impact on your investment. Even if you had say £20-30 in there weekly (which would be a stretch unless you were a big spender) would you even really notice the benefit.

I suppose over time you might get a £500 total but by the time fees, market adjustments etc had been made, wouldn’t you just be better putting that into a normal interest bearing pot?

Something is better than nothing.

Not everyone has huge money for investments and this is a great way of adding to it.

Bravo, Monzo.

22 Likes

This was Moneybox’s killer feature in their take on investments for years, and it served them well. Newbie investors liked that approach for dipping their toe in because they don’t have to think about it. It just happens automatically.

I think this is a good addition. And because Monzo control the whole thing end to end, will be much better implemented in the way it works compared to money box. I think a lot of folks will like it and benefit from it. I’d rather my roundups went into something like this than any old pot, personally.

I’m not keen on their investment product as a whole, but this is a great complimentary feature for it, so I applaud it.

13 Likes

I’m not not applauding it (sorry for the double negative). I think it’s a good feature, but (personally) I have mixed feelings. Be interesting to see how it plays out for the masses.

And, something is better than nothing. Could be a great way to build up a nice nest egg over time.

2 Likes

I’ve enabled because I like roundups, but I’m in danger of going over the tax threshold for annual interest (higher tax rate payer because of the squeeze on the threshold Vs tax band movement). So I don’t want to keep adding to taxable savings, but I do love the ease of roundups and how they grow.

1 Like

I feel like we should have this tattooed somewhere on all people :joy: Never happy we are…. Never happy.

1 Like

Always thought these roundup features are a bit pointless when it comes to savings (other than a marginal benefit of remembering to do it). However, there’s a definite benefit to this, as regular investing in the stock market removes some of the risk of adding your lump sum at a market peak etc. Nice job Monzo!

4 Likes

Just realised from this post that you can click into the investments ‘pot’ and then rename it and add your own image…

5 Likes

The round-up feature has helped me pay off some debt that I had on a credit card without any effort.

I think that these features in a savings account would also be valuable for people who use Monzo daily for their daily charges.

You can already do that.

2 Likes

I’ve been using the Investment roundups for the past week, really like it and I haven’t really even noticed it (which is a good thing). I put most of my bigger and joint expenses through my Yonder credit card for the points, so i switched on the 5x roundup to compensate for less usage of my card. About 30 quid or so invested this week, so should be an extra 100-150 per month on top of my regular monthly investment

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That doesn’t make sense to me. “we’ll round up to the spare change to the nearest pound…Once it reaches £1, we’ll invest it”. Surely, it will always have reached £1 if you’ve rounded it up to the nearest pound…

If you spend 80p you’ll have 20p.

Spend 50p and you’ll have 70p.

Spend 90p and you’ll have £1.

Then it’s invested.

5 Likes

I turned this on a couple of days ago, not the easiest thing to find! There’s a box that says about “Investment Roundups” but it doesn’t do anything. I googled, the web page still wasn’t that clear.

Anyway… I have it, I spend and it rounds up to that pot, splendid! But… could it not be a normal pot?

I received a refund yesterday for something so I wanted to round down my account. I don’t have a coin jar anymore, so it’s not going in there, I can’t “Move Money” and invest it, nor can I add it to my investment pot. Instead I scroll, tap, invest, type, but I can’t invest 41p, which I get why and why the roundup pot only works over £1, so now I need to invest £1.41 (I’ve always added an extra £1 to my pot when I do this anyway, but not everyone will want to/can afford to)

But at least the roundup appears on the export!

1 Like