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.
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
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.
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.
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?
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.
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.
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.
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!
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
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…
We’re launching roundups on Investments
How it works
How to get it
Never happy we are…. Never happy.