Reply With QuoteI use it and have done since the end of 2021 - amazing how quickly funds build up.
For anyone unaware you pair your bank account and it rounds up all transactions to the nearest pound and dumps that money in to a savings account of your choice. There’s full control of the round ups and you can switch between various accounts. I’ve had mine for years now and it’s amazing how it builds up
You can also add pay day boosts etc
No I don’t have a joining code and have no affiliation but just thought I’d share the app as it’s a good way to squirrel a few quid without really noticing
FFF
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I use it and have done since the end of 2021 - amazing how quickly funds build up.
I’ve not heard of it until now but sounds interesting.
When you say roundups, am I right in thinking if you spend £9.87 on something then Moneybox will give you £0.13 to save?
If so, does Moneybox take a percentage etc?
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Lloyds Bank current account does this - they call it 'save the change' - I've used it for a long time and, whilst the amount saved won't buy me a 1016, it does add up!
I use a Monzo debit card for my everyday spending, and use the 'Round up' feature, which is similar and adds the rounded-up amount to a 'pot'. As others have said, the pot builds quite rapidly. This funds all my food, drink, etc. on an annual boys' weekend away.
I used to have a coin jar for the same purpose, into which I'd empty my pockets of whatever change I'd accumulated during the day, but I hardly ever use cash these days.
Yes, in a nutshell. The round ups come off of every transaction include direct debits and standing orders, so your 13p above would get placed in to a list of transactions that day or over a few days and you ca select the ones you want to add or delete the ones you don't. You can then select the account type they go in to, for me i have them going in to the standard savings account (0.4%) because you can pull the money out in 24 hrs in to your registered bank account. The other saving plans which offer from me memory 2.4 or 3.3% interest take longer to get your funds…..30 days and 120 i thinkOriginally Posted by Mike2500
Theres other options like doubling your round ups and also pay day top ups so you can automatically transfer any amount on pay day.
As others have said its a modern day piggy bank but i like about it theres very little input
Okay sounds good although and excuse for me asking but is there a catch at all? It’s just that how does Moneybox get paid?
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Sorry yes, theres a £1.00 monthly fee which starts after month 3 for the normal saving, i think then the fees increase for higher rated saving place and isa’s
Starling does this. Think I’m up to about £150, I try to forget about it rather than using it to buy yet more green NATO straps
As well as savings accounts, there are other accts - Pension/ISA/General Investment Acct - which you can choose to add the round ups to. There are Fund charges (0.12%-0.58%) and the platform charge (0.45%), as with all providers, plus their £1 per month fee.
I use it for the GIA - its not the cheapest but I like the fact that they collect each week, and its smallish amounts which soon add up.
As mentioned Starling do this. Surprising how quickly it adds up. Have enough now to at least splash out on a meal out.
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I’ve been using it for quite a while and it all goes into a s&p500 fund which has been very good for me, 23% gains so far.
I like the fact that it’s a modern version of the change jar. I can’t remember the last time I had any coins it was that long ago.
It’s not as cheap as using a stocks and shares isa but I max that out every year so it’s a great way to create a “for me” fund.
Also, I’ve also done the week number challenge through the the year.
Here you save £1 in week 1, £2 in week 2, etc.
It’s another way to put aside some money through the year.
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