Can Moneybox be trusted?

Moneybox is also covered by the Financial Services Compensation Scheme (FSCS), which is a government fund that exists to help consumers in the event of a firm failing. You are protected for 100% of the first £85,000 per financial institution. Please click here to find out more about FSCS protection for your account.

What bank owns Moneybox?

95 Day Notice Account

This money is held with Investec Bank plc.

Does Moneybox have high fees?

Platform Fees

Moneybox charges a platform fee of 0.45% which is more than most other providers charge. Having said that, the slightly higher fee is likely from the fact that it’s pretty much a done for you service so is understandable.

Is the Moneybox App good?

Moneybox is rated 4.6 out of 5.0 from over 1,000 reviews on Trustpilot, the majority, 76% rank the app as excellent. Users cited how easy it was to set up and use and how it has been a great introduction to saving and investing.

Can Moneybox be trusted? – Related Questions

Can I cancel Moneybox?

You can close your account in the app by heading to Settings > Edit Profile > Delete Account.

How long does it take to withdraw from Moneybox?

Step 3 – We initiate the withdrawal 🚀

Cash LISA withdrawals can take up to 3 working days to complete after being initiated. If you have a Stocks & Shares LISA, the withdrawal process can take 5-10 working days, as we need to sell down all of your investments before sending the proceeds to your solicitor as cash.

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How does money box make money?

Moneybox fees

The £1 fee covers the overall investing costs, and Moneybox takes it by selling a little bit of your biggest shareholding. The platform fee is also taken at the end of the month, but it builds up every day. Like the £1 investing fee, it’s collected by selling your biggest shareholding.

Is money box a good Lisa?

The Moneybox Cash LISA is market-leading, and has been singled out as Money Saving Expert’s top pick. A Stocks & Shares Lifetime ISA is a good option if buying your first home is a long-term goal – usually more than five years in the future.

What is Moneybox and how does it work?

With Moneybox, you can start saving and investing for your future with as little as £1. By linking your bank account via the app you can round up your everyday purchases to the nearest pound and set aside the spare change into a savings account, or invest into thousands of global companies via tracker funds.

Is Moneybox FCA regulated?

We are authorised and regulated by the Financial Conduct Authority (FCA) with firm reference number 712935 (and number 792703 for payment services activities).

How long has Moneybox been around?

Moneybox is on a mission to help everyone save and invest for their future. Founded in 2015 and launched in 2016, the company has experienced rapid growth and now counts more than 450,000 customers and a team of 120 people.

Is Plum or Moneybox better?

Plum Vs Moneybox… the winner

But Plum is the close winner, based on the fact that it just feels easier to navigate and use, plus its great autosaving feature. What is this? But don’t rule out Moneybox as it does come with more savings options such as the Lifetime ISA and Stocks & Shares ISA.

Can I pay monthly on Moneybox?

If you’d prefer not to use round ups, you can still make payments by setting up a weekly deposit or making one-off deposits. You can also make monthly deposits using our Payday Boost feature, and, if you have an ISA, LISA, or GIA, you can add a one-off deposit instantly via Instant Bank Transfers.

Can I have two Moneybox accounts?

You should only register for one Moneybox account, however you can open more than one product with us within this account if you’d like! If you have created a duplicate account, please contact us at [email protected].

Why has plum stopped saving?

Plum hasn’t been able to save for you because you have a low bank balance. We have designed Plum not to take you into unauthorised overdraft unless you specifically enable it in the app. Once your bank balance is a bit higher, Plum will start saving for you.

Why can’t I withdraw my money from Plum?

This is because your funds are still pending from your bank account to Plum. If the funds have not yet reached your Plum Pockets, please note that deposits take 4 working days to reach your account from the day they were initiated.

Are Plum investments worth it?

79% of users rate it as ‘Excellent’, with most commenting on how great it is at helping them to save money and great customer service. 9% of users rated it as ‘Bad’ with some users complaining about how long it takes for their money to transfer back into their account.

How do beginners invest?

Best investments for beginners
  1. High-yield savings accounts. This can be one of the simplest ways to boost the return on your money above what you’re earning in a typical checking account.
  2. Certificates of deposit (CDs)
  3. 401(k) or another workplace retirement plan.
  4. Mutual funds.
  5. ETFs.
  6. Individual stocks.

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