What Is Moneynox?
Looking after your finances is hard enough at the best of times, but it’s even trickier when you don’t have a clue where and how to start. That’s where Moneybox comes in. It helps you grow your savings, while easing you into investing – so even complete beginners can get involved. Just remember, past performance is not a reliable guide to future performance, and you may get back less than what you invest. It's important to know that investing always involves risk, too. So before you commit to the longer term nature of investments, you should have a shorter term cash supply available for emergencies. That said, the longer you leave your money invested, the higher the chance of it performing better than cash, so it's best to plan to invest for at least five years.
How Does It Work?
Starting with as little as £1, simply download the app and register an account. From there, you can open your stocks and shares ISA. It only takes a few minutes and – provided you’re over 18 and a UK tax resident – you’ll be joining a community of 750,000 other users. From there, beginners can choose from three diversified Starting Options (Cautious, Balanced and Adventurous) or those with a bit of experience might prefer build their own portfolio from a range of funds. Either way, you're likely to see more from your money. Each starting option contains a mix of tracker (mutual) funds and there's the choice to invest in five further tracking funds, if you want to. According to Moneybox data, £1,000 invested at the start of 2012 would be worth £2,763 at the start of 2022, compared to just £1,158 if saved in cash.
What Can You Invest In?
There are plenty of investment products on offer at Moneybox – including a stocks and shares ISA, a lifetime ISA and a general investment account (GIA) – giving you the chance to grow your savings and therefore, the opportunity to save for your first home. Invest up to £20,000 per financial year with tax-free gains – plus, if you have a stocks and shares ISA, you can also customise your investment allocation to invest in a range of ETFs. You'll also be able to track thousands of global companies like Google, Apple and Netflix via Moneybox’s range of simple tracker funds.
Is My Money Protected?
Of course – Moneybox isn’t just authorised and regulated by the Financial Conduct Authority, its users are also protected by the Financial Services Compensation Scheme and safeguarded by bank-level encryption. It’s also rated ‘excellent’ on TrustPilot – so you can be sure you’re in good hands.
*DISCLAIMER: Anything written by SheerLuxe is not intended to constitute financial advice. The views expressed in this article reflect the opinions of the individuals, not the company. Always consult with an independent financial advisor or expert before making an investment or personal finance decisions.