Moneybox Reviews

The app is simple to use and easy to navigate, however the boost buttons are easily mistakenly hit and immediately activate a boost. There should be a safeguard asking if the user really wanted to boost. Please sort this out it is putting me off carrying on and I may try and find an alternative provider.

It was the wrong account for me. I needed a traditional savings account. Moneybox devised a solution that I didn't need. They could hold your money before depositing or returning it.

Nothing but problems constantly freezing my account questions and queries not answered wouldnt trust my money in these accounts

Great app . Great way to start saving in stocks and shares.

I would advise avoiding Moneybox if you want to make any serious money. As a pocket money saving app it is a good platform, the app is easy to use and the interface is nice. But I've been with them for perhaps 9 months now and I'm making More

Solid app. People need to understand that losing money is part of investing especially in a market as volatile as the one we're currently in. However people need to think long term, you keep your investment long enough youll make money.

Great app, simple to use, flexible investments, helpful support team. Suggestion to add ETFs?

Fantastic app! It is really easy to open an account and even easier to start investing, I have no idea on what shares and stocks are going to do but Moneybox seem to, I am seeing around 4% gains currently obviously will fluxtuate, just have to remember that slow and steady wins the race

their direct debit delays are poorly explained and very unclear. the app tells you that any money you allocate to your fund will be taken from your linked account on wednesday, but it won't actually leave your linked account or appear in your fund until *the following tuesday*. it feels like an app for children, not for professional investment.

I have never had a savings account where deposits were stopped, it makes me very nervous that I will see my money again. I asked to retrieve it immediately but was told that as it was a 95 day notice account this wouldn't be possible, given that they can no longer honour my deposits I would see it as all bets off. I have lost all confidence, no communication was given to me about the deposits being cancelled, I honestly don't think they are a professional organisation. You get standard replies and I seriously doubt I'll see my money again. Avoid, sounds like a sinking ship

Fantastic company and service! Always rely to any of my queeries very quickly which impressed me. Would highly recommend as an easy and clear way to save.

Absolute scam. Hide away their fees keep changing their mind when your query their fees with them.

If you want to make a complaint you need a magic combination of words to ensure the complaint is passed to anyone in charge. Btw the magic words are 'i wish to make an offical complaint' if you just say complaint or I wish to make a complaint this goes ignored

Once you give the magic combination of words to make a complaint then they do their best to pretend that the complaint didn't happen. And change timelines of events to suit them

Even after all that their compliance team is rude and patronising

In short a company that sticks their fingers in their ears and scream lalallalla. Would you really trust them with 50p let alone a weekly contribution. You are better off taking money and burning it in your garden at least you have the ashes to fertilize your garden with

Anyone who writes any positive reviews for this company has obviously got the wrong company. Or In one or two cases are staff members

I had cancelled my application, and they still put money I my account, I informed them straight away to withdraw the funds.

And cancel the application, cooling off period did not exsist. Id left it for a bit, only to then realise that money was spent and I assumed they had taken the money back, like heck. I complained to the company with no response from.them.

Now I'm.in default due those idiots. Then they set up a DD, took over a oner out of my bank which put the account in a minus, then cancelled the DD, On the same day. That's a NO NO.

So pushing this further.

I've been using the moneybox app since it was first launched and love it. I've encouraged a couple of friends to sign up and they seem to love it too. Now have an ISA account and a Lifetime ISA account. The app is super easy to use with loads of great features that help you see how your money will grow over time. With the round ups I've managed to save without noticing it and now also add a monthly top up when I get paid. I've just received my Lifetime ISA bonus of 25% from the last financial year which is brilliant, free money from the government, thank you very much HRMC! Returns do fluctuate as stock markets and currencies swing around so I'd stay with the cautious investment option if you might need the money out in the short term but I'm investing for the long term so don't mind some short term volatility. Wish these guys would offer a pension products too.

Customer service is awful. Interface is all over the place, their pay day boosts are hidden and not easy to navigate to, and easy to forget that you had one. Processing time for investment, is a complete joke. The only benefit this app has, is that the interface "looks good." Everything else is ridiculous. Their statements, you have to ask for, and they don't stipulate any income, dividend or interest payments. It's incredibly basic.

I use this amazing app to save up for Christmas presents and presents for godchildren!

Perfect app for save and invest in the long run! Great customer care

Moneybox is a fantastic app and great team! I find it hilarious the number of people giving bad reviews based on their returns. Hello moneybox is the platform they have no control over the funds with which your capital is invested. Review the funds pages you'll see they are managed by huge companies and the return is always up and down and based on long term time frames. So do your homework before giving moneybox the poor reviews. Their app is a delight, clever intuitive and informative. Thanks

Avoid at all costs. Never answer the phones, when they do can never hear anything or get any really answer. Have managed to mess my transfer up and now won't receive my bonus I was due which was the whole point I signed up. Fustrated, disappointed and helpless. Just be careful as they have told some lies regarding info they sent to me which was never received and that's how they're trying to cover themselves. Taking over week of waiting for one response a day and still no further...

Sorry decided to close the account, after 2 years still running at a loss once fees taken out (fees have been twice as much as my gains). Once or twice it did go into positive, but literally for a couple of days. I know its long term, but I d have expected to see a small return after 2 years.

Its good to get you saving, but my experience shows the costs outweigh the gains.

Since the above a small amendment, you need to click the withdraw ALL available funds to withdraw everything, since you can not type in pence to a request.

Many thanks
Dom

I ve loved using Moneybox so far. The entire platform is really user friendly and you get quick and helpful customer service. Beautiful user experience design, and portfolios that are performing well during a pandemic. I d highly recommend this app to anyone looking for a stress free and cost-efficient way to save. Deposit times are a bit slow, but being able to change the weekly deposit amounts whenever I want makes everything really flexible.

Spoke with Neil earlier, he was very professional and answered my enquiry within minutes, thanks Neil!

Good customer service and queries are always answered within 2hours. A good way to save money. Diversified portfolio. The company is always introducing new products. There s always a monthly newsletter on company s performance. Everything is digital and you can track the performance of your investment . You can change the allocation of your investment anytime depending on your risk appetite. The company is in talks with regulators to introduce pensions. No bad experience so far and it s been nearly 2years .

Amazingly easy to use, it's by far the best money saving app I've used as an investment ( piggy bank ),not huge sums but soon adding up over time .
Nice lay out of app and very user friendly.

The app just makes saving clear and understandable. I've loved it and have saved way more as a result of using it. Added my pension the other day and it couldn't have been easier. Really like it and highly recommend.

You will never look at the Stock Market again in the same way once you invest with Moneybox.

Enjoy the ride-it makes saving addictive.And thar can only be a good thing

excellent experience so far, round up totals up nicely without you actually realizing you're saving. Wish this was around years ago.

I've had a great experience with Moneybox so far. I've held a LISA with them for almost a year and also hold a notice account. Inevitably, they have to make changes to interest rates due to the global situation, but they always send a clear email outlining any changes. I've also recently had to contact Customer Services regarding a change in details and they have been really quick in responding and very helpful. Even though it is usually a different person who responds each time to my message, they seem to have read through the conversation so far and are able to assist. The app itself is easy to navigate too. I'm not investing in any stocks or shares with them so I cannot speak on that side.

Every time I have had a query with Moneybox, the staff have responded promptly (generally within 2 hours) and have always fully answered any of my questions. Excellent service.

Avoid please. They took money out of my bank without my authorisation and a amount that I did not agree to, on a different day. I have to contact my banks fraud team so they cannot keep taking money out of my account. Stay with your bank

While loving Moneybox to start with, they make it incredibly easy to invest your money. Granted, top product. However when it comes to withdrawing your money, this is where the problem is. They encourage you to set up many accounts as possible and to make use of your tax free accounts. Their ads also encourage you to save for a house. However I have recently tried to withdraw my funds. This takes 2 3 weeks. Which is fine. But you can only do one transfer as a time. This means to take out all your money if you have multiple accounts you can be waiting 6+ weeks. For anyone who has bought a house you will know you need to show the money in you account within 2-3 weeks. Moneybox ruined my chances of buying a house, the one thing it advertised it for me to do. There is no logistical reason, purely a selfish business reason so they don t lose all their money at once.

I couldn't manage to accounts. App only took my in formation and agreement. No explanation of how it work.

Poorly explained rules and regulations. Due to recent stock market dip I have lost some of original savings due to the fact is takes 3 working days to 'freeze' account money. And if you have another account with them, you can't adjust risk or withdraw from that account for up to 3 weeks.

If you want to invest in stocks and shares, use spread betting or another medium that allows instant withdrawal. Because with Moneybox, in the event of a large dip, your money is dropping even though you spotted the dip days before and you painfully watch your savings spiral down, totally helpless.

They don't make this clear to you on starting.

I struggled with saving money until I started using Moneybox. It's more exciting to put money away now because it's an investment and the higher interest return far out ways the banks as I see my money grow month after month

Money box makes it really easy to save money. The app is easy to use - I ve never had any trouble with it.

Just received from Cllr Barry A LS16: 07/02/2021

Might want to warn your area about the above mentioned app I thought would be a good idea and opened the no fee account

The MB app and service are fantastic. I feel a lot more in control of my finances now. Moneybox also allows the flexibility to change my portfolio risk which is very cool

I have often created savings accounts banks which offer seriously poor interest. Moneybox offers a superior return on investment. Also the ability to bring old and forgotten pensions back into view was very clever.

I always wanted to open an investment account, but most of the providers asked me to fill a long application form, call them or send the letter.
I'm a lazy person and always delayed. Then about 2 years ago I saw on the tube moneybox app advert.
I decided to open an account, and I think that time the first 3 months was free to use.
Now some suggestions:
1. Moneybox app is for long term investment. I would say a minimum of 3 years, good 5 years and best 10 years.
2. You are responsible for your investment allocation. If you invest most of your money to Global Shares, then be ready to see a rapid drop and increase of your investment, but in the long term, it will pay back.
3. Be prepared for a volatile market, and you may end up some period in minus what to do then? then
4. When shares go down, then it's time to buy stocks. But don't forget when you invest it will take another 10 -15 days for funds to clear.
5. Be consistent. You don't need to pay a significant amount of money every week. The moneybox app has got time calculator, which shows the return of your investment next 10 years and how increasing your deposit could boost your investment.

Devastated

The AP looks nice, but everything else is awful in my experience.

I opened a lifetime ISA with Moneybox prior to my 40th birthday, unbeknown to me Moneybox don t register your account with HMRC until the following week which took me past my 40th birthday and therefore made me ineligible for the government backed scheme. I found out 9 months later because I was suspicious that payments weren t being added to the big green circle on their AP, it took weeks for them to finally explain what had happened despite sending them various messages via their AP and email. They didn t even apologise until I pointed out the fact that they hadn t bothered to do so.

So now I can t benefit from the government scheme thanks to Moneybox and there s absolutely nothing I can do about it nor have Moneybox offered to help in any way. I would urge anyone who is considering using Moneybox to re-consider and anyone currently using them to look carefully at their account(s) and consider other options before it s too late.

No doubt there will be an automated response to this from Moneybox to make it look like they re bothered, but I can assure anyone who is reading this that they frankly don t give a damn about your life savings.

Existing customers need to WITHDRAW FUNDS ASAP.

All deposits are suspended and there is no information as to when they will be reinstated.

Therefore renders savings accounts pointless.

Standard response blames Investec and the CUSTOMERS for saving to much...... oh and of course COVID is also blamed for some reason.

They state other banks/savings companies are also suspending deposits. Not True.

The FCA have been informed and are investigating.

Perhaps existing customers will be eligible for compensation? Who knows.

Cuatomer service is a joke. Just unqualified agents with a crib sheet and a response full of unprofessional emojis!

Although I haven't been using MoneyBox for very long, I am impressed with their responsiveness to my enquiries. The App is straight forward and over most of its teething issues from what I can tell but the customer service is a winner here, Nimash has been especially helpful - within a couple days I've been able to get my LISA transfer sorted almost effortlessly and making small savings here and there is a joy.

Can't comment on the other services offered but LISA wise it's got my vote!

No experience yet in having an account with them, because to be honest I was 100% scared off by being locked into a flow towards setting up an investment account WITH NO BACK BUTTON!! I was just looking for more info on the investment account. This really is terrible user experience, when there is no way out of setting up an account once you've started the process. I had to contact them and ask them to delete my account in order to get out of the process. Seriously, get a back / cancel button... It's basic stuff.

I went to the chat and asked the following question, Can Moneybox round up my payments, removing the spare change and transfer it to an investment ISA that I already have from another provider. I had to ask this question 4 times before I got a straight answer!

Really easy way to get involved in investing savings

I've had a stocks and shares isa with them for about 6 months and its earned me a poxy 1.50.i can see one winner and it ain't me

Moneybox is absolutely class, if only I thought of this idea! The UI is brilliant and all round I cannot rate this app enough. Being a sole trader, I use the platform/app as a pension scheme for myself and I love seeing how the money is being invested and what my return is. Such an easy to use app!

App-solutely great way to save. I ve been a customer since soon after they launched c3 years ago I believe and have an ISA and Lifetime isa with them. I ve been incredibly impressed with the returns I ve made, their low fees and great customer service. I d happily recommend them to friends.

I think this app is simply brilliant. although I connected it to a secondary bank account where I don't keep much founds and the transactions are limited (so very little rounding up possible), I've seen my little savings growing so I founded my moneybox balance myself. I also got a cashback bonus by making a purchase with one of their partner website. plus I often gladly take my time reading their articles and newsletters as very well written in a way that everyone can understand, even those like me who don't have a strong background in economics.

Really impressed with this service and company so far. So much so that I ve transferred two old pensions to the new pension platform too

Nothing but positive things to say about Moneybox can't recommend it enough.

I've been using this for a year and have moved our savings to it. It's simple and if you use the round up functionality it is proportionate to your spending. It's the sort of thing you set and forget.

This is NOT an investment service for the short term or for really small amounts as the fees will eat away your gains. But if can you put a half decent amount in there the gains more than offset the fees.

It's also NOT for you if you want to select your own funds or be able to see data on a massive fund universe. But it is good for a layman and the returns for me have been good.

Fantastic app, its really helped me and hubby's savings. I finally feel like I am getting more for my money. We are also going to open a junior isa for our newborn. Thanks Moneybox. Customer service are just brilliant

I might be down but great way to save and am sure gonup over long term

A great way to save, very user friendly and fast response times - easy to chat to staff on the app. Also easy to make amendments to allocations and your payments. Very happy with my moneybox!

It's a good idea, but unfortunately the monthly platform fee is far too high if you are investing a low amount of funds via round ups etc, like MoneyBox encourages.

It would take many many years with low capital to ever earn a profit that would outpace the platform fee. It could be good if you were investing a larger amount of funds but then again, why would you then not use an established Broker for this? it misses the point for me.

Love this app. Very simple way of saving without having to really think about it. Some of the reviews seem to be from people who don't understand how the app is designed to work and that investments will fluctuate over time! However, I've seen 12% returns since opening the account 3 months ago. I think they have redesigned some of the features since some of these reviews were left and it is now much easier to withdraw from your account, although they do make you aware that it can take up to 3 weeks to receive your money, but this is due to how investments are packaged and the sale process - that said, my recent withdrawal only took a week.

Honestly awful app and customer service. Firstly i lost money on my stocks and shares isa every single month for 2 years. Ended up cashing out at about a 5% loss. I tried to change my account to a cash isa rather than stocks and shares and told i'm not allowed and have to wait for the next update. Proceeded to wait for 2 months and no change or updates allowing me to do so. I try to delete my account and open a new account with a cash isa but because they have remembered my bank details i'm not allowed "2" accounts with one bank even though i deleted my original account. For a tech company their software and bugs are awful.

This is so far one of the best automated investing apps I have found. I have a LISA with them and compared to others who are down, I am still up 9%. Granted I was up around 30% prior to the crash following COVID-19, however this is expected. Instead I have made sure I have maxed out my LISA already for this year so I can make use of the low fund prices now for larger gains. Excellent app and excellent service.

This company is a complete con. Avoid !

I invested for 6months to give it a chance and nothing happened interest was non existent would have earnt more in the bank. When I withdrew my funds interest rate went up?! So I reinvested only for interest to go to -36%. This was all when stocks and shares elsewhere were going up !

The company is a scam don t invest a penny money better in the bank !

Trash. My direct debit bounced 4 times the previous month and the following month in bulk took out 40 quid out of my account with no warning. More like money scam

I am not specifically addressing the service itself, although I found it poor.
I really wanted to make sure that unsavy people like myself, know what they are getting themselves into.

I have since found a much simpler app to use that saves for you but releases YOUR money when you want it. It's called CHIP.

This company is a bank card scam, they stole thousands of pounds from us. We are not sure how they managed to get our personal dat and card information but they deserve to be shut down by FCA. When we called and emailed them, the only response we have was there doesn t seem to be an account in your name. Stay far away unless you want to be robbed.

Been saving not a lot over 4 months, not once have I actually made a gain, would have earned more interest in the bank. I'm not expecting to be a multi millionaire, but even 5pence a month would be a start. Just another company taking your money and paying huge wages whilst slapping each other on the backs saying, you bunch of mugs to the small investors.

Useless lost 80% in the first year. Thankfully my card wouldn't link so I didn't invest as much as some other people. If you have some money and your thinking of using moneybox the best thing to do is either have a free weekend our and lord it up and make a hole in the ground our petrol in and set it on fire.

Moneybox is brilliant, I couldn t recommend it more. It s the best savings account, especially for me as a compulsive buyer....



I would then constantly transfer it back and spend it. The fact that moneybox charges you interest on the amount you withdraw really motivated me and I haven t touched it at all knowing this. The investment gain is an added bonus aswell....

Terrible service. A week ago before the latest announcements on CV I called and asked to transfer my Lisa to a Barclays Help to buy ISA. Moneybox were extremely unhelpful and kept giving me incorrect information. I think this was a tactic by Moneybox to keep funds with them as a lot of people were withdrawing funds and it would have contributed to the dip in the stock market.

I was told that a withdrawal would take 3 weeks and that I would receive an quoted amount. This amount has now changed as I logged into the Moneybox account and it s lower than the original figure I was quoted. I read a review that Moneybox set their own % stats on your account. And this was proven in my case. Your money is better off with a bank or under your mattress. The staff there are so unprofessional and when dealing with people s money your client servicing should be exceptional. Will deter anyone that promotes this company. They are con artists

I find moneybox to have some of the most convoluted processes to do things I've encountered with any financial organisation. Especially given they are an app based company meaning if anything, they should be even simpler for their customers.

Changing an address,a direct debit, pretty much anything to do with your account has to go via them and their customer service team. They will claim this is the rules and they have to do make it this difficult. I've never experienced this with other companies in the case of simply changing a DD where I want moneybox to take my money.

I wouldn't recommend to any potential new customers. Avoid the hassle & go elsewhere.

I'm very happy with this app, encourages me to save. I added some extra moneys to my green circle accidentally once and customer services was prompt and helpful sorting this out. I feel that as someone who doesn't know much about investing it's a clear and simple way to take the plunge. I also like that I had the option of choosing ethical funds to invest in. I recommended this app to my friends.

Very dodgy service, reported to FCA! Stock and Share price go up and down everyday but they update your account value whenever they want. Usually no updates between Thursday- Mondays.
Wanted to close my account so withdraw all fund. After few days the amount I received was less the amount they confirmed by email that they sent to me. In general nice gimmick!

I have a Lifetime isa with Moneybox and found it very easy to use and understand, the customer service is very friendly, Helpful and have always answered any questions I have thank you for such a great service.

An easy to use app, and a very easy way to save.
I wish it had been around 25 years ago!

Just so slow to transfer money. Takes weeks to make a deposit or withdraw. They are like a third party who don t have access to the actual funds. Most banks can do same day transfers now. Not these guys. Also constantly downgrading interest rates. Common problem theses days. Avoid.

Had a bad experience with Moneybox when I thought I had closed down my account over a year ago. I redownloaded the app with the intention of using it again, and saw that I had a big fee on my account. When I questioned it I was told it was due to some loophole in their t s and c s around the way I closed down my account. When I asked them to remove the fee for the months I had not used their service, my response was very much computer says no . Really disappointing service from what should be a customer centric platform

Terrible service with no communication whatsoever unless you chase. Inconsistent with advice and instructions - not far off an FCA complaint for incompetency. I've give up and gone elsewhere.

Good app that helps you save money without really noticing. Have used for 6 months and have been very impressed with the app. And as for those people who said they take money without asking, you obviously didn't read about what the app does. Have made around 3.2% on my 6 months savings. Obviously this depends on the markets, but its a nice concept.

Had for 6 months and never once been up on my investment

We took out LISA's with 2 different providers a year ago (the reason for this being is because unless you have a new-ish smartphone which can handle thier App PER PERSON, you cannot register a second account. THIS IS IMPORTANT INFORMATION FOR INVESTORS, FACTOR BUYING A NEW SMARTPHONE ONCE THE APP NO LONGER WORKS INTO YOUR INVESTMENT CHARGES).

One LISA is with Moneybox and the other is with a High Street Building Society. In recent weeks, loss of value on savings is becoming commonplace but no-one has a happier trigger-finger than Moneybox. We have been informed of our LISA's deprecating EAR on no less than 4 occasions (and phrasing the loss cheerfully with a "no big deal" tone, detailing that we only took out the product to get the Government Bonus anyway - Wrong.). We have heard once from our High Street LISA about EAR depreciation. As for Moneybox's motive for thier constant cuts, we'll leave that to reader imagination.

We have been less than impressed with their changable nature and could we transfer the LISA we hold with them without having to wait another year before we can withdraw penalty-free, we would do so.
As it is, they have our reluctant business for now but we look forward to ending our "Relationship" with them as soon as possible. Avoid.

Very easy to use, been investing just a bit of pocket money each month, so took the plunge today and transferred a couple of old pensions into moneybox. Very simple and looks a good easy investment

only just got started with the app and so far my service is good, i believe the complaints on this page are from people with no idea of investing with small risks.... obviously you can earn and loose but if your calm and give it time you can see growth..... great product for saving change , which is surprising how much it all ads up after a month.

i had the money box app for about 6 months or so, the stock market had risen quite steadily over that period. yet my Stocks and Shares ISA money had dropped to -0.80%, so i was actually loosing money. At that point i decided to withdraw. it may have been bad luck but most markets had risen nicely, so where there investments were laying i don't know.

I'm now managing my own S&S ISA. Seen 1.5% growth in two weeks.

On the plus the app platform is great.

Really easy to use. I started by putting money first in an ISA and then started using the other services.

Downloaded the app and was having a look around before I committed to something and then it took me into one of the options, wouldn't let me back out even after resetting my phone leaving me not trusting the app. Uninstall.

Be very careful when withdrawing money from Money Box - as per the previous review the working is very unclear and Money Box are very vague and misleading about the timing of when they sell your investments stating it will be up to one More

Have been using Moneybox for a few years now. A seamless app with great end user interface and a professional company that provides exceptional service. You can expect quick responses and resolutions of queries from a helpful team

Seen a lot of reviews of how people have had hundreds taken from their account on the first direct debit. To be honest, if you read everything on the screen, I don't see how that's possible. I've had Moneybox for some time, it's performance isn't as great as I'd hoped, but it should be taken into account that investing with them is more of a long term process (as they clearly state within the app). I gave it four stars because the weekly direct debits are annoying and I'd really like to see them do it on a monthly basis, even if it is a larger amount.

First of all I was getting annoyed with legal and general in wasting money in sending me pension statements every year, despite letters and unanswered phone call to tell them stop, so I transferred my frozen stakeholder pension from them and a Scottish widows workplace pension to money box pension, so far the value has gone up, where as with legal and general the value was dropping, thank. Money box

I am afraid I do not understand the fees that they are charging me. I withdrew my money - no problem - very efficient with the idea of closing my account. Unfortunately, too slow to stop the direct debits - so thought i would see what More