Moneybox

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

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.

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

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.

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

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!

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!

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

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 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 !

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.

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

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!

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.

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.

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