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Moneybox: Preparing your Financial Future

How Moneybox can help you save and invest

Moneybox is an app that anyone can use to start saving. You can start saving with as little as £1! All you need to do is link your bank account; much better than spending hours listening to music on hold. They provide choices of saving and investment accounts, all of which have different benefits to suit every individual.

It is important to note that Moneybox is not a bank. They create savings accounts with third-party banks. Although; they are responsible for all of their investment accounts.

Helpful features

Moneybox has multiple features to help individuals save and invest. After you create an account of your choice and link your bank account, it enables you to utilise the round-up feature. This feature tracks your day-to-day spending and rounds up your transactions to the nearest pound. At the end of the week, the sum of all the round-ups is taken out of your bank account and deposited into your Moneybox account. This amount is often too small to notice, yet after a few months it can amount to a much larger sum, stored away, earning interest, ready for whenever you need to withdraw the money.

Another useful feature is the payday boost. This feature is most useful for those working part-time or full-time but can still be utilised for freelancers. Moneybox allows you to set up a preferred day of the month and a preferred amount. After this is set up, it will automatically add your chosen amount to your weekly savings and then collect it.

Although saving may not be a top priority for many during the current cost of living crisis, it is still important to get a foot in the door with saving or investing. In the future, you will be able to reap the rewards from compounding. This may help reach your goal, whether that is a house, a holiday or even retirement.

Is it trustworthy?

Yes. For those wondering if your money and information are safe, Moneybox is covered by the Financial Services Compensation Scheme. You are covered 100% up to £85,000 if the company fails, you will also have the same coverage if you have a savings account. Moneybox currently has a 4.6/5 star rating on Trustpilot after 1,346 reviews, with multiple customers writing about how thrilled they were with the support they received, especially with their mortgage queries.

Martin Lewis, a money-saving expert, has commended Moneybox for their Lifetime ISAs, suggesting they are market leaders in this type of account. Although, he has warned people not to use Moneybox as a pension pot.

Are there any ethical investment options?

Moneybox offers customers the option to use negative screening when investing. This is where companies and industries with a negative social or environmental impact are avoided. Therefore making it socially responsible investing. This may be favourable to those who are more ethically minded.

"It helps the planet move in a more positive direction."

Can they help save for a house?

Absolutely. They provide a house deposit calculator. They work out how much you would have to save every week based on the deposit amount and how soon you want the deposit. They also include the government bonus that you receive in their calculations. This is an exceptional tool that can help people who want to save up for a house.

They also offer mortgage advice and have a very supportive team who work to find you the right deal that you are satisfied with. It can have a serious impact on how much you end up paying the bank back, considering we are currently experiencing a cost-of-living crisis, this might be worth a bit of thought.

How do I create an account?

It's really easy. You can download the app from either the app store or the google play store, or if simply go onto the moneybox website and create an account, it takes minutes to complete the setup. Once you've done this you can start feeling more positive about your financial future and you can kickstart your savings for when you might need them.

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