Moneybox
Investment service Moneybox, 1-2 Hatfields, London SE1 9PG, United Kingdom:
155 reviews
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Address: 1-2 Hatfields, London SE1 9PG, United Kingdom
Website: moneyboxapp.com
Phone number: +44 330 808 1866
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Latitude: 51.5076098Longitude: -0.1076261
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reviews
Gabriel Salvares
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 business day when in fact it can be traded the next business day . Having made a formal complaint to Money Box they have confirmed in writing that 'the withdrawal message was not correct' at the time I withdrew my money . The also acknowledged that 'the message in the app' at the time of withdrawal 'did not reflect what we set out in our terms and conditions'. Money Box do not make it clear that the valuation you see is not 'live' and based on previous day's trading so if you decide to withdraw it is unclear what the value of your investments is - very important at the moment when the market is moving so rapidly overnight. Money Box have also confirmed that they do not give instructions as how to close your account on the app - again very shady behaviour - you need to request them. It is also impossible to close your account in one withdrawal - you have to make at least two which means when the market is falling there is no way of not losing money. ALL customers who have withdrawn money from them before 6th March (the date i raised the issue with them and they said they changed the wording) need to be aware that when they made the withdrawal the wording you were given was incorrect and therefore possibly misleading and you should take this up with Money Box - I will be making a formal complaint to the ombudsman. While Money Box have upheld my complaint they have been very dismissive and don't seem to see how big an issue this is - it is not a case of me losing £50 but that they have given incorrect imformation to 1000s of customers.
3 months ago
Nancy Jackson
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.
2 months ago
Martha Davis
Great tool for saving
10 months ago
Linda Norred
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.
2 months ago
Hillary M
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.
1 month ago
Ariel Riber
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.
4 months ago
LA LU
Great prduct
8 months ago
Mati Gnama
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.
4 months ago
James Sands
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.
3 months ago
Arleen Cunningham
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
2 months ago
resika ramesh
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.
The interface is good, but no real information of how to close an account, eventually I worked out you needed to amend the deposits to £0, wait a week for the pending funds to be invested. Then withdraw all funds, this can take another 3 weeks. The once you get the money, delete the account. Loads of easy tips for investing but no useful info of cancelling, hope this helps.
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
5 months ago
Leonard Moecklin
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
3 months ago
Rajith Kakunnath
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.
3 months ago
David Maconi
Been using them for about a year, currently my investment has grown 8.10%. I'm finding it great to have my investments at the tip of my fingers. I find the £2 a month fee a bit steep. You can adjust the amount taken each week/month (weekly deposits, payday boosts etc) with ease. Customer support is very helpful. I just wish it had a more varied investment options.
4 weeks ago
Shane Dekle
Great app . Great way to start saving in stocks and shares.
3 months ago
Kevin Gooch
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 ????????.
4 months ago
Pavel Savastyanov
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 ????
3 months ago
Angela Ison
Been using them for about a year and a half, currently +3.65%. Saving money without actually having to do anything is probably what I like the most. The £2 a month fee seems worth it for me. It’s also pretty nice how easily you can adjust the amount taken each week/month (weekly deposits, payday boosts etc) for when you can’t put anything in savings.
4 weeks ago
lolita cortez
excellent experience so far, round up totals up nicely without you actually realizing you're saving. Wish this was around years ago.
4 weeks ago
Louise Fernandez
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.
4 months ago
Stephanie Sims
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.
2 months ago
Mbali Mpudi
An easy to use app, and a very easy way to save.
I wish it had been around 25 years ago!
3 months ago
Grey Omyo
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!
2 months ago
Mayer Jotkowitz
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
2 months ago
Melody Orndorff
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
3 weeks ago
Tim Drake
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.
3 months ago
Mellanie Large
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
2 months ago
Alex Hwa
I couldn't manage to accounts. App only took my in formation and agreement. No explanation of how it work.
1 month ago
Wally Laskowski
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.
2 months ago
Patti MacFarlane
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
2 months ago
davlene minier
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.
3 months ago
Beth Johnson
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.
5 months ago
Yvonda McGranahan
Frod application
7 months ago
DMYTRO TOLCHYNSKYI
£1505 was taken from my bank account by direct debit. Not the £5 direct debit that should have been taken weekly! This was my 1st direct debit coming off needless to say I’m not happy!
6 months ago
Leah Honsky
Great app, simple to use, flexible investments, helpful support team. Suggestion to add ETFs?
3 months ago
Troy Graber
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.
4 months ago
ken ertzner
Reading so many bad reviews but dont really agree with them, Firstly investments like these are long term, not a year or two but 10 to 20 years. Dont expect huge gains on a few months or a few short years.
This is a long term saving tool that helps you save little and often without you realising your doing it.
personal opinion is to set up the roundup and forget about it, maybe have a look yearly.
Dont be put off by no or small gains short term.
6 months ago
Sandra Ussia
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.
8 months ago
Corinne Hansen
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
4 weeks ago
M
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
4 months ago
Nekesha Jackson
Nothing but problems constantly freezing my account questions and queries not answered wouldnt trust my money in these accounts
6 months ago
Niluka Sivurupitiya
Spoke with Neil earlier, he was very professional and answered my enquiry within minutes, thanks Neil!
6 months ago
J M
Great app and user friendly.
8 months ago
Roger Fuenmayor
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
4 months ago
Rain Dog
I might be down but great way to save and am sure gonup over long term
5 months ago
Brad VanSpriell
Perfect app for save and invest in the long run! Great customer care
8 months ago
Dennis Everett
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
3 weeks ago
Michael Brinson
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. ????????????????
6 months ago
Rohan Pandey
Nothing but positive things to say about Moneybox can't recommend it enough.
2 months ago
Theresa Paul
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 !
6 months ago
