Moneybox is also covered by the Financial Services Compensation Scheme (FSCS), which is a government fund that exists to help consumers in the event of a firm failing. You are protected for 100% of the first £85,000 per financial institution. Please click here to find out more about FSCS protection for your account.
Stocks & shares ISAs can be a great vehicle for saving for mid-term or longer-term goals. If you have money that you feel able to put away for several years without touching it, then a stocks & shares ISA will in most cases deliver better value than cash savings.
Is Moneybox trusted?
Moneybox is rated 4.4 out of 5.0 from over 900 reviews on Trustpilot, the majority, 74% rank the app as excellent. Users cited how easy it was to set up and use and how it has been a great introduction to saving and investing.
Top five ready-made stocks and shares ISAs
- Halifax Portfolio. Best for: Those who just want a few easy-to-understand investment options. …
- Fidelity Personal Investing Cost Focus Portfolios* …
- Vanguard LifeStrategy Portfolio. …
- HSBC Portfolio. …
- Evestor. …
- Barclays Investment ISA.
What happens to my money if Moneybox goes bust?
The Financial Services Compensation Scheme
For Savings products, such as the Cash LISA or Notice Accounts, your funds are protected by the bank holding your money. Moneybox does not hold your money itself, it uses third party banks. The banks we partner with are covered by the FSCS.
Does Martin Lewis recommend Moneybox?
Martin Lewis reveals the MoneyBox Lifetime ISA is best for first-time buyers if you want a great rate.
Can I lose all my money in a Stocks and Shares ISA? Any investment can go down as well as up, so yes, you can lose money in a Stocks and Shares ISA.
The recommendation is three to six months worth of outgoings. Shop around for an account that pays the highest rate of interest. Beyond this amount of money and you may want to start looking at alternatives like stocks and shares ISAs.
Generally speaking, stocks and shares ISAs have historically performed well. The average annual rate of return for stocks and shares ISAs over the past 10 years is 9.64%.
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What is the average return on a stocks and shares ISA?
| Tax year | Average return on a stocks and shares ISA | Average return on a cash ISA |
|---|---|---|
| 2019/2020 | -13.33% | 1.18% |
| 2018/2019 | 4.04% | ~1.1% |
Are Moneybox fees high?
Chunky charges on small balances
Moneybox bangs on about squirrelling away spare change, but the charges are pretty high on small investments. The fees sound relatively painless on the investing side: 0.45% a year as a platform fee. 0.12% to 0.3% a year as fund charges.
Who is Moneybox run by?
In 2015, old school friends turned entrepreneurs, Ben Stanway and Charlie Mortimer decided something needed to be done to help everyone save and invest for their future.
Who underwrites Moneybox?
Moneybox savings accounts hold your savings via third party banks, which are all covered by FSCS protection. If you signed up before 23rd April 2020, your Cash LISA is likely powered by OakNorth Bank. If you signed up between 23rd April and 17th August 2020, your account will likely be powered by Investec.
How safe is iWeb?
How safe is iWeb? Being owned by Lloyds, using iWeb ranks highly in terms of safety. It is also regulated by the Financial Conduct Authority as well as being protected by the Financial Services Compensation Scheme.
If you sell any shares in your Stocks and Shares ISA, you can reinvest the proceeds in the ISA. They will not count towards your annual allowance either. If you withdraw the proceeds of a share sale you will lose the tax-free benefits.
Robo advisors performance comparison table 2021, 2020 and 2019
| Provider’s portfolio | % return in 2021 (after fees deducted) | 3 year Annualised return |
|---|---|---|
| Vanguard LifeStrategy 60% Equity | 9.93% | 10.92% |
| Nutmeg (Portfolio 6) | 9.90% | 10.06% |
| Wealthify (Ambitious Portfolio)* | 9.72% | 8.85% |
| Wealthify SRI (Confident Portfolio)* | 7.63% | 10.51% |