Moneybox wants to help you save seamlessly

Fintech start up Moneybox wants to help millennials save for their future by making it easier to regularly put money away in a stocks and shares ISA.

The company says young people want to save, but they find it hard to do it in a structured way and aren’t comfortable with the comparatively drawn out sign up and account management processes that traditional savings providers offer.

Moneybox is part of a wave of emerging fintech players, including companies like MoneyHub and Mint, that are applying technology to make managing money more accessible.

Moneybox’s USP is a unique function that allows users to round up their spending to the nearest pound and put the extra money into an ISA every week.

Their figures show that average users are using their system to deposit around £36 a month into an ISA, which adds up to £440 a year of spare change invested.

They want to help build long-term, sustainable habits, while also answering current millennial concerns like fast sign up, app-based services, and simple fee structures. As well as investing through round up, Moneybox users can set up monthly and one off deposits.

Figures show that less than 5% of under 35s invest in stocks and shares ISAs, despite research clearly demonstrating that long-term investing dramatically outperforms long-term saving.

We think Moneybox may be one of the potential answers to this problem.