If you are choosing whether to invest with online investment platform Wealthify or investing app Moneybox, this article walks you through the key features to help you decide which is best for you. We explore Wealthify and Moneybox's performance, fees, and the types of products each platform offers, as well as their ethical investment options.
Wealthify vs Moneybox - which is better?
| Wealthify | Moneybox | |
| Minimum investment | £1 | £1 |
| Fees | 0.60% flat fee
Additional fees for underlying funds |
£1 monthly subscription (waived for first 3 months)
0.45% platform fee (No monthly subscription for SIPP, 0.45% platform fee up to £100,000, 0.15% over £100,000) Additional fees for underlying funds |
| Products | ISA, General Investment Account, Junior ISA and SIPP, Instant access savings account | Simple saver and notice accounts
Cash ISA, Cash Lifetime ISA & Junior Cash ISA Stocks & Shares ISA, Stocks & Shares Lifetime ISA, Junior Stocks & Shares ISA, General Investment Account and SIPP |
| Number of portfolios | 5 | 3 |
| Ethical portfolios | 5 | 3 |
| Customer reviews (Trustpilot) | 3.9 out of 5.0 | 4.5 out of 5.0 |
Wealthify vs Moneybox - minimum investment
Wealthify and Moneybox have a minimum investment of just £1. With Moneybox, investment works based on a £1 monthly subscription which is waived for the first three months. There are different rules for each platform's SIPP too, with the minimum investment for Wealthify's pension standing at £50, while there is no monthly subscription charge for Moneybox's SIPP.
Wealthify vs Moneybox - fees
Not taking into consideration the £1 subscription charge, Wealthify has a higher platform fee than Moneybox with its 0.60% flat fee. Moneybox meanwhile charges 0.45%, although this is waived for the first 3 months. For Moneybox's SIPP, there is no subscription fee and 0.45% platform fee up to £100,000 and 0.15% for investments above that level.
The issue with Moneybox's subscription model is that, although it's only £1, if you opt to invest a small amount, it can mean any returns are quite quickly eroded by the costs. Indeed, to get the fees to an acceptable level of around 1%, you would need to invest more than £150 per month.
Wealthify vs Moneybox - products
As a savings and investments app, Moneybox has a range of savings accounts, including a cash Lifetime ISA, as well as a stocks and shares ISA, General Investment Account (GIA), Junior ISA, Lifetime ISA and SIPP. Wealthify also has an ISA, Junior ISA, General Investment Account and SIPP, but doesn't have a LISA in its range. For more information on LISAs, read our article "Lifetime ISAs explained - are they the best way to save?".
Wealthify vs Moneybox - portfolios
Wealthify has a greater number of risk-rated portfolios available, with Cautious, Tentative, Confident, Ambitious and Adventurous options. Moneybox has a more streamlined offering, with 3 portfolios: Cautious, Balanced and Adventurous. This means Wealthify may appeal more to investors who want a slightly more tailored approach, while beginners may prefer the simplicity of the reduced degree of choice with Moneybox.
Wealthify vs Moneybox - ethical portfolios
As with the vast majority of investment platforms, both Wealthify and Moneybox have ethical portfolios that sit alongside their main ranges. They are populated by passive funds that tie in with each platform's ethical principles. This means Wealthify has 5 ethical portfolios and Moneybox has 3.
Wealthify vs Moneybox - performance
While it is difficult to draw direct comparisons as there are different numbers of portfolios across each provider, in the table below we outline the relative performance for each Moneybox portfolio and the equivalent Wealthify version for 2023.
Comparison of Wealthify and Moneybox returns in 2023
| Wealthify | Moneybox | |
| Wealthify Cautious vs Moneybox Cautious | 4.70% | 5.3% |
| Wealthify Confident vs Moneybox Balanced | 7.80% | 12.6% |
| Wealthify Adventurous vs Moneybox Adventurous | 11.30% | 14.4% |
Looking at the recent performance of both platforms, Moneybox has slightly outperformed Wealthify, with particular success with its balanced portfolio. While Moneybox has performed strongly over the past couple of years, there is no guarantee it will maintain this track record as past performance isn't an indicator of future growth.
Summary - Wealthify vs Moneybox
On the face of it, Wealthify and Moneybox are quite different propositions, with Moneybox geared towards a younger audience as it is app-only and has a pared-back approach that is well-suited to beginners. It also stands apart due to its savings functions and the round-up facility that it is most well-known for.
In contrast, Wealthify has a greater degree of choice coupled with good levels of usability. It also has a simple flat-fee structure, which avoids the problems associated with Moneybox's subscription model, which can easily wipe out returns for those investing smaller amounts.
Moneybox slightly outperformed Wealthify across its core portfolios in 2023, however, it's important to remember that this isn't an indicator of future growth.
For more details on each option, read our full, in depth Wealthify and Moneybox reviews.
