Wealthify vs Moneybox: How do the key features compare?

3 min Read Published: 23 Jun 2022

Wealthify vs Moneybox

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 examine performance, fees and the types of products each platform offers, as well as the ethical investment options they have.

Wealthify vs Moneybox - which is better?

Wealthify Moneybox
Minimum investment £1 £1
Fees 0.6% 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 Simple saver and notice accounts

Cash Lifetime ISA

ISA, Lifetime ISA, Junior ISA, General Investment Account and SIPP

Number of portfolios 5 3
Ethical portfolios 5 3

 

Wealthify vs Moneybox - minimum investment

Wealthify and Moneybox have a minimum investment of just £1, with Moneybox this works on the basis of a monthly subscription, although this is waived for the first 3 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 0.6% 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, GIA, JISA, LISA and SIPP. Wealthify also has an ISA, JISA, GIA 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 2021.

Comparison of Wealthify and Moneybox returns in 2021

Wealthify Moneybox
Wealthify Cautious vs Moneybox Cautious +0.48% +5.00%
Wealthify Confident vs Moneybox Balanced +6.70% +18.30%
Wealthify Adventurous vs Moneybox Adventurous +12.82% +22.70%

Looking at the recent performance of both platforms, Moneybox has outperformed Wealthify, with particular success with its Adventurous portfolio, which has higher exposure to equities. While Moneybox has performed strongly over the past couple of years, there is no guarantee it will maintain this track record.

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.

For more details on each option, read our full, in depth Wealthify and Moneybox reviews.

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