How do round ups work?
Round ups are a great way for you to set aside money little and often. By connecting a bank account or credit card to the Moneybox app you can view your everyday transactions and choose to ‘round up’ the digital spare change to the nearest £1 – just like a piggy bank, but for digital transactions. For example – when you spend £2.80 on your morning coffee the round up amount would be 20p. With the ‘£1 round ups’ feature enabled, whole numbers are rounded up to the nearest £1 so a £7.00 transaction gets rounded up to £8.00.
Your transactions will be rounded up automatically after two days. If you’d prefer to make all your round ups manually, you can do within the Settings tab of the app where you can select manual or automatic round ups.
When you decide to make a round up, it is recorded and added to your Weekly Savings Total (the blue circle on your home screen). You can watch the pennies add up throughout the week and at midday on Wednesdays your savings are collected. The amount collected will then leave your account via direct debit the following Monday.