Moneybox Fees & Charges
1. INTRODUCTION
Welcome to Moneybox, the saving and investing app that helps turn your money into something greater.
We believe in being fair and transparent. This document provides a breakdown of the fees and charges that apply across all of our products and services.
To help you navigate this document we have broken our fees and charges down by product type:
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- Section 2: Savings Products
- Section 3: Investing Products (except for the Moneybox Pension)
- Section 4: Moneybox Pension
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All Moneybox fees and charges are subject to VAT, if applicable.
2. SAVINGS (Savings Products, Savings Treasury Products, Cash ISA and Cash LISA)
For savings products, you will receive the rate of interest on the product as shown in the Moneybox app at the time.
At Moneybox, we do not charge a customer service fee for our savings products.
For our Savings Products, Cash ISA and Cash LISA, we will receive a fee from the underlying third party bank(s) where your money is deposited or will retain the difference (if any) between the interest received from the third party bank and the amounts paid on your product. For our Savings Treasury Products, we do not retain interest but we will receive a fee from the underlying third party bank(s) where your money is deposited.
When your money is in operational bank accounts you will not earn interest, but if Moneybox earns interest or a fee from the third party banks who provide the accounts we will retain any such interest or fee. For Savings Treasury Products, Moneybox will receive a fee from some of the underlying third party operational bank(s) but will not retain any interest for money in operational bank accounts.
3. INVESTING (S&S ISA, S&S Lifetime ISA, Junior ISA and General Investment Account)
This section provides an overview of the fees and charges on investing products, along with illustrative breakdowns of how fees and charges would apply based on different investments.
These fees and charges are exhaustive of the fees paid on our investing products. We do not, for example, charge a fixed fee or commission on each individual buy or sell order.
These fees are only paid on the value of investments, and not on any money held in Available Cash.
Fees and charges
| Fee Type | Amount | Additional detail | |
|---|---|---|---|
| Service costs | Monthly subscription fee | £0 for the first three months. Then £1 per month | This fee is charged per Moneybox account. So, even if you have multiple investing products, your subscription fee will still be £1.
This fee is paid at the end of each month by selling down the applicable amount of your largest investment holding. We may take payment before the end of the month if you reduce the balance of a product to £0 or to a level at which it may no longer have sufficient value to pay the charge. |
| Platform fee | 0.45% of the value of your investments per year | This fee accrues daily but is charged monthly.
It is paid by selling down the applicable amount of your largest investment holding to cash. |
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| Currency conversion fee | 0.45% | This fee only applies in relation to the buying and selling of US Stocks.
For a buy transaction, 0.45% of the £ Sterling value of the order. For a sell transaction, 0.45% of the £ Sterling value of the proceeds of the order. |
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| Investment fund provider costs | Fund management costs | For the amount of these fees and charges please see the Key Investor Information Document for the relevant fund | These annual fund fees cover fund management costs and transaction costs.
They are charged by the fund provider rather than Moneybox, which means you do not pay these charges directly. Instead, they are included when the fund provider calculates the value of your investments. The charges are subject to change. |
| Fund provider transaction costs | |||
If we sell a US stock on your behalf, US regulators including the Securities and Exchange Commissions and the Financial Industry Regulatory Authority may levy regulatory fees on the brokerage firms we use. These fees may be passed on to our customers, however, these are unlikely to materially impact the proceeds of your order to sell.
For money held as Available Cash, you will receive the rate of interest on the product as shown in the Moneybox app at the time. We do not charge a customer service fee for money held in Available Cash. Instead, we will retain the difference (if any) between the interest received from the underlying diversified third party banks and the amounts paid on your product.
This section shows how these fees and charges would be applied on an annualised basis for an investment of £3,000 in different scenarios.
Scenario 1: Balanced Allocation
In this scenario, we look at the investment of £3,000 using a balanced allocation starting option.
Table 1: Annualised Charges for a Balanced Allocation
| Cost Type | Percentage (%) | Value (£) |
|---|---|---|
| Product costs: These are the fees that are charged by the underlying funds, including the fund management costs | 0.17% | £5.16 |
| Service costs: These are the costs associated with the platform and administration services, being the fixed subscription fee and the platform fee | 0.85% | £25.59 |
| Total costs | 1.02% | £30.75 |
And now those product costs and service costs on an itemised basis.
Table 2: Itemised Annualised Charges for a Balanced Allocation
| Description | Percentage (%) | Value (£) | |
|---|---|---|---|
| Product costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | The annual management charge and other fund expenses | 0.12% | £3.64 |
| Transaction costs | Costs incurred by buying and selling underlying investments | 0.05% | £1.52 |
| Incidental costs | The impact of any performance fee | – | – |
| Service costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | Annual ISA/GIA plan charge (Monthly Subscription Fee) and Platform Fee) | 0.85% | £25.59 |
| Transaction costs | Dealing fees | – | – |
| Ancillary costs | Costs related to ancillary services not included above | – | – |
| Incidental costs | The impact of any performance fee | – | – |
Now let’s look at the effects of those charges on the return on investment.
Table 3: Effect of costs on returns for Balanced Allocation*
| Value (£) | |
|---|---|
| Amount to be invested (with no entry costs) | £3,000 |
| What you might get back if there were no charges at all | £3,105 |
| What you might get back after charges have been applied | £3,073.76 |
*Note: This example assumes a net growth rate on investments of 3.32% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 3.32%. After fees have been deducted you could achieve returns of 2.46%. This equates to a reduction in profit of £31.24
Scenario 2: US Stocks only
In this scenario we look at the costs in relation to a portfolio of investments that are only invested in US stocks.
Table 4: Annualised Charges for a US Stocks Portfolio
| Cost type | Percentage (%) | Value (£) |
|---|---|---|
| Product costs: These are the fees that are charged by the underlying funds, including the fund provider fees | – | – |
| Service costs: These are the costs associated with the platform and administration services, being the fixed subscription fee, the platform fee and currency conversion transaction charges. | 1.74% | £52.21 |
| Total costs | 1.74% | £52.21 |
And now those product costs and service costs on an itemised basis.
Table 5: Itemised Annualised Charges for a US Stocks Portfolio
| Description | Percentage (%) | Value (£) | |
|---|---|---|---|
| Product costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | The annual management charge and other fund expenses | – | – |
| Transaction costs | Costs incurred by buying and selling underlying investments | – | – |
| Incidental costs | The impact of any performance fee | – | – |
| Service costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | Annual ISA/GIA plan charge (Monthly Subscription Fee) and Platform Fee) | 0.85% | £25.39 |
| Transaction costs | Dealing fees | – | – |
| Foreign exchange fees | 0.90% | £26.82 | |
| Ancillary costs | Costs related to ancillary services not included above | – | – |
| Incidental costs | The impact of any performance fee | – | – |
Now let’s look at the effects of those charges on the return on investment.
Table 6: Effect of costs on returns for a US Stocks Portfolio*
| Value (£) | |
|---|---|
| Amount to be invested (with no entry costs) | £3,000 |
| What you might get back if there were no charges at all | £3,120 |
| What you might get back after charges have been applied | £3,067.80 |
*Note: This example assumes a net growth rate on investments of 4% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 4%. After fees have been deducted you could have achieved returns of 2.26%. This equates to a reduction in profit of £52.20.
**Regulatory fees on sell orders by the Securities Exchange Commission and FINRA are levied on brokerage firms for engaging in US stock trading. These fees may be passed on to our customers, however these are unlikely to materially impact the proceeds of your sell order.
4. MONEYBOX PENSION
Fees and charges
The Moneybox Pension is an investing product, but because of how it is operated the fees that apply to it are different from our other investing products.
These fees are exhaustive of the fees paid on the Moneybox Pension. We do not, for example, charge a fixed fee or commission on each individual buy or sell order.
| Fee Type | Amount | Additional detail | |
|---|---|---|---|
| Service Costs | Moneybox platform fee | For the first £100,000, the platform fee is 0.45%.
For anything over £100,000, the platform fee is 0.15%. |
This fee is charged per Moneybox account. So, even if you have multiple investing products, your subscription fee will still be £1.
This fee is paid at the end of each month by selling down the applicable amount of your largest holding. We may take payment before the end of the month if you reduce the balance of a product to £0 or to a level at which it may no longer have sufficient value to pay the charge. This fee is tiered. For example, if you had a balance of £150,000, you would pay 0.45% on the first £100,000 and 0.15% on the remaining £50,000. |
| Provider product costs | Fund management costs | For the amount of these fees and charges please see the Key Investor Information document for the relevant fund. | These annual fund fees cover fund management costs and transaction costs.
They are charged by the fund provider rather than Moneybox, which means you do not pay these charges directly. Instead, they are included when the fund provider calculates the value of your investments. The charges are subject to change. |
| Fund provider transaction
charges |
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Example breakdown
Scenario: Global Shares Fund
In this scenario, we look at the effect of fees on an investment of £10,000 into the Global Shares Fund through your Moneybox Pension.
Table 7: Annualised Charges for Investment in the Global Shares Fund
| Cost type | Percentage (%) | Value (£) |
|---|---|---|
| Product costs: These are the fees that are charged by the underlying funds, including the fund management costs | 0.14% | £14.22 |
| Service costs: These are the costs associated with the platform and administration services, including Platform Fee | 0.46% | £45.69 |
| Total costs | 0.60% | £59.91 |
And now those product costs and service costs on an itemised basis.
Table 8: Itemised Annualised Charges for Investment in the Global Shares Fund
| Description | Percentage (%) | Value (£) | |
|---|---|---|---|
| Product costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | The annual management charge and other fund expenses | 0.12% | £12.19 |
| Transaction costs | Costs incurred by buying and selling underlying investments | 0.02% | £2.03 |
| Incidental costs | The impact of any performance fee | – | – |
| Service costs | |||
| One-off costs | Entry and exit costs | – | – |
| Ongoing costs | Annual ISA/GIA plan charge (Monthly Subscription Fee) and Platform Fee) | 0.46% | £45.69 |
| Transaction costs | Dealing fees | – | – |
| Ancillary costs | Costs related to ancillary services not included above | – | – |
| Incidental costs | The impact of any performance fee | – | – |
Now let’s look at the effects of those charges on the return on investment.
Table 9: Effect of costs on returns for Investment in the Global Shares Fund*
| Value (£) | |
|---|---|
| Amount to be invested (with no entry costs) | £10,000 |
| What you might get back if there were no charges at all | £10,400 |
| What you might get back after charges have been applied | £10,339 |
*Note: This example assumes a net growth rate on investments of 3.41% We can’t guarantee performance, but the returns that could have been achieved in this scenario without any fees would have been 3.41%. After fees have been deducted you could achieve returns of 3.39%. This equates to a reduction in profit of £61.00.
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