Last month we were thrilled to reach a new milestone… you are now one of 500,000 people saving and investing for your future with Moneybox! 🎉  

As our community continues to grow, we’ve been exploring new ways to help you achieve your goals. Whether you’re saving for a rainy day, investing for the long-term, planning to buy your first home or building up your pension pot, we’ll be adding some exciting new tools and services to help you over the coming months. We can’t wait to share what we’ve been working on.  

We’re also excited to announce that we’ve teamed up with Merky Books, the award-winning publishing imprint within Penguin Random House created by Stormzy, to write the foreword for their new book – How To Save It by Bola Sol. 📖 Filled with handy tips for budgeting, investing and breaking down those money myths, the book aims to inspire more people to take control of their finances. 🚀 You can pre-order your copy here, ahead of its release in the new year. 

 

Updates 📝

Helping you get on the property ladder 

The Lifetime ISA (LISA) has been labelled a ‘no-brainer’ for first-time buyers, thanks to its 25% government bonus. The account allows you to save up to £4,000 per tax year, which means you could receive up to £1,000 each year from the government! Plus, you could earn interest or investment gains depending on the type of LISA you choose to open. Check out just how much the bonus could help your savings by using our Cash Lifetime ISA Deposit Calculator.

In November, we were amazed to see that our LISA team was processing around eight times more house purchases for our customers than in June this year. 🙌 On just one day alone, we helped our customers purchase over 100 homes, which is the size of the entire village of Warninglid in Sussex! 👀 You can find out more about saving with a Lifetime ISA by heading in-app to the Account or Discover tabs. 

 

The ups and downs of the stock market

Over the last few months, some customers have been in touch asking questions about recent market fluctuations and what it means for their investments. While we are unable to provide specific investment advice, it is worth touching on how the ups and downs of the stock market in 2020 plays into staying the course and focusing on your long-term investment horizons. Here’s what we’ve seen recently from global markets… 

This year has been like no other with the impact of COVID-19. While the uncertainty of the pandemic at the beginning of the year saw a sharp market fall, news in November of a breakthrough vaccine brought reduced uncertainty for investors. This boosted some stocks that have struggled throughout the pandemic and some markets even broke new records, including the UK’s FTSE 100 adding more than £210bn in value, or 14.5%, in November – its best month since 1989. The MSCI All Country Index, which tracks the performance of global markets, also increased by more than 13% this month hitting an all-time high.

So what does this mean for Moneybox investors? As the funds on the Moneybox platform track global indices, our investors will see an impact similar to the performance of global markets. So while the stock market drop at the beginning of the pandemic may have been heavily felt, those who were able to stick to their long-term investing goals and stay the course, have benefitted. We know that riding the ups and downs of the market can be uncomfortable but remember the investing principle of Warren Buffett, the world’s most successful investor: it’s time in the market, not timing the market that is the key to success.

 

In the news 🗞

 

Behind the scenes 🎬  

Supporting our team through learning and development is an important part of the culture at Moneybox. This month, go behind the scenes and meet Amber to learn more about her progression from Customer Delight Executive to Trainee Accountant.

 

Keen to join Team Moneybox? Check out the open positions here.

 

For the Lifetime ISA, if you withdraw money for any reason other than buying your first home (up to £450,000) or retirement, you’ll pay a government charge of 25% on the the amount you withdraw. This means you’ll get back less than you’ve put in. Eligibility criteria apply.