Savers can get cashback to invest from a variety of retailers when spending through the Moneybox investing app.
What’s the deal exactly?
Moneybox is a smartphone app that allows users to make investments in a selection of funds. Customers can sign up in a few minutes and get started with as little as £1.
Ten brands are taking part in Moneybox+, which offers Moneybox customers rewards that go directly into their investment accounts.
Here are the firms offering investing cashback for spending:
- Bloom & Wild: £10 reward – an online florist that delivers flowers through your letterbox
- Cornerstone: £10 reward - a flexible, regular delivery of shaving supplies
- Farewill: £40 reward - a smart will-making service
- Fiit: £30 reward - Fiit is a mobile app that connects to your TV and delivers a gym studio experience direct to your home
- Gousto: £20 reward - cook-at-home recipe kit service that is delivered to your door every week
- Laundrapp: £10 reward – an app that collects, cleans and delivers laundry and dry cleaning to your door
- Touchnote: £5 reward - an app that turns your photos into cards and gifts
- Blow Ltd: £10 reward - book blow-dries, make-up sessions, manicures, and other services in your home or at their beauty bars
- Urban Massage: £8 reward – an expert massage, direct to your door
- VITL: £20 reward – this app uses artificial intelligence to generate personalised nutritional supplement recommendations
Why should I care?
The app will help you save regularly and is an excellent way of putting away a little bit extra each month.
It can be linked to your online bank account and allows card payments to be rounded up to the nearest pound.
With the app, if a user buys a coffee for £2.70 this can be rounded up to £3 and the difference invested.
The online spare change then goes into one of three funds.
There are three levels of risk to choose from – cautious, balanced and adventurous investment funds.
What’s the catch?
As it is an investment app, there is the chance you could lose money as the stock market goes down as well as up.
The app charges £1 a month to cover transaction fees, but the first three months are free. There is also a platform fee of 0.45% a year.
Most of the deals are only available until February 2019.
What are my other options?
There are a host of other apps that you can use to boost your savings. Check our guide to robo investing to find out more about the options available.
If you’re looking for a money-rounding alternative that doesn’t involve investing, try banking app Monzo. The Monzo app has a feature that will automatically set aside money for you by rounding up your purchases to the nearest pound and saving the difference.
Often retailers similar to those listed above offer simple discounts of as much as 20%. Check our voucher codes pages for the latest deals available.