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Savings app Moneybox now lets you invest ethically

Joanna Faith
Written By:
Joanna Faith

Mobile savings app Moneybox has launched a socially responsible investment option allowing users to invest in line with their values.

The Moneybox app offers users an easy way to invest. It rounds up ‘spare change’ from your bank account to the nearest pound and automatically invests the pennies in tracker funds.

The new socially responsible fund, which is run by Old Mutual Investment Group, is available exclusively to Moneybox customers in the UK.

It tracks the MSCI World ESG Leaders Index and invests in a range of global companies, considering environmental, social and governance factors in its selection process.

Ben Stanway, co-founder of Moneybox, said: “Most of our customers are under 40 years old and they’ve been telling us they want a socially responsible investment option for some time.”

Research by Old Mutual Investment Group found that 92% of millennials believe that a company’s edge and profitability will be enhanced by doing good.

Moneybox allows users to choose from a stocks and shares ISA, Lifetime ISA, Junior ISA or General Investment Account. The socially responsible fund is available across all options.

The ongoing fee for the fund is 0.18% a year, slightly higher than the 0.12% for the standard global shares fund.

Moneybox also charges a fixed £1 subscription fee, which is waived for the first three months, and a platform fee of 0.45%. This fee accrues daily but is charged monthly by selling down your largest holding.