Financial investments in the past have been thought of as a niche practise for the well-versed in business and finance, with the option for the many being ISA’s and saving money. Today, thanks to the booming revolution in the accessibility to such services, everyday consumers have a quick and easy way to access these services without the hassle surrounding them in the past.
MoneyBox, and other investment services
A great example of a service provided today is MoneyBox, an intuitive, quick way to invest your spare capital in companies you know and trust. The idea is simple – an app is installed on your smartphone or other device, and logs your spending on the card you connect. For each spend, the app will round up the cost to the nearest pound, and will save the excess amount into your savings on the app (for instance, if you spent £2.20 during the day, the app would take 80p on top of this spend and move this to your savings). At specific times, the app will then take the total savings you have, and distribute it into a number of different brands as stock. This investment is then under your control and monitoring, with the help of the app alerting you of the money you have gained or lost in real-time as the price of that stock changes.
The beauty of a solution like this is that the entirety of the process is contained within one very simple app, whereas at the advent of popularity with investments multiple services would be needed from many different services, which can reduce security and stability.
With the availability of transactions via card, it’s more important than ever to have an instantaneous overview of spending via notifications, and have the ability to control your card without dreadful waiting times. Online banking and smartphone based apps for your banking help alleviate the frustration of calling up your bank to make a change, and swap this experience for a responsive control centre at your fingertips. This is where a service such as Monzo can come in. Monzo is an independent banking solution which provides you with a great alternative to a traditional current account, alongside their advanced app on your smartphone which can monitor anything you do on your card as well as ‘freezing and defrosting’ your card, should it be lost or stolen, instantly.
Unlike some of the utilities that just let you invest money easier, a robo investing service will provide you with automation of some of that process. Asking a series of questions about you and your plans for investment, the utility will match you to one of its predefined profiles, investing based on the risk level your answers gave with a set budget. The automation can detect some trends in data like a real analyst would, moving your investments accordingly and acting on real-time data from a variety of different feeds faster than this could be done manually. The great feature of this kind of service is the peace of mind it could give over the entire process – being able to react to changes 24/7, the system can advise on changes that should be made to your investments without having to compromise your time monitoring changes constantly. One such service is MoneyFarm’s Robo-Advisor, a tool which can quickly help you achieve your investment goals without breaking the bank.