New investing app for millennials

A quite cute new app called Moneybox launched today in the UK allows millennials to save without thinking and invest in stocks, also without really thinking. 

The blurb: 

The Moneybox app, which launches today in the App Store, enables users to round up their everyday card purchases to the nearest pound and invest the spare change.

For example, when you buy a coffee for £1.80, the purchase will appear in the app and you can choose to ‘round up’ to the nearest pound. The additional 20 pence is set aside to invest across thousands of companies worldwide including Apple, Facebook, Netflix and Disney, via three tracker funds. In addition to round ups, the app also allows users to set up weekly deposits and make one-off payments into their Moneybox account.

To help users decide how they would like their money to be invested, Moneybox offers three ‘starting options’ – cautious, balanced and adventurous. Users can customise their investment choices using a simple slider interface.

Targeted at Millennials, the app aims to make it easier than ever for people to start saving and investing. By enabling users to sign up in minutes from their mobile phone and start investing with as little as £1, Moneybox hopes to open up investing to a new generation.

Yes, it’s kinda sad that you need to make it real simple, but I like the approach.