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Review of the Moneybox app, Lifetime ISA:

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Moneybox Lifetime ISA

The Moneybox app is super easy to use when it comes to depositing funds and managing your accounts, but it goes a step further by providing guides and resources to help with the process of buying a home. The wealth chart on the Lifetime ISA is a great motivator as it helps to visualise progression towards your goal, and there's an option to add a house buying partner to the 'housemates savings' section to see your combined savings total. You can set up a direct debit to deposit funds weekly or monthly which is handy if you want to get into the habit of regular saving, although it's not necessary if you prefer to deposit as-and-when; the app allows for this, but you will still need an active direct debit instruction between Moneybox and your paying bank, which seems a bit odd at first. The interest rate has recently come down to 3.8% - not fantastic, but the 25% government bonus on your deposits means it's absolutely worth considering if you're looking to buy your first home. Moneybox is a great choice for this ISA if you're happy to move away from the bricks-and-mortar banks. Reviewed on: 3rd December 2024

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