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When comparing Nutmeg vs Moneybox, which investment platform is better? Will you make more money with Nutmeg funds or on Moneybox? Choosing between Nutmeg and Moneybox can be difficult, and making a mistake can be costly. This post shows you which platform is best for you.
Nutmeg and Moneybox are both solid options for investors. Nutmeg is cheaper than Moneybox and offers ready-made portfolios. On the other hand, Moneybox has an automated saving function.
- Nutmeg vs Moneybox Comparison Overview
- Company Backgrounds
- User Ratings
- Nutmeg vs Moneybox Fees
- Account Types
- Available Markets
- Portfolio Performances
- User Interface
- Depositing and Withdrawing
- Customer Support
- Sign-up Bonuses and Friend Referral Schemes
- Is Moneybox Better Than Nutmeg?
- Nutmeg vs Moneybox Comparison Summary
Nutmeg vs Moneybox Comparison Overview
| Broker | Nutmeg | Moneybox |
|---|---|---|
| User ratings | 3.6/5.0 | 4.6/5.0 |
| Notable fees | Account fee 0.25%-0.75% Fund fee 0.22%-0.28% Market spread 0.06% | £1 per month + 0.45% monthly account fee Up to 0.58% fund management fee |
| Account types | GIA, ISA, Lifetime ISA, SIPP, Junior ISA | GIA, ISA, SIPP, Junior ISA, Lifetime ISA |
| Platform | Website and app | App |
| Markets | Funds | US stocks Funds |
| Minimum deposit | £500 (£100 for LISA) | None |
| Investment style | Robo advisor Long-term investing | Premade plans DIY Long-term investing Saving accounts |
| Sign-up bonus | None | None |
Company Backgrounds
Moneybox is a savings and investment app. It enables you to save money from your bank account automatically. You can invest this money into funds. Moneybox was established in 2016 and has over 850,000 users. Read more in my Moneybox review.
Nutmeg is a robo-advisor platform with over 200,000 users. Its AI will recommend a portfolio based on your investment goals and preferences. This does not mean this portfolio is superior to others or immune to losses. Nutmeg is a UK-based company that was founded in 2011. Read more in my Nutmeg review.
Moneybox is the newer and less established investment platform. But does this mean it performs worse?
User Ratings
Trustpilot
Moneybox has an average Trustpilot score of 4.6 out of 5.0. Overall, 85% of users scored it as great or excellent. Meanwhile, Nutmeg has an average Trustpilot score of 3.6 out of 5.0. Overall, 80% of users scored it as great or excellent.
Both platforms are popular on Trustpilot. Moneybox is rated better, with a gap of 1.0 points between the two.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Nutmeg vs Moneybox on Reddit
On Reddit, the classic advice is to use Vanguard over Nutmeg and Moneybox due to its cheaper fees. However, this assumes that everyone is confident and has the time to choose their own funds. Nutmeg and Moneybox are good options if you are looking for premade investment funds.
Nutmeg vs Moneybox Fees
| Broker | Nutmeg | Moneybox |
|---|---|---|
| Sign-up free | None | None |
| Deposit fee | None | None |
| Withdrawal fee | None | None |
| Inactivity fee | None | None |
| Commission | None | None |
| Account fee | 0.25%-0.75% | £1 per month for investing account + 0.45% monthly platform fee |
| Fund management fee | 0.22%-0.28% | 0.12%-0.58% |
| Trading fee | Market spread 0.06% | None |
| Other | None | 0.45% currency conversion |
Nutmeg and Moneybox charge account and fund management fees. Nutmeg’s fee is a percentage, whereas Moneybox charges fixed and percentage fees.
£1 per month with Moneybox may not sound like much, but it is expensive for a broker. For example, if you have £50 saved, the total fee would be 2.45%. Even with large amounts saved, Moneybox can’t beat the fees of Nutmeg’s lower-fee funds.
While Nutmeg is cheaper than Moneybox, it is also not a cheap platform. See my Nutmeg vs Vanguard comparison for more details. You may also like my Vanguard vs Moneybox comparison.
Nutmeg is cheaper than Moneybox. However, with Moneybox, you only pay fees for investing money. The automated saving (which Nutmeg does not offer) is free to use.
Account Types
Both Nutmeg and Moneybox have a good range of account types:
- General investment account (GIA)
- Individual Savings Account (ISA)
- Self-invested Personal Pension (SIPP)
- Lifetime ISA (LISA)
- Junior ISA
Available Markets
Nutmeg is a robo advisor. Nutmeg recommends a fund based on your preference. You do not need to have investment knowledge. Nutmeg only has five portfolio types with five to ten funds each:
- Fully Managed (10 portfolios)
- Smart Alpha (5 portfolios)
- Socially Responsible (10 portfolios)
- Fixed Allocation (5 portfolios)
- Thematic Investing
On Moneybox, you can choose between three beginner plans:
- Cautious
- Balanced
- Adventurous
You can also choose your own funds on Moneybox. Currently, there are 24 funds. Moneybox also offers 20 of the biggest US company stocks. You cannot buy stocks from outside of the US.
Moneybox has more fund options. Nutmeg has more options if you want to invest in a premade portfolio.
Portfolio Performances
Funds from different providers are difficult to compare. This is because their reporting periods and the data available often differ vastly. Below you can see the performance of Nutmeg’s and Moneybox’s funds for 2021 at a comparable risk level.
| Broker | Moneybox Returns | Nutmeg Returns |
|---|---|---|
| Low risk (Cautious/Risk level 1) | 4.6% | 0.1% |
| Medium risk (Balanced/Risk level 5) | 18.1% | 7.5% |
| High risk (Adventurous/ Risk level 10) | 22.6% | 19.6% |
Based on this, Moneybox outperformed Nutmeg. However, remember that their performance is not perfectly comparable with all the differences. The past performance also is not an indicator of future development.
User Interface
Both Nutmeg and Moneybox are easy to use. Their user interfaces are beginner friendly.
New investors will find Nutmeg easier to use. You only need to answer a few questions to get your portfolio recommendations.
Depositing and Withdrawing
With Nutmeg, the minimum deposit amount is £500 or £100 for junior ISAs and LISAs. You can deposit via open banking, which will take only one day. Withdrawing will take three to ten days. Withdrawing from Nutmeg may take longer than with Moneybox, but Nutmeg also sells your investments for you.
Moneybox is designed to round up your purchases and save the difference. As such, there is no minimum investment amount. If you use a Moneybox savings account, you cannot withdraw your money until the savings term is over. However, you can sell your investments at any time and withdraw that money.
Moneybox has a lower minimum investment amount, making it more accessible to beginners.
Customer Support
Moneybox has quick customer service and also offers free mortgage advice. Nutmeg’s customer service is also helpful; you will not have to wait long for an answer. Nutmeg is better for beginners because you only need to answer some questions to get portfolio recommendations.
Sign-up Bonuses and Friend Referral Schemes
Nutmeg and Moneybox do not have any sign-up bonuses. There are many sites online with Moneybox referral codes. However, none of these is currently working.
Is Moneybox Better Than Nutmeg?
Moneybox is not necessarily better than Nutmeg. It is more expensive, but Moneybox is better than Nutmeg if you want an automated saving function. As an automated savings platform, Plum is generally better than Moneybox. Read more in my Plum review.
Nutmeg vs Moneybox Comparison Summary
Nutmeg and Moneybox are two solid investment platforms. Nutmeg is a robo-advisor with premade portfolios, and Moneybox offers automated savings. The outcome of this comparison is as follows:
- User ratings: Moneybox
- Fees: Nutmeg
- Account types: Tie
- Investment markets: Tie
- User interface: Moneybox
- Depositing and withdrawing: Moneybox
- Customer support: Nutmeg
- Sign-up bonus and friend referral scheme: Tie
Moneybox wins more categories than Nutmeg. This result does not mean that Moneybox is universally better. Moneybox does charge much higher fees than Nutmeg. Thus, Nutmeg is better for cost-effective investing.
You may also be interested in my Moneybox vs Plum comparison.
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