I’m going to start this post with a confession. I recently realised that I had yet to set up a savings account for Amelie. She is now 19 months old, so this is quite a faux pas on my part. I used to be so organised with things like this but have to admit that it had slipped my mind.

When Moneybox got in touch to see if I’d be interested in reviewing its service, it was the friendly push I needed. Here was an opportunity to make amends on two fronts. Namely setting up an account and making up for lost time in terms of savings.

I love innovative solutions and Moneybox is most definitely such a thing. It’s an app that allows people to round up spending on nominated bank cards. It does this to the nearest pound. The difference is then collected up and deposited into a Junior ISA via Direct Debit.

To help illustrate how it works, I’ve been using Moneybox for the last couple of weeks.

A screenshot of the Moneybox app.

The app installed quickly and it was easy to set up. I was prompted to add my online banking details before selecting which accounts I wanted it to use. I tend to use my individual account more than the joint account so added that one.

As with any investment, the value of savings can go down as well as up. You can, however, choose from three different approaches to how your money is invested. Cautious, balanced and adventurous. These are represented by different animals. A squirrel, an owl and a fox respectively. I like this visual approach; it helps ensure everything is nice and intuitive.

The Moneybox Junior ISA app.

You can dismiss any roundups you don’t wish to make. So if you’ve had an expensive month, you could choose not to collect a few of the higher amounts.

You can also add one-off amounts should you wish to do so. I think this is ideal for birthday money. No more popping to the bank to pay in cash or moving money around online – simply add it via the app.

Amelie clearly understood the principle. While I was taking pictures of her with the app she attempted to add £6,958. Maybe she was making a point about my tardiness in setting up an account!

The Moneybox Junior ISA app.

Since I started using the app, I’ve managed to save around £13 for Amelie’s future already. That’s a great start and will help me bring her savings up to speed. Admittedly, I’ve used my card pretty much exclusively during this trial. There are some things – such as bus tickets – that I would normally pay for with cash.

I think Moneybox is a great idea. By regularly taking small amounts that don’t hurt the bank balance it adds up to some decent savings. As the old saying goes, look after the pennies and the pounds look after themselves.

Disclosure: this is a collaborative post.

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