FAQs

1. What is MoneyUp?

MoneyUp is a smart and secure app that acts as a personal financial coach that enables you to save and invest money to reach your financial goals.

2. What are the financial goals?

You can use MoneyUp to save for 5 types of financial goals. They are:

  • Specific Goals – buying a phone, car, house, etc.
  • Emergency Fund – aiding you at hard times like unexpected unemployment or medical needs
  • Retirement Planning – making your retirement more comfortable by going beyond the provident fund
  • Wealth Maximization – not pursuing a specific goal but just have your investments grow
  • Tax Saving – helping you reach your 80C investment targets

3. I know where to invest. Can I use MoneyUp just for mutual fund transactions?

Yes, certainly. In addition, you can also access our savings and expense management features (refer Q5) which are absolutely free for life!

4. Why should I use MoneyUp?

MoneyUp automates and simplifies the process of saving and investing. Once you enter your financial goals, your investment plan goes on autopilot. Of course, you can override these functions. In addition, MoneyUp regularly prompts effective ways to save more money to reach your goals.

5. How does MoneyUp help me save money? / How does MoneyUp make savings easy for me?

MoneyUp automatically tracks your income and expenses by analyzing your banking SMSs on your phone. These values are then compared with your spending pattern and historical trends to suggest optimum timing and amounts to be invested towards reaching your goals. You can authorize the fund transfer by a simple click on the app.

MoneyUp also offers you regular prompts to save more money to reach your goals. To keep you on track, the app notifies you on your goal progress and celebrates every milestone along the way.

6. What makes MoneyUp different from other platforms? / Isn't investing directly with MFs easier for me? / How different are you from my investment advisor / broker? / Shouldn't I go to my bank to get my investment plans?

MoneyUp is India’s first personal finance platform which focuses on both savings and investment. The app has some distinct features:

  • Hyper-personalized: MoneyUp understands your financial behavior as it contextualizes your specific goals with your spending patterns, income growth and risk metrics to create your customized investment plan
  • Integrated: The app is adept in defining a comprehensive investment plan in case of multiple goals which helps you see the big picture
  • Nimble: MoneyUp’s robust algorithm continuously evaluates achievability of goals and readjusts your investment plan accordingly. Whenever you add, remove or modify a goal, the investment plan auto-adjusts to it.

7. Is MoneyUp safe? / Do you have access to my money?

Our algorithms help you channel your money into the right investments. In doing so, MoneyUp doesn’t take custody of your money at any time. Your money simply flows from your bank account to your folios with different Mutual Funds (Asset Management Co. like ICICI, HDFC, Franklin Templeton, etc.).

Moreover, we offer bank-level security for all the transactions on our
platform.

8. Do you store my financial information? / What do you do with my data?

MoneyUp uses your financial data to better understand your finances and suggest effective options to save more money. This data is encrypted and not visible to anyone including the MoneyUp team. We share limited personal data (your name and email) with customer support to assist you better. To know more, read our Privacy Policy.

9. Where will my money be invested?

Your money is invested in a portfolio of SEBI registered Mutual Funds. Find more information about mutual funds here.

10. How will MoneyUp customize my investment strategy?

We create your financial plan with personalized investment portfolios based on your goals, their target dates and end dates and your risk profile. The app isn’t exclusively tied with any particular AMC and therefore provides an unbiased portfolio of the best investments for you.

MoneyUp also suggests the optimum amount you can safely invest towards reaching your financial goals.

11. What is the process of making the investment?

Your money is invested monthly into a curated basket of mutual funds based on our intelligent algorithm. Each month, we notify you through the app/email/SMS requesting your confirmation on the transaction with various Mutual Funds. If you approve, the amount gets debited from your account and transferred into your folios with AMCs.

12. How quickly can I get access to my money if I need?

You can access it within 2 business days of placing the request. For some categories of mutual funds, the transfer can be completed the same day/next day depending on the time of request.

13. Where can I see my money transfers and investments?

MoneyUp is designed to ensure that users always have easy access to their money. The app’s dashboard shows you real-time standing of your investments and monthly contribution.

At any time, you can withdraw your money in just a few clicks.

14. Do I need to be KYC compliant to invest with MoneyUp?

If you haven’t invested with Mutual Funds before, we’ll help you become KYC compliant. Once you sign up with MoneyUp, we’ll guide you with step-by- step information on how to get KYC compliant. This is as per the SEBI guidelines.

15. Can I transfer my holdings from other investment advisors to MoneyUp?

We are working towards enabling this feature shortly.

16. What is the process of closing my MoneyUp account?

If you wish to close your MoneyUp account, just send us an email requesting the same. You’ll receive a consolidated statement of investments made through MoneyUp, so that you can continue to follow your investments with AMCs directly. Soon after, we will suspend your account with us.

17. What happens to my investments once I close my MoneyUp account?

Even if you close your MoneyUp account, you can still manage your mutual fund investments directly with the AMCs. You can also transfer your current holdings to another investment advisor. This is in line with our core business philosophy of not taking custody of investors’ money at any time.

18. How do you support me with my queries?

At MoneyUp, we are always ready to help. Currently, we provide email and chat-based customer support. A toll-free helpline will soon be activated to connect you with our experts. Moreover, we provide email receipts for all your transactions carried out on our platform.