Sorry, not sorry*
*But I admire the optimism
3 Likes
Hi, do we know the estimated launch date for this? Thanks
It should show in app. Press the + do more button and you should find it.
If I transfer my pension, would I need to invest straight away or does the cash sit in a pot for me to review options?
I ask as currently I sold my shares in my H&L SIPP and it currently sits in a cash pot (accruing approx 3.5% interest), so ready to transfer in to Monzo but not sure on investment yet?
Tia
Daz
Leave it where it is
2 Likes
As above, I’d leave it where it is.
You can’t as I understand contribute to the pension once transferred (yet, this may be possible in future but then again it is Monzo)
And as with investments, stocks et al. all are down or performing a little worse than normal thanks to Orange Man in the US.
1 Like
This makes it a good time to buy shares though. You are supposed to buy low, sell high! If you wait for them to go back up before buying shares you’ve essentially lost money.
This is also possibly a terrible time to transfer an existing pension. The days where your pot sits as cash being transferred between providers could prove to be hugely costly if the price starts to recover.
We already know for example that there will be a significant jump in price when the markets open tomorrow. Even if you did want to transfer, it’s absolutely worth waiting a little longer for more normal service to resume.
3 Likes
In general I agree but in this case their pension is already in a cash pot.
1 Like
Oh I was more just commenting in general, but yes in their scenario better to be in the market right now than out of it!
1 Like
Yes, to buy new shares. But transfers such as this I wouldn’t have said so personally.
Again, the person doesn’t have shares they have cash.
Although they probably shouldn’t transfer into Monzo as it’s a terrible product, this is a good time to transfer a cash pot into shares because (as you said) investments are currently performing badly.
2 Likes
Sorry I did read cash pot, but as if the see it as cash but it’s really invested in a pension fund. My error.
Indeed
1 Like
Any idea when this is available to the wider Monzo audience? Cannot see anything in app under the + section, or investment and savings subsection.
2 Likes
It’s Monzo. The likely answer is never, the second likely answer is 
3 Likes
Is this still on a roll out or has it been paused?
1 Like
Toying with the idea of moving from Monzo to RBS - does anyone have any experience with them? Fees wise it works out at around 0.55% in annual fees which is just about the same as I’m paying just now however have the option to contribute which I can’t do just now
Honestly I wouldnt touch any of the Incumbents with a barge pole - There are plenty of other options out there which can cater for the majority of people’s pensions at lower fees. Look at Prosper if you haven’t already, their fees are low. For example - My Fidelity world index fund has an ongoing charge of 0.12% and a transaction cost is 0.01%. The underlying custodian is Seccl (Part of Octopus Group)
1 Like
I used the RBS ISA for a while and it was fine.
Have a look at AJ Bell too. 0.25% max £120/year for the SIPP. I’ve been with them for over 25 years now.
1 Like
