(Jake Tame) #1

Interested to hear anyone’s views on these three products. Other than the major difference of fees I’m not sure which to choose.

Looking to create accounts for my kids funds x 3 all who have kids isa with nationwide currently

(Alex Sherwood) #2

Just to kick this off, there’s a fair bit of feedback on Nutmeg that’s been shared here -

(Jake Tame) #3

Good shout, I have read it but was more geared towards yes I use this rather than product feedback.

Specifically I want to have four seperate pots/accounts, 3 for kids and 1 for me. I don’t like the fees with nutmeg and would have to contribute £400month to start off with as all four would be under the £5k mark.

Moneyfarm appeals to me most but looking for other views.

  • Kids all have different balances due to ages so not sure whether I’d feel ok about putting it all into one pot but then I guess either way is fair when they hit 18?

(Eve) #4

I used Nutmeg very briefly and the fees meant I lost a couple of cents even with the money earned. If you’re not actively using it or might not hold out for the long term you might find yourself losing out. Took ages to get my money back too tbh. I haven’t tried the others though so I can’t comment on those!

(Jake Tame) #5

Thanks for feedback.
Kids get £30-40 each a month then rest goes into my pot and it’s for the long term but not keen on Nutmegs higher fees.

Looking into the other two they do offer Junior ISAs or accounts as of yet so might have to wait.

(James Shrager) #6

My colleague at work uses Nutmeg and only has positive things to say. He used to run a fund.

I’m thinking of using them especially if they have link to Monzo. Didn’t think their fees were that high vs other market offerings

(Eve) #7

It probably would be good for people who will use it very often/ have experience with investments etc and don’t mind losing a bit of money at first to get returns afterwards. It was quite interesting at first but the novelty soon wore off for me. I did like how the app looked though.

(James Shrager) #8

Yes but bear in mind:

  1. No investment in stocks and shares is designed for the short term because of volatility in the markets
  2. Often at the start you see a fall in value due to fees but again linked to point 1 in long term it’s worth it

If you want good returns but good access to money I can’t recommend enough - I consistently get around 3% per annum and can access the money every 30 days if I need or just reinvest it for another 30 days. However two words of caution:

  1. You can’t invest in an ISA
  2. There is no FSCS protection for your money. They do have a provision fund but if defaults (people not paying loans back) go up more than they have modelled it wouldn’t cover everything

(Eve) #9

Sounds cool, I think it doesn’t quite meet what OP is looking for/ needs though. Personally, I’m not that bothered with investments and the like now, but I think at some point I might delve back into such apps again. Nutmeg would be a good springboard for someone just starting out and doesn’t know what they should invest in I guess


I can’t offer you my reviews…but I did same as you and last month took the plunge and started with MoneyFarm.

I like that’s its “free” under £10k so it will let me have a go and see sorta thing. I doubled my monthly investment this month too.

Will see how it goes…

(Jake Tame) #11

So I’ve signed up for myself to MoneyFarm to give it a try, this product appealed to me the most. So I will see how it goes.

Any parents here with more than 1 kid? Are you saving for them? Are you splitting the money into separate accounts or do you pool the funds into a single pot? Do you invest it or do you save in a legacy bank?

(Andrew Schofield) #12

Yes, at the moment it’s pooled in a legacy bank with a pathetic interest rate. At some point I’m going to move it…

(Jake Tame) #13

I’ve got separate legacy accounts for all three kids and they have varying amounts as they are all different ages. Not sure how to handle splitting the money up when they each turn 18 if I were to pool the money - First one in 10 years, second in 16 years and third in 17 years :-\

(Andrew Schofield) #14

I think I’m probably going to have to split them up in the near future just so it’s easier to keep track of each of them.

(Jake Tame) #15

My current method, hoping that there will be a Junior ISA available on some robo platform in due course :smile:

Nutmeg is also around 0.5% more expensive than Moneyfarm/Wealthify

(Andrew Schofield) #16

At the moment I’m uncomfortable putting the money in accounts in their names, because as it stands the money in their pot is “for spending on them” rather than “for spending by them”.

(Jake Tame) #17

That’s a fair point and hadn’t considered that but there a tax savings to be had with the Child ISAs :slight_smile: