Partnership with Nutmeg?


(Alex Sherwood) #9

This is a not a criticism of Sacha at all, it applies to lots of users but I thought I’d quickly point out how useful it is if you share a link to the service you’re mentioning in a topic like this.

Here’s Wealthify’s website -

It’s easy to overlook this but sharing a link saves x number of users Googling the company & wondering whether they’ve found the right result or not.

That might seem insignificant but the reason why I post so many links (as some have mentioned :wink:) is because I get this feedback -

that’s currently 22% of Popular Links & 62% of Nice Shares, which suggests that users really do find them useful but others aren’t sharing that many.


#10

I’ve looked at nutmeg before but their fees can be beaten by a few other providers so I’ve never used them.

Charles Stanley Direct are the people I use, not sure how interested they would be in any kind of integration though.

https://www.charles-stanley-direct.co.uk


(Oliver) #11

I have been using moneyfarm for the past week. I’ve made about a pound. There are no fees up to £10,000 which is nice and a minimum deposit of £1 and doesn’t cost to withdraw out.

Would be nice to have an integration for it.

Link for those interested.


#12

Another one I’d be keen to see is Vanguard themselves.

https://www.vanguardinvestor.co.uk/home


(Toby Toller) #13

I use a few of these including Moneybox but my favourite two are Plum and Chip - neither of which have I seen mentioned previously.

Plum works through Facebook Messenger and uses an algorithm to make a saving for you each week. You can then invest these savings with Ratesetter for between 2% and 3%.

Referral code: https://friends.withplum.com/r/pdiMPK

Chip runs through its own app, but works in a similar way. If you accept someone’s referral code or invite others yourself you get an additional 1% up to a maximum of 5% on your savings.

Chip - Automatic saving by Chip Financial Ltd

Referral code: DIJCJK


(Alex Sherwood) #14

In case anyone’s interested, there’s been some more discussion about Chip here too :slight_smile:


(Toby Toller) #15

Thanks, hadn’t seen this!


(David watson ) #16

Cleo also let’s you save money now aswell as giving you insights on your finances.

http://m.me/meetcleo/?ref=cleo-o4QXmV


(james_e_bell) #17

I use nutmeg and really like it - I actually really like that its a managed investment as their performance has been much better than my own attempts at investing :joy: (hopefully other than my monzo investment which I have high hopes for)

Their interface is really nice and their monthly communications are very helpful (including video reviews explaining their investment choices). Their comms have actually nudged me towards investing more earlier in the year as opposed to splitting it over months.

Perhaps controversially what I would really like in the investment space is maybe the ‘opposite’ of partnerships with investment groups - it can be confusing which services are better than others given their fee structures / minimum investment amounts etc. If monzo could offer a range and help explain the differences that might be of use (though I guess this is actually a better fit for a price comparison site or money advisor - not sure whether monzo sees itself long term being money advice).

Given I’m a nutmeg user, here is my actual thought on benefits of integration:

  1. It ultimately would be nice to see my balance (and have monzo extend to understand my financial positon overall) however my impression is that Monzo are very far away from this - e.g. what about my mortgages? joint savings account with my wife (which has subdivided pots within it? etc. Just adding nutmeg account on top of the monzo account (which I intend to use for discretionary spend) is not going to add much more to understanding my financial position (the nutmeg site itself is actually really simple/good for showing my balance and portfolio movement there so I can’t see myself moving to wanting to view my performance in Monzo)
    tldr; might be nice to see balance, doubt i would actually find it useful though, would just look on nutmeg itself

  2. What I would actually find useful is some analysis on how much spare cash I have for investing / savings and what the trend is over several months (given committed spend). This doesnt require nutmeg integration but is ultimately the data that would drive me to invest more/less in nutmeg (or make a 1 off contribution)
    edit - this is what cleo / chip / pariti already do (and infact it was pariti that calculated what I currently use to work it out) but I assume this is monzo’s ambition to have such functionality (as I would see it being a ‘base minimum’ functionality of a smart current account in the future)


(Tom ) #18

Slightly different type of investment, but what about Crowdcube and Seedrs? Even Premium Bonds with NS&I?

It would be sweet to be able to see all of my investments, and ultimately my “net worth” in one place.


#19

If you don’t want to DIY then Vanguard lifestrategy funds are the place to be at way lower fees (0.22%) than nutmeg.

The top three priorities when investing unless you are called Buffet are:

  1. Fees
  2. Fees
  3. Fees

Nutmeg like most present their fees in a way that looks harmless - only £2 a week! Look, it’s nothing! But what they don’t show is the cumulative loss on your investment over time from them taking that 2 quid.


(Colin Robinson) #20

This:

I’m retiring in 4 years (hopefully) and would like to put a little aside.


(Sam) #21

I had a look, but it’s WAY too expensive. I refuse to pay the fees they charge for low cost index tracking funds


(Marta) #22

I settled with https://www.ratesetter.com/. I don’t worry about fees, because they take them somewhere in between - I get 2.7%, someone pays back a bit more than that, difference is theirs, if I understood that correctly. I would like to know what they get, but I don’t mind overall.

That being said, there’s not much to integrate with. Once Monzo current accounts are there, I’ll continue to use RS, as they can be topped up by card or via bank transfer. I can’t see how integration would make it a lot easier.

Integrations seem much more useful for more regular, ‘dripping’ types of savings, and that would be something I might be keen to do.


(Jason) #23

I think the idea of collaborating with a casual investment company is fantastic and would really help people manage money. It could be integrated into targets, e.g. have a target to save X amount of money a month and if you manage to do so the money gets sent straight to the investment. It could also help to avoid people going into overdraft, e.g. Monzo could give you a warning when you are running out and maybe suggest you withdraw some money from the investment.

From the comments above I don’t see much rejection of the idea maybe just a relook at the specific service provider.


(Zain Jetha) #24

This sounds greats.

My thoughts:

Please include the good elements of the Nutmeg UI in the Monzo app rather than perhaps design things from scratch. Please bear in mind that users could just as easily go and install the Nutmeg app for iOS, so an integration has to be as slick as it would to use the service outside Monzo as inside, or else there is no point integrating. Not the biggest fan of the current pots view, so it would be a shame to see integrations just dumped there.

I hope Moneyfarm and Wealthify will be considered to give users choice.


(Bruce) #25

I too looked at Nutmeg and the fees were too high. Went with money farm who have a good app and interesting monthly market comms,

And most importantly low fees

Can judge performance for yourself

I’d suggest Continuing this analysis on which Ones provide a good customer experience, I’m not sure you can go as far as looking at performance.


(Alex Sherwood) #26

In case anyone else is wondering, Hugo shared a preview of the Pots view here. Regardless of whether you like this design (which you haven’t actually used yet), I wouldn’t consider the integration ‘dumped’ into the tab, to me it’s clearly had a lot of thought put into it and…the interface looks very simple to use aka “slick” too -


Pots
#27

Great graphs however I think it is worth advising the uninitiated that “Past performance is no guarantee of future results”.


#28

I’m a happy Nutmeg customer. They aren’t the cheapest but they do offer a good range of investment products (pension, ISA, LISA and non-ISA) with a straightforward interface. The customer support has been good so far too, which, alongside the simplicity, I’m happy to pay a slight premium for.

An integration would really complement Monzo, especially alongside partnerships with cash savings and P2P providers. It would be good within the Monzo app to see how much I have in each of my Nutmeg pots, schedule payments to individual pots, and then see when the next payments are due. It would also be great from an ISA perspective if Monzo could borrow an idea from Nutmeg and keep track of my total ISA investment across ISA, LISA, equity and P2P to ensure that I don’t exceed the total limit.