Hadn’t heard of chip - will sign up to that now and would love to see integration.
Am not currently a nutmeg user, but having had a look through their website I’d definitely consider it. Currently use Hargreaves Lansdown - which are very good, but maybe from an IT perspective not up there with nutmeg so harder to integrate with? Anyway, for my two cents, a few people above have said nutmeg looks expensive - I wouldn’t say it was cheap, but my Hargreaves Lansdown account has a 0.5% annual charge, in addition to whatever fund fees you elect to pay when you select your funds - I think in the context of having a handy easy to use app, managed funds (and they can demonstrate a decent track record) then it’s well worth pursuing - especially as their fees aren’t exactly out of kilter with the wider market.
In fact - I would potentially switch to nutmeg from HL if it was all integrated and could do clever stuff like chip and “sweep” ‘free’ money into my savings account each month
Hey, I’m using Nutmeg, and so far it’s pretty good experience, though haven’t tried all the functionality yet (mostly investing in, and not yet taking out, only normal ISA, and no pension or other types of ISAs). I like it so far. Since they have an iOS app, wish they had an Android one as well, but not that big of a deal, services like Nutmeg work better normally just left alone, and their site works well enough in the mobile browser.
Re: Nutmeg-Monzo integration, I guess it would make a lot more sense when Monzo’s full banking service is out, don’t think that it fits the prepaid card’s use case very much (when there’s another main bank account somewhere else backing it). In general the budgeting side and the easy transfers could be useful, but it depends on Monzo’s focus. If budgeting will be even more central in the future, then yes, if more variety of budgeting and analytics is left to other tools like Cleo, then the integration would be better there than directly in Monzo.
As mentioned elsewhere in the forums, I think, having a kick-ass API is better, than the Monzo team themselves building integrations with everyone.
I currently use moneybag and also think I would much prefer it to nutmeg, money box is more similar to monks style of operation, casual easy slick and flexible
I’m a Nutmeg user and like their proposition - simple, straightforward and is transparent about the gains/losses. It is also incredibly easy even for a beginner with limited investment knowledge. Returns have been pretty good during the time I’ve used them, and it was easy enough to sell out my contract to withdraw cash - albeit, nutmeg is meant for long term investing.
Similar to others on this thread, I think that Peer to peer lending is a massive opportunity for Monzo. Do P2P lending in-house, or integrate with the likes of Ratesetter and Zopa. Advantage of ratesetter and zopa is that it offers a monthly access account, so customers can withdraw money monthly at no charge. I think its important to provide a flexible savings product (i.e. ratesetter) as well as a longer term investment product (such as nutmeg, wealthify or other tracker funds). Failure to offer these will lead to money savvy customers switching to alternatives. My understanding is revolut already offers P2P lending (with a 3rd party), and starling is looking to offer P2P lending too.
I’ve registered my interest for a monzo account, but I don’t think that it can become my main bank account if it doesn’t offer me the tools to easily save and invest. Saving and investing are two very different propositions (i.e. i’d expect more flexibility, lower risk and returns with savings) but both are very important if Monzo wants to empower customers to manage their financial lives better.
Yes I am a Nutmeg user too so would make use of an integration with Monzo current account. I like their simple interface making Stocks and Shares ISAs more accessible without having to understand/consider what funds to choose. They are also one of the few providers to offer one of the new Lifetime ISAs.
That said, I also have investments with Abundance (https://www.abundanceinvestment.com), TD Direct Investing (https://www.tddirectinvesting.co.uk) and of course Crowdcube so would also be interested with integrations with any of these.
I haven’t tried Nutmeg but me and my boyfriend invest in something similar called Moneybox - you set up a DD to take £x every x weeks and this gradually builds up, it invests it in various funds for you - sounds similar. But actually the best bit about it (we have so far invested £250 and lost £0.17) is the roundups - I’m not sure exactly how it works but the concept is just that it takes the change from every transaction and adds that to your investment fund. Unfortunately neither Monzo nor Santander (who I only use for DDs and salary) are compatible which is a pain as we are therefore unable to take advantage of it. But in theory a great way to save some money without really noticing! Love the app - not taken an interest in the investment side of things, but does what it says on the tin - moneybox!
Could you go into more detail on the 17p please. I’m slightly lost as to what you mean by lost.
Your account is worth £249.83 but you’ve put on £250?
Is this before or after fees?
Hiya! Sorry should have explained better - I used £250 as a nice round number, we actually as a total have put in £160 (£10pw for 16 weeks), our balance currently sits at £160.70 (so has actually gone up since I last checked - as we were 17p down last week (£149.83). I don’t know much about investments but I guess that’s just the nature of it… we think of it more as £160(ish) to the side, rather than as a moneymaking venture - obviously it wouldn’t be a particularly interesting one! You can set the level of risk and we selected medium so small gains small losses I guess.
The fundimental problem with this idea is facilitating a link with one intermediary (Nutmeg). This would be directing customers to an investment service that may not be the best one for them in their circumstances. The feedback so far on Nutmeg is mixed, confirming the point.
Surely, it is better to push resources to make Monzo the best, most practical and secure card and banking service.
I like the Nutmegs principles as far as democratising wealth management. They should be applauded for that, but it is, as others have pointed out deceptively expensive.
Think I read somewhere on here that businesses would pay for access to the Monzo marketplace? Would be interested in hearing a bit more about the principles of how that will be curated and managed. The cross-selling approach of many incumbents make me feel distinctively uneasy.
Yes - we definitely want to offer all the services people are interested in in the long-term, but we have to start somewhere. I’m not suggesting we’ll start with Nutmeg, just depends on what makes the most sense. The feedback on this thread will inform where we start with this
I’d think Hargreaves Lansdown (HL) are one of the most popular investment platforms in the UK. It would be great if the Monzo current account could do a sweep into HL with spare funds each month.
Again, this entire topic on the Monzo community makes for really interesting reading. Since getting my Monzo prepaid card in June '16, they’ve certainly made me more aware of the potential and possibilities out there.
Through others in this community I am discovering more interesting stuff.
What perplexes me, though, is Monzo’s direction on this. For whom is the Monzo prepaid card? The current account?
On the one hand, there’s an idea/proposal to integrate a savings vehicle that has a minimum investment of £500 and relatively expensive fees.
On the other hand, Monzo is marketing to students via student websites and to Martin Lewis’s huge number of followers on his website and weekly email. Monzo appears to have pushed the purpose of the prepaid card as one for cheap overseas transactions.
I’m left a little confused as to what type of customer Monzo is looking to attract?
My understanding is that the current account was always the endgame and the pre-paid card was a useful product that could be pushed out whilst there was no granted banking license. This would allow for (some) infrastructure and app work to be done in lieu of having the current account available.
Fast forward a few months, and the current account is here (at least in preview form!). I don’t see why any aspect of it precludes the type of customers you’ve mentioned. I’m a university student and the current account works well for me. I’ve also had salary paid into it and value the notifications, modern tech etc that makes everything feel real-time.
As far as I’m aware the exchange rates aren’t different for the CA, so if I did do lots of travelling I’d still happily use it.
