Agreed, but even offering Nutmeg will give users a better return than any highstreet bank, and if it goes well it opens the door to further, better opportunities.
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Iāve just started using Money box app. And I love seeing the roundups and the ability to top ups. Please Monzo integrate Money box app
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I have been investing with nutmeg and have seen good returns
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I have a Nutmeg account but they donāt have an Android app yet so I would love to see an integration where I could see my details and even move money between the two accounts.
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Can somebody confirm what Iām seeing as Nutmegās ISA starts at Ā£500 lump sum + Ā£100/month contribution to it? Is the monthly contribution mandatory? If so, is it taken as a direct debit?
Is there any update on partnering with Nutmeg?
I have both a Nutmeg and Monzo account and it would be really cool to have an integrated app experience and making it easier to move money between types of account.
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These are the current options in the Marketplace Beta. If youāre a tester, you can submit feedback, which Iāve used to suggest Moneyfarm and Pensionbee.
I think having something similar to Nutmeg is a excellent idea, however, I would go for something a bit cheaper in terms of fees. Also I wouldnāt like to see advertisements of this in my Monzo app, the idea is only to have the option.
However, i think a brilliant idea and (no banks offer) is the AI apps that helps you to save in the background. Something similar to Plum or Chip, something like that integrated with Monzo account and app would be superb!
What is the status of this discussion btw? @philhewinson
I would like you to set up your ownā¦ Not that difficult to do with simple model portfoliosā¦ I would also like to see pension contributions too. Im retired but have 30 yrars with intermediary. Experience. If you need to pick my brains or introduce
@Ydevis - we recently launched an early test on Investments in the Marketplace Beta - you can sign up to the waiting list here if you havenāt seen it: https://monzo.typeform.com/to/arojlX
Weāre still waiting on permissions to expand on this, so we may put this on pause for now and come back to it soon.
@richardcadman is leading this effort going forwards, so will keep you and the community updated as this progresses.
I use Kuflink, fairly easy to use and good rate of return.
Iāve used Nutmeg for 18 months and itās very good. Something that needs to be solved is the latency between money being taken from your account and when it turns up in your pot. It effectively disappears for up to a week.
I experienced this with Plum (when it started it was a few weeks as their workflow involved out of app processes).
Mentioning it as it is a source of anxiety when money is in flight and unaccounted for.
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I withdrew from Nutmeg as after 12 months I had a slight loss on a Ā£4,000 deposit. I would have made more money from putting it in a fixed savings account, which I have now done.
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Iām up 7.5% with Nutmeg in 18 months (this excludes a bonus Ā£200 payment).
With services like Nutmeg, you need a long term view, I would say a minimum of 5 years because dips do happen.
I understand all about investments and that they are for the long term. Nutmeg bleet on about it enough in their emails. However in a year I should have made something on my investment, not a 5ish% loss. Over the same period in First Direct, Nationwide or even the dreaded TSB would have made me at least a 2-5%ish gain. This continued loss and also then Nutmeg not allowing the transfer in of Help to Buy ISAās put the nail in the coffin for trust with me.
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Ref Plum, it a shame this one works only via facebook messenger. I donāt have a facebook account and I donāt want to create one either.
UPDATE
****Correction from the above comment, you can still use messenger if you log in with your existing Instagram account if you have one or just register with your mobile number without creating a fb account ******
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Iāve been using Nutmeg for a couple of years now. True, itās not the cheapest but itās simple and so far my returns have been pretty decent. Iād certainly welcome intergration with my Monzo account!
Iāve recently put small amounts into Wealthify, Wealthsimple and Moneyfarm, but not Nutmeg.
It seems to be a matter of chance as to whether you end up with 5% up or 5% down ā in your case down, others up. While Iāve been watching mine closely over the last couple of weeks, I get that itās long term, but also worry that, like you, there will be no return.
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Sorry obviously not, you bank account , will not beat inflation and tax. If you lost in the first yrar and withdrew, the risk nor the reward of the stock market isnt for you.
By the way if anyoneās looking for a referral for Nutmegās refer a friend scheme, feel free to add my name āBradley Tafeā, thatās all youāll need to take advantage of this offer, quick and easy.
The following is valid as of 01/04/2019 but doesnāt look set to change anytime soon. Cheers