What happened with this? Not looking for a big integration, but seeing the current value in my nutmeg account would be great. The pictures further above is exactly what I am looking for. A bonus would be to pay in easily, but even that’s not required for me.
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Looks like Nutmeg’s strategy of hiding its financial performance from crowdfunding investors hasn’t gone down too well.
As a an existing customer I considered investing but the lack of transparency from them ruled it out for me.
How can you do that?! I think what makes the situation a whole lot worse is the fact they gave goldman sachs all the information but not their crowdfunders…
At a high level they provide a reasonable service, but when markets started struggling last year, I was infuriated by the investment cycles. I couldn’t sell out or change my risk profile immediately, so watched thousands of gains erode over 3 days while waiting for their cycle to invoke. After my first experience of that, I moved to HL and have never looked back. Wouldn’t encourage anyone to go with Nutmeg now. My personal 2p only.
Nutmeg closed now?
My understanding from their business model is that they wouldn’t make any profit until they managed over a billion pounds in investments. They’re reportedly well over that amount now and still hemorrhaging money.
A risky investment!
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Nutmeg have given me fairly good returns on my investment I’ve got a LISA with them
The fees are okay I think. But if anyone is thinking of opening an account I can give you 6 months with no fees with a referal code. PM me if anyone wants it
Same to be honest I’ve been hovering around 7% after a shakey start.
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I’m at 8. 5% so fairly happy with that
I was running at 15+%, but as per the point above, when their investments are hit hard by turbulence, you can instruct a risk change or cash out, but theres nothing can you do but watch and wait for their cycle to kick in. If you’re losing thousands each day (for up to 3 days), its very painful to watch - when by comparison with HL/Fidelity/etc, you can exit with just a few button clicks. It’s nice to be hands off, but only when you’re making money.
I am also nutmeg customer and I think an integration with monzo would be nice since I am paying into my nutmeg account monthly from monzo anyway. However. I am not exactly sure if simply being able to see the balances of my nutmeg account in monzo is going to affect my overall experience of monzo. Rather I would like monzo to perhaps notify me early that I still have to make certain committed spending when I’m close to overspending the month.
Exciting though to see monzo expanding on its effort to create a broader marketplace. On a side note, insurance would be of interest to me.
I opened a Lifetime ISA with nutmeg several years ago but moved it to a cash ISA, the experience I had at the time was very good, returns were very good and the support was similar to that of Monzo (live chat) the app was in early development and left something to be desired. When I went to open a regular stocks and shares ISA I was out of nutmeg due to their £5000 minimum investment or £500 with £100pm investment.
I now use wealthify which is absolutely brilliant and cannot fault at all. I would love to see integration with Monzo, it’s so useful to me to see all my money (cash or investments) in one app, hence why I currently use Yolt.
What made you change to a cash isa
When I opened the Lifetime ISA there were no cash accounts available but I wanted to make the most of the government bonus. I switched to cash when one became available as I plan on buying a house within the next 5 years and they recommend a minimum of 10yrs for investing to account for drops in the markets.
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What is the interest on your cash isa?
Considering inflation at 2%
The interest rate 1% if you say inflation is at 2% and I max out the ISA at the £4000 limit plus the interest I earned that means I’d essentially be losing £40 a year but if you max it out you get a yearly £1000 bonus. So that means even with the inflation you’re £960 up. With markets being so turbulent due to current political events I just felt it’s safer to go with cash short term.
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Nutmeg’s losses are up, you can see why they were reluctant to reveal financial information to recent investors
That’s a year old
I mean Goldman Sachs have just invested in them so I assume they’ve done their due diligence
You’d have thought taking deposits, investing them in low cost ETFs whilst charging double the fees back to the customer would be a fairly lucrative business.