All working now… Thanks, I am on the waitlist. Man, there are an awful lot in a short time. I wish Monzo a huge success.
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Still not showing signup for me.
iOS 17RC with latest TestFlight.
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How does that work in practice?
Is that meaning that any uninvested money and any money held by Monzo is safe, because it could not otherwise guarantee that your shares did not go into a cloud of smoke?
There is FSCS protection for investment products. But obviously it doesn’t cover poor investment performance.
To confirm, does that mean the £85K FSCS protection for Investment Pots is completely seperate from the £85K protection for money held in Monzo cash accounts (current account and cash pots)?
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As per my comment just above, it seems I was a bit too absolute on that, for which I apologise, but I think we could all do with some simple explainers/refreshers in what that actually looks like in practice
So your shares do alright, but Monzo goes out of business and that money plus the gain is protected, but if Monzo stays solvent and the market crashes you are at a loss?
I have deleted my incorrect comment above
Yes.* The value of shares may go down as well as up.
*Technically speaking you only make the loss when you sell. If you hold/continue to invest, they may recover.
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FSCS protection for investments is more nuanced than for cash, and I’m not sure if my understanding is entirely correct, so take my explanation with a pinch of salt. But, for what it’s worth, my understanding is that if Monzo or BlackRock went bust and couldn’t return your investment’s to you (or cash held in investment account), you can be compensated by FSCS up to its limit**. Can also be compensated if you have lost money due to bad advice, negligence, or fraud. However, what I’m not clear on (because I’ve never considered using my bank for investments) is whether there is a separate per institution compensation limit for cash accounts and investment accounts or if those account types are combined in respect to compensation limit.
** On the scenario of a firm going bust (and certainly the investment platform, which is Monzo in this case), my understanding is there are other mechanisms that are supposed to be in place (with oversight from regulators) which mean you should get your investments back without needing FSCS protection (assuming no negligence/fraud). If this wasn’t the case, those with enormous sums to invest probably wouldn’t invest in funds and shares as FSCS protection is practically worthless to them.
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Curious to try this and to start investing in a small way!
Any idea what speed the roll out will be to those on the waiting list?
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You can tap on the RH side of the screen to advance to the next screen in those educational flows. (Or tap the LH side to go back to the previous).
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I couldn’t seem to see any details of this on the terms (unless I missed it)
There is a 5% entry charge on the investments with blackrock through Monzo. But what is this 5% of?
If I choose £50 per month and the 10 year option for example, it means total deposits of £26,000 over the period, does that mean that upon opening my account is immediately negative £1300? (5% of £26k)
This is excluding the platform and fund fees.
Also doesn’t say if the investment profile can be changed afterwards, or deposits increased or decreased. Am I committing to £50 per month for 10 years if I choose those options?
Many thanks in advance.
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Source?
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If it’s in the KIID then it doesn’t mean it applies here. I don’t think there is an entry charge with Monzo.
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I tried to ask a question and it has been set to be deleted in 7 days without any reply or option for people to reply.
Shall I contact support instead? In the past support have advised to ask questions on the forum.
EDIT: Apologies can see that my topic was merged and not deleted. Although it is quite a crucial piece of information, and I don’t think it’s good for users to hide this question where it can easily be lost.
https://community.monzo.com/t/monzo-investments-5-entry-charge-and-commitment/153307?u=captainc
It’s not hidden. It’s in the topic discussing the feature, where it should be and multiple people are replying, providing that it’s not hidden.
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I also missed this, can someone please explain this? I know it was in the terms but Monzo should have put this in the landing pages when explaining charges!
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Thanks for the source which says:-
“The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges.”
In this instance I expect the distributor (Monzo) to confirm that there are zero entry and exit fees as it would be crazy if they had omitted to mention it …
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It’s often the case that platforms don’t charge the 5% fee even though they are listed on the key investor document. But let’s wait for Monzo to confirm.
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Please can I have the ISIN for the Adventurous fund?
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You might need to double check the maths here…
Nope. I set a deposit/date and then cancelled it as I’ll do it via salary sorter, so you’re not committed.