Figuring out the best ways to use your money isn’t always easy, so it makes sense to seek advice from professionals. But that advice usually comes at a price and can be time consuming.
At OpenMoney we want to help you make the right decisions with your money, and make sure that these services are accessible to everyone!
We will give anyone who comes to us honest and expert advice, and because of our extensive use of technology we’re able to keep costs very low.
How it works
We’ve tried to make our advice process as quick and simple for you. Firstly, we’ll ask you a few questions on our website to determine how we can help you.
These are all simple questions such as your age, how much you earn each month, what your monthly outgoings are and how much you might pay towards short-term debt every month, plus what you have in savings.
This step should only take a few moments and we will use this information to guide you towards the next best step for you.
Depending on your situation we may be able to help you to start managing your money better – such as cutting down your spending and working down any debt you might have.
Or we could help you to start saving and building up a cash buffer.
Your answers might even mean we’re able to help open you up to the world of investing or get more from the investments you might already have.
But we will never recommend something that isn't right for you!
How we can help you will depend on your answers to the above. But whatever we recommend the next step is for you to provide us with more information so we can understand your situation and figure out what's best for you.
In some cases, this includes requesting access to your bank details. This can scare some people (and we totally understand) but be assured that your privacy and security are our number one priority.
We have all the legally required and rigorous data privacy and security provisions in place to protect your data.
Our app will be able to use this information to analyse your finances and to help us to provide you with advice advice on how to manage, save or invest your money.
Helping you to manage your money
Our new OpenMoney app will be able to help you see your income and outgoings clear as well as help you manage them better.
Due to our app’s technology we will be able to analyse your financial situation, including your spending and debts. We will help you reduce them so you cna save to meet your goals.
Saving your money
We always recommend that you have at least 3 months’ worth of outgoings saved. If you haven’t already got this cash buffer saved up, we will point you towards our OpenMoney app.
One of our key features on the app is a service we have developed in partnership with uSwitch.
It will allow you to look at your outgoings for utilities and household bills and provide you with ideas on where you can save money.
In the past you’d have to actively search for cheaper deals on your utilities but now you’ll be able to receive information on potentially cheaper alternatives though our app.
Investing your money
After answering the questions at the start of the process it might be clear that investing your money could be an option for you.
If investing is right for you then we can guide you through your investment choices on our website and recommend a diverse portfolio to suit you.
In order to shape our recommendations to you we will ask you further questions about your existing assets, how much you want to invest and your appetite for risk
One of the biggest barriers to investing for some people is the cost involved. But our charge for your investment is a market-leading 0.50%*.
As well as offering you advice through our website and app our team of qualified financial advisers are available to speak to if you have any questions.
We offer a web and app chat option for any general queries. If you need a more detailed conversation about your recommendation you can book a free phone appointment with them.
Our team are on hand between 9am and 8pm and you can make as many appointments with them as you like – even on weekends and evenings!
*based on the maximum charge payable across all evestor/openmoney portfolios as at 16/08/2018. Fees may vary and may be higher than this stated amount.