No, we don’t charge an initial fee for the advice we give, nor do we charge for the use of our app services, or for advisor appointments. We only charge fees if we manage your investments. This means you’ll only pay fees if we recommend investing is right for you, and you choose to go ahead and invest with us.
We accumulate a daily fee which is charged as a percentage of the total value of your investment. Over the month the daily fee is added up to calculate a total monthly charge. This fee is deducted from your cash holdings at the start of each month. You can view these charges in your OpenMoney account under ‘Accounts’, scroll down to ‘Past Transactions’.
We believe it is important to be entirely transparent on how much it costs to invest with us. Fund costs are not charges levied by us, it is the cost to invest in the funds we've chosen. The cost to invest in each portfolio is displayed below, the figure includes both the Annual Management Charge (AMC) and the ongoing transaction cost (variable). Please note that these fund costs may vary and may be higher than the stated amount:
• Portfolio 1 fund cost: 0.15%
• Portfolio 2 fund cost: 0.14%
• Portfolio 3 fund cost: 0.13%
Along with our annual management fee of 0.25% and the administration fee of 0.10% (paid to our third party), the approximate amount you will pay per annum to invest is:
• Portfolio 1: 0.50%*
• Portfolio 2: 0.49%*
• Portfolio 3: 0.48%*
*This is based on the fees payable as at 20th April 2021.
So, if you invested £100 with us in a portfolio 1, you would pay 50p per year.*
An annual statement which discloses the exact fees you have paid is produced annually and uploaded to you.