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’.
What are OpenMoney's fees?
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 costs indicated below include both the Annual Management Charge (AMC) and the ongoing transaction cost (variable) for investing in each portfolio. Please note that these fund costs may vary and may be higher than the stated amount:
Along with our annual management fee of 0.25% and the administration fee of 0.10% (paid to a third party), the approximate amount you will pay per annum to invest is:
*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.*
We will try to keep the fees as close to these values as possible. We do this by monitoring the variable fees in the Investment Committee, so if one of the funds becomes too expensive, we might swap it for another one, or reduce the amount we have invested in it. You find out exactly what you have paid in fees in your portal and through your statements, which are uploaded into your document store.