We offer restricted financial advice, and an investment platform to those we recommend investing to. We also offer a money management app for existing customers and to those who are not in a good financial position to invest.
To ensure that our recommendation is suitable for our customer’s financial and personal circumstances, during the sign-up process we ask for your financial details, information on their saving goals and to answer a few risk questions. We may advise that investing isn’t suitable at this time given your circumstances.
Before proceeding with a recommendation, you may be asked to speak with a qualified financial adviser first. Adviser meetings are free of charge. You can book an appointment if you’d like to discuss your automated recommendation, or for more tailored advice if you have more specific or complex needs. Our advisers can then advise on which product (S&S ISA, Pension and/or GIA) and portfolio suits your saving goal and risk profile.
A range of investment wrappers including a Stocks & Shares Individual Savings Account (S&S ISA), a Pension (restricted Self-Invested Personal Pension) and a General Investment Account (GIA). Although we offer all these products, our recommended product will depend on your saving goals and personal circumstances.
Our OpenMoney brand also offer other services such as WorkLife, evestor and OpenMoney Mortgages – our advised mortgage proposition.
To open an account with OpenMoney, you must be 18 or over, and a UK resident. Residents in the British Isles are currently unable to invest with us. Please note that we’re unable to allow US persons to invest with us due to the comprehensive tax reporting requirements imposed.
As we offer regulated advice, we need to ensure that all recommendations are suitable based on the information gathered. If you have further details to provide that we have not considered, or if you were looking to adjust your recommendation, please book a free meeting with one of our qualified financial advisers who’ll be able to discuss and adjust your recommendation.
Not all our customers are provided with an investment recommendation. Our advice system assesses whether investing is suitable by looking at an individual’s risk tolerance, their investment timeframe and whether they’re in a financial position to invest. We don’t recommend investing to those who don’t have cash savings equivalent to three months worth of outgoings and to those who pay 15% of their income towards short term debt.
If you’re provided with an investment recommendation, we’ll recommend one investment portfolio per product. Once you accept a recommendation and set up a payment, we’ll take it from there. Check out our investments section above for more details on our investment portfolios.
Our customers can begin investing with us from as little as £1 and we don’t require a minimum ongoing deposit.
Our customers are not fixed to our service. You’re able to request a withdrawal or account closure at any time. However, you should consider investing if you’re willing to leave your savings invested for the medium to long term.