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How can I withdraw from my investments?

We encourage an investment timeframe of at least 5 years, so your investments have an opportunity to grow and generate positive returns. You can still request to withdraw at any time and there is no charge to do so. Simply get in touch with Support to request a full or partial withdrawal.

Once your withdrawal request has been initiated, it will take 6-8 working days to receive your money, however we can’t guarantee a timeframe.

A payment has been debited from my bank, but it doesn’t appear in my portal?

Once you’ve made a payment via direct debit, there is a four-working day clearing period before the money is credited to your account and fund purchase orders are sent to the market. As each fund settles, your OpenMoney Portal will update, displaying the value of each fund. It can take up to four working days for all fund purchases to settle.

If you’ve made a payment via Faster Payment, it should appear in your account within 2 hours. Please contact support if you have any payment queries.

How do I amend my address or other personal details?

Please get in touch with our support team with your request and we’ll update these for you.

Can I add, amend or cancel contributions to my investment account?

Enter the ‘Manage Payments’ section of your online OpenMoney portal to manage your payments. We kindly request that you keep your financial details up to date so we can ensure that any new contributions are within your allowances and affordable for you. 

Please note that direct debits can be adjusted up to three working days before the debit date. If a payment is due within 2 working days, you will be unable to adjust your details until the payment has been collected. If you wish to cancel your payment in this case, please contact your bank.

What payment method can I use to top up my account?

Monthly and lump sum contributions can be paid by direct debit set up from your OpenMoney account (via a browser). For lump sums, the direct debit will be debited once.

A lump sum contribution can also be made using our ‘Faster Payments’ option (subject to a minimum payment of £3,000). The payment will be collected immediately and will be visible on your account within 2 hours.

Why has my payment failed?

We may have attempted to collect your payment but failed to do so. We receive BACS reports which state the reason why a collection failed. It may be that the connection between us and your bank does not exist or, has been cancelled by the account holder. Please get in touch with one of our team and they will do their best to resolve your query.

When will my payment be taken?

Once you have entered your bank details, before any money can be debited, there is a five-working day period to set up the connection with your bank. The request to collect the payment is sent to your bank two working days before the debit date. Please keep this in mind for when you select the date for your recurring payment; 1st, 8th, 15th or 22nd.

To view or adjust the direct debit date, log in online and select ‘Manage Payments’. For one-off direct debit payments, money will automatically be debited on the next possible collection date.

Why is my investment losing money?

Investing can be a powerful way to grow your money over the long term. As tempting as it may be, try not to focus on the day-to-day changes in the value of your portfolio. Significant changes are not uncommon, these are a result of global market developments and can reflect positively or negatively on your investment. Investing is a medium-to-long-term objective, so we recommend investing for a minimum of 5 years to ‘ride out’ these fluctuations and to allow a chance to recoup losses. If you are worried about the performance of your investment, chat to a member of our support team or book a meeting with one of our financial advisers.

How do I switch my portfolio?

If you are looking to adjust the portfolio you are invested in, please book an appointment with a financial adviser from your portal. An adviser will be able to go through your risk profile and past performance data. They will initiate the switch if they find an adjustment suitable for you.

Can I invest in more than one portfolio at a time?

Currently, you can only invest in one portfolio at a time for each product. You will be able to do so if you invest in more than one product. For example, an OpenMoney Pension invested in Portfolio 3, and an OpenMoney S&S ISA invested in Portfolio 2.