We recommend 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.
Once a payment has been debited, there is a four-working day clearing period before 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.
Please get in touch with our support team with your request and we’ll update these for you.
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 payment is within 2 working days, you will be unable to adjust details until the payment has been collected. If you wish to cancel your payment in this case, please contact with your bank.
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 only be debited once. We are looking at introducing alternative methods of payments by 2022.
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 try their best to resolve your query.
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 collection file is then sent 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 this date, log in online and select ‘Manage Payments’. For lump sum payments, money will automatically be debited on the next possible collection date.
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.
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.
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 GIA invested in Portfolio 1, and an OpenMoney S&S ISA invested in Portfolio 3.