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When you sign up for automatic investing, you give a finance app permission to regularly invest some of your money in the stock market. These apps use their technology to estimate how much you can afford to invest and then automatically invest it for you. Below, we have highlighted the most important need-to-knows of two popular auto-investing apps.
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When it comes to investing, there are no guarantees. Past performance is not a reliable indicator of future results. Your investments can go down as well as up in value, so you could get back less than you put in. It is generally recommended that you hang on to your investments for at least five years, to give your investments the best chance of providing the returns you’re hoping for. Even if you wait five years, you might still get back less than you put in. It would help if you were comfortable with this before you begin.
We've summarised the most important need-to-knows of two popular auto-investing apps - Plum and MoneyBox. Click on the tabs below to compare them.
£1
Subscription Fee: £1 per month (first month free)
Annual Investment Cost: 0.51% (average)
Trading Fee: £0
Exit Fee: £0
Yes, to carry out payment service activities.
Yes, to personalise the amount Plum puts aside for you and identify when you are being overcharged on utility bills, it requires read-only access to your bank account through open banking.
Your money is protected by the Financial Services Compensation Scheme (FSCS). Note that this does not cover losses arising from the poor performance of any of your investments.
Withdrawals take 5-7 working days to complete.
Yes. Earn £15 for every three successful referrals. Download the app and use the ‘invite’ tab in the Plum app to share your referral code.
Visit Plum's website or download the free iOS or Android app
£1
Subscription Fee: £1 per month (first 3months free)
Platform Fee: £0.45% per month
Annual Investment Cost: 0.12% - 0.30%
Trading Fee: £0
Exit Fee: £0, but charges £25 per fund when you transfer a fund or holding directly to a new provider without cashing it in first.
Yes, to carry out payment service activities.
Your money is protected by the Financial Services Compensation Scheme (FSCS). Note that this does not cover losses arising from the poor performance of any of your investments.
Withdrawals take up to 2-3 weeks to complete
No
Important❗️
We are not regulated to give you financial advice, so we kindly ask that you not take the information on our website, online community or social media pages as advice. If you think you will need someone qualified to help you make financial decisions such as what to invest in, we strongly recommend you seek advice from a suitably qualified financial adviser. There are many websites where you can find financial advisers. Have a look at Unbiased and VouchedFor.
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