Munnypot, a new service which aims to offer clear and affordable online financial advice to all is live from today.
Munnypot’s founders aim to help close Britain’s financial advice gap, which affects 16 million people, by making high quality advice available to everyone.
Munnypot is an online savings and investment service giving anyone straightforward automated financial advice in a language they can understand, at a fraction of the cost of most financial advisers. The service requires a minimum investment of £25 per month and/or a £250 single investment amount.
It provides an intuitive WhatsApp style ‘chat-based’ user-interface that advises people on their savings and investment decisions. Conversational and jargon-free questions, coupled with state of the art technology and algorithms, learn about your financial situation and risk profile to help set the lifestyle goals you’re investing towards.
For each goal, from saving for a house deposit or a dream holiday, the time-frame, target amount and risk profile of each savings pot can be individually tailored to meet the needs of that investment. Munnypot then offers clear advice on where to invest your money, and monitors your investment 24/7 to help ensure your goals are on track.
Unlike some other robo-advisors on the market, Munnypot doesn’t just track customer accounts, it works 24/7 to help ensure they achieve their goals– alerting people, in real time, when their goals are off-track and providing straight forward financial advice to help get them back on track.
Fees are clear, all-inclusive and affordable – not hidden behind layers of jargon or buried in lengthy T&C’s. Munnypot’s fee calculator is designed to remove any confusion for investors by presenting costs upfront. For example, those looking to invest a total contribution of between £250 and £2,500 would pay a £5 one off fee for initial advice and a £0.42p monthly monitoring fee.
Munnypot launches as new data reveals that almost a third (32%) of Britons don’t currently save any of their annual income. Despite this, the vast majority (76%) of people say they want to save more each month. But almost a quarter (24%) dismiss saving accounts as ‘pointless’ due to record low interest rates.
Simon Redgrove, co-founder of Munnypot, said,
“Wealthy investors have been using first generation robo-advice services for years, but until now they’ve not been accessible to the majority of people, particularly those who have little or no savings. We’re aiming to change that with a more intuitive and more cost-effective service that anyone with £25 a month to invest can use. We are determined to help Britain fall in love with saving again.”
Please note that with investment comes risk. The value of your investments and any income from them can go down as well as up and you may get back less than you originally invest. You should ensure that you fully understand the risks before investing.
- NatWest Invest: NatWest Launching Online Investment Service (February 9, 2017)
- Moneybox: Save & Invest With As Little As £1 (September 2, 2016)
- goHenry’s New Features Aim To Make Saving A Habit For Young People (January 14, 2015)
- Get Financially Fit With Barclays Financial Wings (June 23, 2016)
- Folio App: Save Small Amounts For Specific Goals (November 30, 2016)