For less confident investors who are looking for the security of a big brand bank, and some handholding along the way, this service is a decent start.
What we say
Holly's View
Holly has accounts with all the providers on our website and independently reviews all of them.
For less confident investors who are looking for the security of a big brand bank, and some handholding along the way, this service is a decent start. Onboarding feels long and it is hard to keep up the enthusiasm to complete. Charges are fair – less than 1% in Year One which includes advice.
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Overall Summary
Ease of use
You don’t need to know anything about investing to get started. The process is an easy enough questionnaire and pretty self-explanatory. It walks you through a very linear journey with no shortcuts so you can’t get lost but – warning – it will take a good half hour at least.
Mobile & Apps
This can be accessed via the HSBC app although the onboarding process makes you log-in twice. It’s fine on a mobile but the quantity and length of information means this is best set up as a desktop experience.
Behind the scenes
The tree analogy is done to death but you will get a good sense of what your money is being invested in and what a good and bad outcome looks like. It’s pretty clear.
Investment Choice
Products
Stocks and Shares ISA
Junior ISA
Investment Account
Investments available
Funds from other groups
Ethical investments
Investment help
Help building a portfolio
Includes a shortlist of investments
The 'Geeky' Details
Provider details
Effectively this is a detailed analysis into what you can afford, your income, disposable cash, what risk you can stomach and whether you should be investing at all. The questionnaire can start to feel like it is going on forever but it’s thorough and should eliminate nasty surprises down the track.
Investors will end up with £ forecasts for poor conditions, intermediate conditions and good conditions based on what you’re paying in. The actual investments will be in the HSBC Global Strategy range – a ‘multi asset’ fund which has a range of global investments.
Charges are 0.5% for the advice (based on the contributions in the first year) and 0.49% in ongoing investment costs. For our test scenario of £10,000, the all-in annual fees were £99 for the first year.
This review is for the Digital Advice journey called HSBC My Investment . We think this is the most interesting service – if you’re after a fund or share dealing account where you choose your own, there are better alternatives.
Important Facts & Figures
Provider Size:
Part of HSBC, which is among the largest banks in the world.
Minimum amounts:
£50 minimum monthly amount
£1,000 minimum initial amount
HSBC