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Independent, no-nonsense ratings and reviews
as of 01/09/2020 at 3:53 pm
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.
We score each provider on about 20 different criteria including cost, service, website, functionality, customer feedback and our experience of the service. All overseen by our PhD gonk!
Beginner Investor
Big global brand
For HSBC customers only
Thorough online questionnaire
Don’t want to take our word for it? We ask existing customers and investors to rate their experience with the company – based on value for money, overall service and the website. We need at least 20 customer reviews before we add anyone to our Best Buys list.
Based on 4 reviews
Stocks and Shares ISA
Investment Account
Own brand funds
Funds from other groups
Stocks and shares
Robo advice / ready-made portfolios
Pick your own funds
Pick your own shares
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.
| 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 |
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