Investec Click & Invest will be closing.

Communications suggest that the service will be closing its doors in 90 days’ time (around mid-August).

If you have an account here, here are your options:

1. Sell down you investments and move to another provider – if your portfolio has gone up ,this will generate some capital gains which you will have to pay tax on if this is not in an ISA. Most of us have £12,000 a year (capital gains allowance) we can raise before paying tax but bear this in mind.
   
   
2. Be careful about closing down an ISA. Once you move money out of an ISA, it’s out. And putting it back in counts towards your annual £20,000 limit. So – for example – you have £10,000 in an ISA with Investec. If you sell this, withdraw the cash, and then pay into another ISA, that sucks up £10,000 of your annual allowance. Whereas if you leave the cash in the ISA and get your new provider to sweep it over, it doesn’t count towards an annual allowance. Important for those people who want to use the full £20,000 allowance. The way you transfer the money over will depend on what investments your new ISA provider can accept. But phone the new ISA provider you’re looking at for an opinion – they will help you navigate this.
   
   
3. Where to go? If you don’t want to manage the money yourself and like the fact that it’s all taken care of for you, here are some options. If you have £10,000 or more there is the slightly clinical Scalable Capital which is smart and best suited to mathematically-minded people. Nutmeg, Moneyfarm and Wealthify are other so-called robo-advisers. And if you know what active management is – and liked the fact that Investec ran money this way – look at True Potential which has active portfolio which are easy to monitor and manage digitally.
   
   
4. These are the phone numbers if you want to contact Investec - 0808 164 1234 or +44 203 866 1234