Nutmeg
Is the most established of the ‘robo advisers’ and it offers a great option for people who want to invest without the hassle.
What we say
Holly's View
Holly has accounts with all the providers on our website and independently reviews all of them.
Among the best of all so-called ‘robo advisers’ for pension savings if you want to keep things simple. Easy options run users through a simple questionnaire and then build you a ready-made portfolio. The team has also created Socially Responsible Investment options. Everything is straightforward and simple enough to follow.
Customer review
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Overall Summary
Mobile & Apps
Overall the Nutmeg app is very strong on both Android and ioS. Checking the value of your investments and the type of assets you are invested in is clear and easy to use. There is a good balance of additional detail for those who want it, but it doesn’t overwhelm those who will not be interested.
Users are also able add money to an existing “Pot” and socially responsible investment information on your portfolio is included. There are also articles and blogs now available in the app.
Behind the scenes
Account establishment and management is fairly straightforward and everything worked well. Nutmeg sends annual prompts for a check on your goals and targets. This is a rare example of a communication which is relevant and useful – it’s not the usual diet of investment-heavy articles or regulatory-led communications about MiFID etc
Monthly portfolio updates are succinct and helpful.
The 'Geeky' Details
Provider details
Nutmeg offer a personal pension account for balances as low as £500. They will assist customers who want to consolidate their pensions and transfer any existing pensions into one account, which can sit alongside an ISA which makes it easier to stay on top of everything.
The fees are the same for a pension as for an ISA and depend on what you choose to fill your pension with. The lowest cost option will be circa 0.7% a year – that’s £7 on a £1,000 pension pot. The highest cost option is nearer 1% all-in every year.
Nutmeg does support flexible drawdown but with a third-party provider. At this stage it all gets a bit more paper-based and you need to send 2 forms by snail mail, a bank statement and then also sign a risk warning letter. After this it can take 3-4 weeks for the funds to arrive in your account.
There are 4 core investment choices to make, from the lowest-cost ‘fixed allocation’ portfolios, to a socially responsible range, a range of portfolios Smart Alpha powered by J.P. Morgan Asset Management and also a range of higher-cost portfolios which are more actively monitored and tweaked.
Important Facts & Figures
Provider Size:
The largest UK robo-adviser, with over £4b invested
Minimum amounts:
£500 minimum
Nutmeg
Risk Warning
As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.