Nutmeg, by recent reports the UK’s largest digital wealth manager, has been in the FinTech game much longer than most. Founded almost 10 years ago, the team has a wealth of experience when it comes to managing stocks and shares ISAs, Lifetime ISAs, Junior ISAs, general investment accounts and pensions.
Now that Nutmeg is part of the Starling Marketplace, where customers can link their banking app to third-party products and services, you can connect to Nutmeg from the Starling app. Once connected, you’ll be able to check the balance of your investment or pension whenever you open the Starling Marketplace. If you don’t already have an account with Nutmeg, you can sign up through the Starling Marketplace. Nutmeg is available to Starling customers with a personal account or sole trader account.
What does Nutmeg offer?
Nutmeg offers stocks and shares investment accounts as well as personal pensions, with a range of portfolio styles. Remember that, as with all investments, capital is at risk.
Pensions: Fixed allocation (investment portfolios designed to perform without ongoing management), fully managed and socially responsible pension portfolios. Minimum investment of £500.
Investments: Nutmeg has four main investment styles - Fixed allocation, fully managed, socially responsible and Smart Alpha portfolios powered by J.P. Morgan Asset Management. These can be across stocks and shares ISAs, Lifetime ISAs, Junior ISAs and general investment accounts. Minimum deposit for ISA and GIA of £500, Lifetime ISA and Junior ISA of £100.
How can Nutmeg help?
“I chose Nutmeg because they were one of the first FinTechs to offer a Lifetime ISA,” says Sergiy Voronov. He became a Nutmeg customer in 2016 and joined Starling earlier this year. “For me, it was a no brainer. I opened a Lifetime ISA for me and my wife and we used it for three years. It was straightforward and it really helped us to purchase our house.”
He has since set up Junior ISAs with Nutmeg for his two children. “As I had an account with Nutmeg already, it was a pretty easy sign up process,” says Sergiy, 39. “The plan is to build funds for the kids to travel the world when they leave school… something to kickstart them.”
Now that Nutmeg is part of the Starling Marketplace, he’ll be able to keep an eye on his Nutmeg investments from his Starling personal account. He joined Starling firstly to open a business account for his company Projector Design Studio, and secondly to try out Starling Kite, the debit card for kids.
What he likes about FinTechs such as Starling and Nutmeg is the way they can help automate money management and connect you to expert advice. “You need to have a certain mindset to trade stocks and shares. I want to let the experts manage my portfolio, which can be distributed across lots of different places.” Remember, that returns on investments are not guaranteed and your capital is at risk, the values can fall as well as rise.
How to connect Nutmeg and Starling
If you already have a Nutmeg account or if you would like to start investing through Nutmeg, go to the Starling Marketplace in your app and select either ‘Pensions’ or ‘Savings and Investment’, depending on the product you have, or would like to set up.
Follow the on-screen instructions to either login to an existing account or set up a new Nutmeg account. There are no fees for signing up to Nutmeg through Starling - it’s our Starling Promise never to charge more than the business themself charges.
There are no fees to open a Nutmeg account - they only charge a fee when an investment is made. After that, fees vary depending on your investment style and how much you choose to invest. As of our publication date, Nutmeg usually charges 0.45-0.75% for investments or pensions up to £100k and 0.25-0.35% for balances higher than £100k. Customers can withdraw funds whenever they like, although Nutmeg recommends that customers leave investments for at least three years.
From the beginning, Nutmeg’s mission has been to keep investing straightforward, without excessive jargon, to give customers total visibility of their portfolios and to help them achieve their financial goals. Our new integration makes that visibility even better, enabling Starling customers to check their pension or investment all from the Starling app.
Nutmeg is authorised and regulated by the Financial Conduct Authority (FCA) and 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 be subject to change in the future.
The above is intended as general information and does not constitute advice in any way. You should take independent advice if you have any questions about your specific circumstances. Remember that with investments, your capital is at risk. Investments and pensions can go down in value as well as up, so you could get back less than you invest.