As a pioneer in the robo-advisor industry, Nutmeg is still growing and innovating with its line of pre-made portfolios. Compared to some of its rivals, the platform provides a far greater variety of portfolio alternatives.
You can select from a variety of investment options with Nutmeg, including fixed allocation, socially conscious, and fully managed portfolios. Additionally, you can investigate its Smart Alpha options or thematic investment. Your investment strategy and portfolio size will determine the percentage charge; the prices are reasonable but not the lowest.
About Nutmeg
| Aspects | Details |
| Founded in | 2022 |
| Minimum deposit | £100 |
| Trading Platforms | Own |
| Instruments | ETFs |
In actuality, nutmeg has been around since 2012. and serve more than 150,000 clients. Quite well-liked! with more than £2 billion invested overall.
Making investing a “clear and straightforward experience” was their initial goal. We adore that. And Nutmeg created it with its website and app. You’ll always be able to monitor the performance of your investments and alter the direction and location of your funds.
The American bank J.P. Morgan Chase acquired Nutmeg in 2021, and J.P. Morgan now holds all of Nutmeg’s internal interests.
Nutmeg Account Types
In the United Kingdom, Nutmeg offers the following investing accounts:
- General investment account (GIA)
This is a “regular” account with no tax-free advantages. If you sell and make more than £6,000, you will have to pay Capital Gains Tax; if your annual income is less than £50,270, you will pay 10%; if it is greater, you will pay 20%. This is from all of your investments—not only those made through Nutmeg (apart from those made through an ISA).
- Stocks & Shares ISA
The most widely used account for investing is this one. Your ISA allowance is £20,000 per year, and any profits you make after that are fully tax-free!
- Lifetime ISA
This is an ISA for stocks and shares on steroids! In addition to the fact that all of your earnings are fully tax-free, the government will automatically add a 25% bonus to every dollar you invest.
- Pension
With a personal pension, you own the money that makes up your pension and receive a 25% bonus from the government for every dollar you contribute.
- Junior ISA
These are excellent to preserve for your kids. Apart from your own £20,000 ISA allocation, you can save up to £9,000 annually. When your children turn 18, they will be able to access everything that is registered in their name.
How To Open A Nutmeg Account?
Creating a Nutmeg account is quick and easy:
- Make a password and enter an email address.
- Check the email address you registered with, then log in to your account.
- After entering your identity and contact information, click “Continue.”
- Enter your national insurance number from the UK and validate your citizenship.
- Include your bank account information.
- Once you’ve accepted the terms and conditions, click “Confirm Details.”
After that, there are three questions to answer to join:
- Describe your savings objectives: what do you hope to accomplish and by when?
- Decide on an investment approach: To get started, pick one of the four investment profiles and make a deposit.
- Choosing a portfolio: Select a portfolio of investments or permit the Nutmeg team will develop a wide range of products.
Nutmeg Deposit
Using a Junior and Lifetime ISA, you can begin investing with as little as £100.00. A minimum deposit of £500 is required for the Nutmeg pension account, stocks & shares ISA, and general investment account.
Clients have the option of setting up a direct debit for recurring monthly payments or making ad hoc payments to an investing account. For people who want to take a hands-off approach to investing, the latter is an excellent choice.
Nutmeg Withdrawal
Customers at Nutmeg can take money out whenever they want.
Having said that, it will be beneficial to approach these as longer-term investments due to the benefits linked with ISAs. If funds from a LISA are not utilized for retirement or the down payment on a first house, there may be a 25% penalty.
The fact that Nutmeg does not impose any fees on account withdrawals was encouraging to observe.
The return of monies to a registered bank account may take three to seven business days.
Nutmeg Regulation
Nutmeg is a reliable business with strict regulatory compliance.
The Financial Conduct Authority (FCA), under firm registration number 552016, has authorized and regulated the company. Nutmeg keeps consumer money apart from company accounts. The second-largest custodian depository in the world, State Street, has collaborated with the wealth management company to hold customer funds.
In the event of a firm failure or insolvency, customers can also get reimbursement of up to £85,000 through the Financial Services Compensation Scheme (FSCS).
Nutmeg Fees
We were happy with the price transparency when we used Nutmeg. On the company website, there is a helpful calculator that can be used to determine costs depending on investment values.
Its fees are not the lowest on the market, either. For example, Moneyfarm charges 0.75% for actively managed accounts for portfolios under £100,000 in value. Having said that, there aren’t any setup, transaction, trading, or cancellation costs.
Nutmeg Platform
Investors may manage their portfolios in a secure and user-friendly environment with the Nutmeg platform. It provides a simplified interface that enables customers to effortlessly track, modify, and carry out transactions on their investment inclinations.
Additionally, investors can manage their investments across several devices with greater flexibility by using the platform’s mobile application.
Customer Service
Nutmeg may be reached from Monday through Thursday from 9.00 am to 5.30 pm and on Friday from 9.00 am to 4.30 pm, regular business hours. The company has multiple ways to get in touch, such as live chat, email, and phone.
As an alternative, the company’s website has a comprehensive FAQ and help pages. For quick self-help counsel, the abundance of information on the brand, ISAs, investments, and account queries is perfect.
Alternative Brokers To Nutmeg
Nutmeg | IG | Pepperstone | |
| Rating | 3.3 | 4.4 | 4.8 |
| Markets | ETFs | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Demo Account | No | Yes | Yes |
| Minimum Deposit | £100 | $0 | $0 |
| Minimum Trade | £100 | 0.01 Lots | 0.01 Lots |
| Regulators | FCA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Bonus | – | – | – |
| Education | No | Yes | Yes |
| Platforms | Own | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Leverage | – | 1:30 (Retail), 1:250 (Pro) | 1:30 (Retail), 1:500 (Pro) |
| Payment Methods | 4 | 6 | 11 |
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Final Thought
We truly appreciate that Nutmeg allows anyone to invest their money and grow their savings in an easy, straightforward, and automated manner. And everyone ought to!
Beyond only letting you invest, it also offers an excellent website and mobile app for managing your accounts. These tools allow you to see how your money is doing over time and have convenient access to it.
