App: Monzo will allow investments of as little as £1 in multi-asset funds from BlackRock
Monzo customers will soon be able to make investments in just a few taps using the bank’s smartphone app.
The digital bank with around eight million UK customers will allow investments of as little as £1 in multi-asset funds from investment manager BlackRock.
Investors can choose between three profiles named ‘careful’, ‘balanced’ and ‘adventurous’, which come with different levels of risk.
There is a fee of 0.59 per cent of the investment value, which includes a 0.14 per cent fund fee and 0.45 per cent platform fee.
For example, a £1,000 investment would have a fee of £5.90 a year. Money can be withdrawn at any time without incurring any charges.
Customers who would like to invest can join a waiting list to register their interest.
The launch comes as more than half of people say they would feel more in control of their investments if they could track their spending, saving and investing all in one place, according to a YouGov poll commissioned by the bank.
TS Anil, Monzo chief executive, says: ‘We know [our customers] want to invest in longer-term financial goals but don’t know where to turn. This is an important step on our mission to make money work for everyone.’
