- aged between 18 and 85 years old
- a UK resident and UK tax payer
- older age
- physical disability
- bereavement or stress
- mental capacity
- Individual Savings Accounts (ISAs)
- Junior Individual Savings Accounts (JISAs)
- General Investment Accounts (GIAs)
- Contract Note - click here to open a guide to your contract note
- Quarterly Statement - click here to open a guide to your quarterly statement
- Quarterly Statement for Junior ISA - click here to open a guide to your quarterly statement
Frequently asked questions
Do you provide financial advice?
Yes. We provide fully automated, low-cost online investment advice. During registration, we will ask you some simple questions: your answers will enable us to make recommendations of where to invest your money. Our advice is restricted: in other words, we only make a recommendation from the products and funds we provide.
Are there actual robots involved?
No, there are no robots. Munnypot is called a ‘robo-adviser’ because the systems that support our service are driven by algorithms. We are human and here to help whenever you need it.
Can anybody use Munnypot?
To open a Munnypot account, you must be:
Can I withdraw my money?
You can choose to withdraw some or all of your money whenever you like for free. But keep in mind that the longer you invest for, the better your chances of higher returns.
What products do you offer?
We offer Individual Savings Accounts (ISAs), Junior ISAs (JISAs) and General Investment Accounts (GIAs). You can read more about our products here.
Can I pick stocks or choose what I invest in?
No, that’s what we’re here for. We will recommend a fund for you based on what you tell us about your attitude to risk. You can however change your risk level at any time. You can read more about our funds here.
What is a ‘vulnerable customer’?
The Financial Conduct Authority define a vulnerable customer as ‘Someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care’. If you feel that you may be affected by any of the following, then we’d recommend contacting us to discuss your situation before setting up your Munnypot account:
To speak to our customer services team for more information click here.
Can I set-up a joint account with someone else?
No, our accounts and the advice we provide are for individuals only.
Is my money safe?
Yes, your investments will be held by SEI who act as custodian for our customers’ money. This effectively means that all your investments are safeguarded by SEI. Furthermore, your Munnypot investments may be eligible for compensation of up to £85,000 per person under the Financial Services Compensation Scheme (FSCS).
What’s the minimum investment?
You can start investing with as little as £25 a month and/or make an initial contribution of £250.
What sort of return can I expect from my investment?
We cannot guarantee what your return will be. But to give you an idea of how much you need to put aside to reach your investment goal, we provide three different scenarios: pessimistic, realistic and optimistic. Each projection shows what your pot could be worth at the end of your investment timeframe. The projections take account of a range of economic variables, including the amount you’re investing and how long you want to invest for and the current state of the economy. So, the projections relate to what is happening in financial markets right now - we don’t just look at what happened in the past. To find out what your pot could be worth, click here. Remember, forecasts are not a reliable indicator of future results.
Is there risk involved with investing?
Yes, all investments carry an element of risk: our risk levels range from low-risk to high-risk. You choose the level of risk you are comfortable with, although you can select a different risk level if your circumstances, or your views about risk, change.
Do you offer advice on pensions?
No, not yet. But keep your eyes peeled, as this is something we are planning to do in the future.
What happens if I change my mind and want to cancel my account?
You have 14 days from the date of set-up in which to cancel your account. If your account is funded, then we will pay out the market value of your investment as it was on the date we received your cancellation request and all fees will be refunded. If we receive your request after business hours, we will pay out the current market value of your investment as at the next business day.
What happens if I want to close my account after the 14 day cancellation period?
After the 14 day cancellation period, if you choose to withdraw all your funds you will not be entitled to a refund of any fees that have been taken. Your login details will still remain valid so that you always have access to the information and documentation relating to your original investments.
What is a fund?
In a fund, money from many different investors is pooled together: that money is then invested in assets such as bonds, equities, stocks and shares.
Where is my money invested?
Your money will be invested in one of five different tracker funds, managed by Vanguard Asset Management. Four of the funds are what’s known as an index tracker fund and are part of Vanguard’s Life Strategy fund range. The one other fund is Vanguard’s Government Bond Index Fund. The Vanguard Group is one of the largest fund managers in the world, with more than 20 million investors in 170 countries and over $5.1 trillion in assets. You can read about the funds here.
What is an ‘Index tracker fund’?
An index tracker fund (‘tracker’) is a collection of stocks and shares that directly tracks a financial index, such as the FTSE 100. As such, the value of the shares held within the fund will rise and fall as the performance of the specific index that it tracks does. Since trackers are passively managed by fund managers and not actively managed, trackers can be cheaper to invest in.
What do you mean by ‘Your capital is at risk’?
‘Capital’ is another word for ‘money’. Therefore, this simply means that the money you invest is at risk. When you invest, there is always a risk that you might not get back everything you put in. But the chances are, that investing could return more, in the long run, than saving.
Why might my investment need attention?
You could be off-track for a number of reasons, such as, the fund you’re invested in has underperformed or perhaps you’ve withdrawn some money. But don’t worry, if your investment ever requires your attention we will always email you with recommendations on how you can get it back on track.
How soon will my money be invested?
Your money will show in your goal the moment you pay it in. However, it will not be invested in your chosen fund until the next business day.
What is a suitability report?
You will receive a suitability report before you choose to go ahead with setting up your Munnypot account. The suitability report is based on and summarises the information you supply us with during the setting up of your online account and also summarises the advice and recommendations that we have provided to you. It is designed to ensure that you understand the recommendation(s) that we make and that you are comfortable with the proposed recommendations.
When will I receive a suitability report?
You will receive a suitability report for each goal that you set up and also when you; change your investment amount, change the timeframe of your goal, change the risk profile of your goal and make a lump sum deposit or transfer-in amount from another provider.
Where can I find my suitability report?
In your account, click on ‘details’ of the goal you wish to view the suitability report of. Then click on ‘Documents’ and your suitability reports will be listed within here, with the most recent at the top.
What products do you offer?
At Munnypot we offer:
What is an ISA?
An individual Savings Account (ISA) is a tax-free way to save or invest. There are four types of ISAs: Cash ISA, Stocks and Shares ISA, Innovative finance ISA or Lifetime ISA. Munnypot specialises in Stocks and Shares ISAs. You can read more about ISAs here.
What is an ISA allowance?
There is a limit on how much you can invest in an ISA each tax year - currently, it’s £20,000. You can put the full £20,000 into a Cash, Stocks and Shares, Innovative Finance or Lifetime ISA or divide it between all four. You can only contribute to one of each type of ISA in any one tax-year.
What is a Junior ISA (JISA)?
Munnypot’s Junior ISA (JISA) is a tax-free way to save or invest for children up to the age of 16 years old. It works in the same way as a normal ISA in that all contributions are tax-free up to the annual limit. There are two types of JISAs: Cash JISA and Stocks and Shares JISA. At Munnypot we only offer Stocks and Shares JISAs. You can read more about JISAs here.
How much is the JISA allowance?
The UK’s tax year runs from 6 April to 5 April of the following year. The government sets a limit on how much you can put into a JISA each tax year and the current annual allowance is £4,368. Under the rules, you can have a Cash JISA and/or a Stocks and Shares JISA, however, you must only contribute to one of each type of JISA in any one tax year.
What is a General Investment Account (GIA)?
A GIA is a flexible account which enables you to hold a variety of investments. Unlike with ISAs, there is no limit on how much you can invest and there are no tax benefits. You can read more about GIAs here.
How do I choose which of the above products to invest in?
You don’t - we do that for you! During the account set-up process you will be asked a series of questions, including what you’re investing for and what ISAs or investments (if any) you hold elsewhere. Your answers will help us determine the product best suited to you based on your current circumstances. If your circumstances change at any point, you can let us know by simply updating the ISA overview information in your account.
Can I transfer any ISAs or JISAs I have elsewhere to Munnypot?
Yes, you can transfer existing ISAs or JISAs you hold elsewhere to Munnypot. Inside the chatbot we will ask you questions regarding your investments elsewhere, once your investment plan is set-up we will email you a transfer form which you will need to complete and then return to us using the details provided in the email. It’s important that you use this form to arrange the transfer. If you withdraw the funds yourself, you will lose all your tax benefits on any profit you have made.
If you already invest with us, you can transfer-in from within the details section of your account.
Once the transfer form is complete, we’ll arrange everything else. If you’re new to Munnypot: transferring an ISA or JISA works in the same way as a standard investment plan set-up. The minimum amount you can contribute to your pot is £250 (as a transfer-in or standard contribution – the same rules apply). If you’re an existing Munnypot customer, the minimum transfer amount is £1. You can read more about transferring-in here.
We do not currently accept transfers from Child Trust Funds for children.
Can I transfer my ISA or JISA from Munnypot to another provider?
Yes, you can transfer your Munnypot Stocks and Shares ISA to another provider. HMRC’s rules state when transferring money invested in a Munnypot Stocks and Shares ISA in the current tax year, then all the money must be transferred, whereas previous years’ ISAs can be partially or fully transferred. The minimum transfer out amount is £10 and we do not charge for transfers. However, it is worth checking with your other provider if they charge for receiving transfers.
Can I have more than one Stocks & Shares ISA?
The HMRC rules state that you can only pay into one Stocks and Shares ISA each tax year. If at the beginning of a new tax year you no longer wish to contribute to a Stocks & Shares ISA with your current provider, you can open a new one with a different provider.
What if I want to pay in more than the current ISA allowance?
That’s not a problem. We will simply utilise any remaining ISA allowance (based on the information you provided during the account set-up process) and automatically invest any money exceeding your £20,000 annual ISA allowance into a General Investment Account (GIA).
At the beginning of each tax year we will email you to see if you would like to transfer any funds which exceeded your previous tax year’s allowance, from your GIA to your new ISA.
Want to know more about our products?
We offer Individual Savings Accounts (ISAs), Junior ISAs and General Investment Accounts (GIAs). For details, please check here.
Why do I have to pay a fee?
Unlike many online investment services, Munnypot acts as your financial adviser. So, the one-off upfront fee covers setting up and advising you on how to hit your goal. Our monthly ongoing fee covers the cost of monitoring/tracking your investment against your goal, the platform admin fee and the investment fund fee.
When do you take my fees?
Our ongoing fees are taken on the 3rd business day of each month. One-off upfront fees are taken from the first payment into your pot; whether this be your first direct debit or from your initial payment.
How do I pay my fees?
You don’t have to do anything. Once you have invested money with Munnypot, we will automatically calculate and deduct your fees from your account.
How do you keep fees so low?
We use state of the art technology, which in turn, enables us to keep our overheads, our costs and our charges low.
How do I know what my fees are likely to be?
You will see the estimated fees when you use our calculator before you register with us. We also provide you with a personalised costs and charges disclosure document before you choose to invest with Munnypot. It sets out all the charges that are associated with your investment. It is known as an ‘ex-ante’ document as it is prepared before you choose to invest. It is an estimate as it cannot take into account future changes to the value of your investment.
This document enables you to compare Munnypot's costs and charges on a like-for-like basis with other providers.
What is the annual costs and charges disclosure document?
If you choose to invest with Munnypot we will provide you with an annual document that sets out the actual costs and charges that your investment has incurred. It is known as an ‘ex-post’ document as it is prepared after the fees have been calculated and charged. In this document, the costs and charges are broken down into: the fees you have been charged by Munnypot - you can see these fees in the quarterly statements you receive; and the fees the fund manager Vanguard charge for managing the fund. These fees are taken from the income the fund generates and are reflected in the price of the fund, so you won’t see these in your quarterly statements. You receive one document for all your goals.
You will receive an ex-post document for every calendar year that you invest with us, even if you only invested for part of the year.
We provide the ex-ante and ex-post documents in accordance with the Markets in Financial Instruments Directive (MiFID II). This is a piece of EU legislation that – amongst other things – aims to make investing clearer and safer for customers. Click here for more information on MiFID II in the UK.
Withdrawals and payments
Can I withdraw my money at any time?
You can choose to withdraw some or all of your money whenever you like. But it’s worth keeping in mind that the longer you invest for, the better your chances of higher returns.
How will my withdrawal be paid?
Your withdrawal will be paid directly to the nominated bank account registered on your account.
How long will I have to wait before I receive my withdrawal?
Because of the stock market’s trade and settlement dates, it can take up to ten working days for you to receive the money from your investment. We will email you to let you know once we have made the payment.
Is there a charge for withdrawing or paying in money?
No, you can choose to withdraw or pay-in money at any time free of charge.
What is the minimum withdrawal amount?
The minimum withdrawal amount is £10.
Are my investments safe?
Yes, keeping your money secure is our top priority. You will be investing in funds managed by Vanguard Asset Management. The Vanguard Group is one of the largest fund managers in the world, with more than 20 million investors, in 170 different countries and $5.1 trillion in assets.
In addition, your investments will be held by SEI who act as the custodian for your money. This effectively means that all your investments are safeguarded by SEI as your money is held separately from Munnypot and Vanguard in their client accounts. Your Munnypot investments may be eligible for compensation of up to £85,000 per person under the Financial Services Compensation Scheme (FSCS). The FSCS protects customers when certain UK authorised financial services firms go bust.
Is Munnypot regulated?
Munnypot provides regulated advice. Munnypot is a trading name of Munnypot Limited, an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority.
Are my personal details safe?
Your privacy is important to us. Munnypot supports ‘TLS encryption’ (Transport Layer Security) which is the most up-to-date system for ensuring personal data sent from your browser is not intercepted. Therefore, your personal details we hold are safe and your communication with us is over a secure channel.
Do I need to provide proof of my identity and/or address?
When you set up a Munnypot account, we will use online sources (such as the electoral role) to check your identity, address and bank details. We have to obtain this information to meet regulatory obligations. Sometimes, we may not be able to verify your identity, address or bank account electronically, in which case we will get in contact with you to request additional forms of identification (such as bank statements or a copy of your driving license/passport).
Using my account
Understanding your documents
Asset allocation is when an investment is divided between different asset categories, such as stocks, bonds, cash etc. In simple terms, it means deciding which assets to invest in. When you invest through us, we make all the decisions in which assets to invest your money in.
Automated (robo) advice replaces face-to-face savings and investment advice with online, automated help and recommendations based on mathematical rules or algorithms. But don’t worry, there are no robots involved!
The money that you invest.
With Munnypot you can choose to pause, restart, withdraw and add contributions at any time.
A fund is an investment vehicle that allows investors to pool their money; the manager of the fund will invest the pool of money in assets such as bonds, equities, stocks and shares.
Munnypot is a goal-based service. A savings or investment goal is essentially what you are wanting to save or invest for, i.e. a holiday.
Index tracker fund
Index funds (tracker funds) don't try to beat the market. Instead, they aim to deliver healthy returns over a long time. An index tracker fund is a collection of stocks and shares that directly ‘tracks’ a financial index, such as the FTSE 100. As such, the value of the fund’s shares will rise and fall along with the performance of the index it tracks.
Individual Savings Account (ISA)
A savings account that enables you to save or invest money without having to pay income tax on the interest or the investment returns your investment produces.
Investment time frame
The length of time you plan to invest for.
Our systems watch over your investment for as long as you invest with us. So, if it ever requires your attention, we’ll let you know. We’ll also advise you what your options are to help get your investment back on track, should you need to.
A collection of assets owned by an individual or by an institution. Essentially, portfolio is another word for all the investments you own.
A term Munnypot uses to describe the virtual place where your money is kept, i.e. ‘you have built up £50 in your holiday pot’.
Returns are the profits or losses derived from investing or saving.
When you receive our investment advice, you are given a detailed recommendation regarding the option most suitable for your individual circumstances. As part of our recommendation, we will give you a personal suitability report, containing the important information you need before you decide to commit to your investment plan.
Stocks & Shares ISA
A Stocks & Shares ISA is a tax-efficient investment account which lets you invest in a range of different investments. Stocks & Shares ISAs offer the possibility of higher returns than cash ISAs, providing you're prepared to take some risks with your money.