Chase - Nutmeg £100 opening bonus

Band7

masonic said:

 

It is a good job they don't sell goods, as it would be a right pain waiting at the checkout for a couple of working days for my debit card payment to clear!

Worse still, if you paid by cash, you'd still have to wait a couple of days before you'd get your goods! 

I made my Nutmeg deposit with Open Banking, as I know this sends the money instantly (ref CHIP), or at least within the next 10-20 minutes (ref Tandem). As expected, the money got instantly debited from my current account - - - but there's no sign of it in Nutmeg a day later. The aptly named Nutmail tells me it can take 2 business days to appear........

PloughmansLunch

Band7 said:

masonic said:

 

It is a good job they don't sell goods, as it would be a right pain waiting at the checkout for a couple of working days for my debit card payment to clear!

Worse still, if you paid by cash, you'd still have to wait a couple of days before you'd get your goods! 

I made my Nutmeg deposit with Open Banking, as I know this sends the money instantly (ref CHIP), or at least within the next 10-20 minutes (ref Tandem). As expected, the money got instantly debited from my current account - - - but there's no sign of it in Nutmeg a day later. The aptly named Nutmail tells me it can take 2 business days to appear........

If you select manual transfer you get given 20-00-00 which is a Barclays sort code, so must be a few stepping stones to get through before whatever system Nutmeg use kicks in and allocates your funds.

flaneurs_lobster

So the consensus is emerging that Nutmeg may not be the finest online investment platform available.

If I have no wish to use it is it still worth trying to score the £100 opening bonus? Presumably wait until the end of the offer (April) to get in'n'out?

PloughmansLunch

flaneurs_lobster said:

So the consensus is emerging that Nutmeg may not be the finest online investment platform available.

If I have no wish to use it is it still worth trying to score the £100 opening bonus? Presumably wait until the end of the offer (April) to get in'n'out?

That’s what I’m going to do. I may refine from balanced to a more conservative pot in the meantime, and even if it drops further I should still be in profit from the bonus at the end of it.

RN61

Comments above suggest Nutmeg, Chase and Barclays have a cosy relationship in which they benefit from interest on clients money while they unnecessarily keep it in limbo.

Having said that, I sent my £1k from Chase Saver yesterday 16th and it showed in Nutmeg unallocated cash today 17th.

Found out that Nutmeg trade on Mondays and Thursdays. Typically midday however it can vary. Any funds that land before the start of the trading day will be invested, however clients must be aware of payment timescales. 

VXman

Mines just appeared as invested and up by £3!!!

masonic

flaneurs_lobster said:

So the consensus is emerging that Nutmeg may not be the finest online investment platform available.

If I have no wish to use it is it still worth trying to score the £100 opening bonus? Presumably wait until the end of the offer (April) to get in'n'out?

Nothing that is a serious impediment to making some cashback in my view. Several reasons not to stick around longer than necessary.

masonic

RN61 said:

Found out that Nutmeg trade on Mondays and Thursdays. Typically midday however it can vary. Any funds that land before the start of the trading day will be invested, however clients must be aware of payment timescales. 

It's perhaps the definition of 'lands' that is frustrating the issue. It seems to mean cleared (not authorised) debit card payment (+2-3 working days), or allocated (not received) bank transfer (+2 working days). So, to get money there in time for Monday, you should really be making your transaction on or before Wednesday the prior week.

BigPlonker

I had the popup about the £100 bonus so signed up through the app. I haven't however had the email mentioned a few pages back about signing up through Chase. Anyone else not received the email? 

Band7

BigPlonker said:

I had the popup about the £100 bonus so signed up through the app. I haven't however had the email mentioned a few pages back about signing up through Chase. Anyone else not received the email? 

I had no email about the offer but you don't need an email invitation to go after the offer.