& me robo-investing bonus

orange-juice

Email received today advising that we’ll be moving over to Moneyfarm as of 12th of July https://www.moneyfarm.com/uk/migration-to-mfm/?utm_source=sfmc&utm_term=FAQ&utm_content=348202&utm_id=bbe72d5e-6375-4ba8-b246-695faa06ce84&sfmc_activityid=d0efe642-e79f-4721-b32f-2396ea18d4eb&utm_medium=email#faq

What are my options?

There are three options available to you:

1. Continue as a Moneyfarm customer.No action is required, we will be in touch to update you on the next steps.
2. Transfer your &me investments to another provider. If you’d prefer to transfer your &me investments to another provider, follow the steps in our FAQ to get your investments moving, before 28 June 2024. If you do not request the transfer before the migration date, your account will be moved to Moneyfarm as of 12 July 2024.
3. Withdraw your &me investments. You can choose to withdraw your money from &me using the app until 5 July 2024.

In the faq..

“I signed up with a promotion code, can I withdraw my money?

If you signed up with a promotion code which has a lock-in period, you can withdraw your investments and cash back without penalty.”

I joined in early June 2023, so have 2-3 weeks left of the full year before cashing out. Not too sure whether the point in the faq applies once you’ve moved over to MFM, or starting from the date receiving the news..

friolento

My lock-in period expires early June, too. I'll stick to my original plan to withdraw my investments but I suppose I need to keep it open for a while longer in case there are any outstanding dividends.

granta

friolento said:

My lock-in period expires early June, too. I'll stick to my original plan to withdraw my investments but I suppose I need to keep it open for a while longer in case there are any outstanding dividends.

I was thinking of withdrawing the full amount to lock in the gain but keep the account open. I assume any dividends would be paid even if the account was closed?

SewerSide

Should I have had the £100 bonus already, or do I need to wait until the anniversary of opening the account?

orange-juice

SewerSide said:

Should I have had the £100 bonus already, or do I need to wait until the anniversary of opening the account?

I received an email saying I qualified for the bonus a few days after signing up in early June. The bonus was withdraw-able around 31/10.

Frequentlyhere

Side point but I've never really felt there's much good business in these robo-investing platforms (aside from for us for receiving these bonuses!).

Many people just won't trust new names, and meanwhile you still need to garner some understanding of what you're doing before being willing to put substantial funds there, and the more you have there the more you're likely to twig that you don't really need a platform to hold your hand.

At the same time they probably don't give the comfort that people feel with the hand-holding wealth managers. So I think with all of that combined, the market for such a product is very small. I think a few of these platforms have vanished over time (gracefully, thankfully).

masonic

The other annoying feature of these robo-platforms is the all the transactions. They've tended not to be very prompt generating consolidated tax vouchers either. Suspect I will be manually adding up dividend payments for 2024/25, but still nothing from &me for 2023/24 to date. Fortunately my unwrapped holdings are so low I don't need to worry about capital gains - that really would be a nightmare.

masonic

Aside from the bonus, I managed to get a return of about 11%, so that isn't bad. Withdrawal now being processed. I should be able to close in early July after June's dividend payments and before my account gets migrated to Moneyfarm.

Alexland

masonic said:

Aside from the bonus, I managed to get a return of about 11%, so that isn't bad. Withdrawal now being processed. I should be able to close in early July after June's dividend payments and before my account gets migrated to Moneyfarm.

Or if you want to try for both maybe start the new moneyfarm account now before the migration (if any, I suspect its all on the same system) occurs?

masonic

Alexland said:

masonic said:

Aside from the bonus, I managed to get a return of about 11%, so that isn't bad. Withdrawal now being processed. I should be able to close in early July after June's dividend payments and before my account gets migrated to Moneyfarm.

Or if you want to try for both maybe start the new moneyfarm account now before the migration (if any, I suspect its all on the same system) occurs?

I was waiting for an incentive I liked the look of. I haven't seen anything on offer at the moment.