InvestEngine experiences?

Kaizen917

Alexland said:

Albermarle said:

I have been with IE as one of my providers for a few years 

I thought they had been only going a couple of years, but a quick google shows they started in 2019. Doesn't time fly !

Yeah it depends how much security you are looking for with your life savings It might not matter much when you are young and under the FSCS limit but I would rather pay a couple of hundred quid a year to have my accounts with some of the biggest asset managers...

It was 2022 to be more precise so yeah, they felt pretty new to me but it was just a few hundred pounds via their GIA and gradually increasing (it was for funds that I would put into ISA later on). I guess its the literal investing equivalent to dipping my toes into the water and finding out its fine.In hindsight, they did what they marketed and allowed me to invest into the same stuff I had on Vanguard but cheaper so I cant fault them so far.

But in terms of the big picture, I admit its been a dilemma for some time now when thinking between cheaper and costlier brokers. What I got with IE is nowhere near the FSCS limit so Im not losing sleep over it but my portfolios across different providers do add up and Im pondering on whether to do a bit of consolidation which will have to be to a more established broker (been looking into ii as their flat fee model seems good).

Albermarle

Alexland said:

Albermarle said:

I have been with IE as one of my providers for a few years 

I thought they had been only going a couple of years, but a quick google shows they started in 2019. Doesn't time fly !

Yeah it depends how much security you are looking for with your life savings It might not matter much when you are young and under the FSCS limit but I would rather pay a couple of hundred quid a year to have my accounts with some of the biggest asset managers and someone I can phone if I need to. Maybe I'm not tight enough but it seems worth it as I'm not willing to work a few extra decades to earn that money back.

I think you are pretty 'careful' 

Rt90

Thanks for your replies. 

It seems no one here has had any major issues. 

I’m not too worried about them folding. My money will be in a global ETF with a major provider so it would just be a platform move in that scenario.

I’m liking the 0% fees. 

Alexland

Rt90 said:

I’m not too worried about them folding. My money will be in a global ETF with a major provider so it would just be a platform move in that scenario.

Only if the assets have been correctly segregated and match the customer account records..

Ivkoto

I am using IE and very happy with it. Very easy to use with some great options. Here ⬇️ is some more deep explanation .

https://youtu.be/W3cNqa0txgg?si=IRvOD4b6PGrSzItR

Albermarle

I have no reason whatsoever to think there are any financial problems with InvestEngine UK.
However their published accounts ( 12 months to 31/03/2024) make interesting reading.

Assets under Management - £440 M ( up 175% from the previous 12 months)
Turnover - £314K 
Losses - £5 million ( same as the previous 12 months) 

So a typical Fintech company. Burning cash to build up an IT system and build up customer numbers ( by hardly charging them/not charging at all ) .
In time they will no doubt increase charges or be sold.

Rt90

I wouldn’t be surprised to see charges increased in the future. Unless they can get enough people on their managed option.

Joe9109

I transferred in an ISa from Fidelity there and set up regular savings have to say that went really well very proactive staff got it sorted in a decent time.
Much better than one I did from M&G to Vanguard that took 3 months with Vanguard taking no responsibility I had to intervene  and complain, I am now moving that to Invest Engine and hoping it's better than last time and I really am not impressed with Vanguard in the wsy they treated smaller investors on charges recently.
I am also investing some money with T212 but not really gelling with the platform in the same way.

nuffznuff

boingy said:

Their customer service sucks.

Big time!

* Opened a Cash ISA with £100 deposit
* I added a £20 bonus (my mistake) 
* Withdrew £10 as I wanted to test how long it would take to process my request
* Balance £110
* Bonus clawed back as I breached the terms - balance £90 
* Next working day is the answer, so redeposited £10
* Balance should have been £100, but shown as £80 (looked like bonus had been revoked twice) 
* After much arguing, InvestEngine admitted it was a system error, eventually repaid the £20. 
* IE withdrew the full deposit of £100 and sent it back to me (it acted without permission, but I'll be generous and say it pre-empted my next request!) 

So I would tread carefully with InvestEngine.