#2
Have you thought about who would be actually paying the £180? How can Nutmeg afford to pay you that money?



Have you investigated the cost of other ISA platforms?

#3
From all the customers who take out the product without going via quidco? If you mean the fee's charged on the account will make this account bad value, no I haven't checked them as it is not my intention to use this as a long term investment.



To earn the cash back you have to invest an initial £500 lump sum and then invest £100 per month for 3months. I am assuming they are hoping to recruit long term investors not someone like me who is going to cut and pocket the cashback ?



It appears to good to be true and hence why I am curious to see how others have got on. All the feedback is positive on quidco itself but there isn't much detail.

#4
The fact that it is an ISA means it's not so easy to pocket the cashback and run.



You can't have contributed to another S&S ISA already this tax year (or that would have to be transferred too as I understand it). Monthly contributions for 3 months would take you into the next tax year, so you couldn't contribute elsewhere without transferring. I suppose if you're not already using ISA allowances it might work.

#5



To earn the cash back you have to invest an initial £500 lump sum and then invest £100 per month for 3months. I am assuming they are hoping to recruit long term investors not someone like me who is going to cut and pocket the cashback ?
Originally posted by pmk741


What happens if the stock market drops and your investment of £800 is now worth £600 or less? Entirely possible as only a 25% drop but totally blows any profit out of the water with cashback.

#6



The fact that it is an ISA means it's not so easy to pocket the cashback and run.



You can't have contributed to another S&S ISA already this tax year (or that would have to be transferred too as I understand it). Monthly contributions for 3 months would take you into the next tax year, so you couldn't contribute elsewhere without transferring. I suppose if you're not already using ISA allowances it might work.
Originally posted by fabsaver


Ahhh I see not so easy then, I will probably just leave it ....

#7



What happens if the stock market drops and your investment of £800 is now worth £600 or less? Entirely possible as only a 25% drop but totally blows any profit out of the water with cashback.
Originally posted by jimjames


thanks. That was something I had taken account for. A gamble with a buffer to mitigate the risk...

#8
I'm disappointed this is being dismissed by everyone.



By that I mean, I'm disappoint that it is seemingly such a bad idea... I was looking into Nutmeg just yesterday and decided against using them and ISAs in general over my own savings account. However I don't see why it would be such a bad idea with the Quidco cashback, which I've generally found to not be a scam. I wouldn't like the idea of losing too much with Nutmeg - they'd hardly do it deliberately to keep you on board until it goes up again..?

#9
I wonder if it will apply to the Lifetime ISA in April?



Currently there are two LISA providers who have announced: HL and Nutmeg. HL are known for having sneaky exit charges, while Nutmeg aren't. A big chunk of cash for taking out a LISA could be very handy.



If you select the 'cautious' fund, then the investment is 82% bonds - unlikely to dip 25%. And the total fee is about 0.65% - not much of an issue if you're only holding for a year or less (though probably not worth it beyond bagging the cashback).

#10
Yes I started with Nutmeg Via Quicdo last year, and save about £250/month. Gains are around 12% in that period. Obvioulsy in a rising market gains were always going to be healthy. However because its managed when it dipped during brexit a large gain was made by them transferring investments to gold which went up. You can change your risk appitite on a sliding scale at any time to alter you investment.

Management fees are very reasonable too so Im a very happy customer. Even transferred an old workplace pension there so I can keep an better eye on it.

Who is online

Users browsing this forum: No registered users and 2 guests

cron