questionLucky_Luxy - 22/03/2016 - 20:35:49
I'm interested in using the Nutmeg online investment management service. Has anyone on Fidor UK had any experience of it? Thanks.
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CommentJoelDalais - 22/03/2016 - 20:41:48
Personally, nope, maybe someone else has experience of using Nutmeg can chime in?
Lucky_Luxy - 22/03/2016 - 20:55:45
Definitely, that would be great. With Fidor's open API's, it would be possible that Fidor and Nutmeg could one day interact with each other!
DavidLV - 12/08/2017 - 12:45:33
I tried Nutmeg, I think it is a poor brand for Fidor to recommend, I can not recommend Nutmeg, I have the following concerns about it;
1. When you transfer money by debit card to Nutmeg, the money leaves your account immediately then sits in limbo in Nutmeg for around a week (they claim it takes several working days before they receive the money- which is rubbish surely? Then they only invest in the fund twice a week!). If I heard this in 1834 I might believe it but in 2017 it is risible and irritating.
2. When you close the account you have to wait and wait. They seem to take the money out of the fund several days after you send the close request (madness if you are trying to predict the markets). They then hold the money for several more days before they credit your account (I have waited 5 working days and still do not have my money in my account). They don't tell you this before you join the fund or even when you close the fund, it is only something that becomes apparent when you close it.
3. Even when you have closed the fund, some residue of your money is left in it and as I want nothing more to do with Nutmeg I now have the logic puzzle of how to completely close the fund and get the residue back- irritating, when I click a link to close a fund, I expect it to be 100% not 99% closed.
These time frames and events are so archaic it is like going back in time or as if Nutmeg went out of their way to design an investment platform using criteria of "how can we design this so no one will ever trust us with their money or believe anything we say".
When I compare Nutmeg to AJ Bell Youinvest I can only find reasons to put my money into AJ Bell and none for Nutmeg. I think Fidor reflect badly from their allegiance to Nutmeg.
Interestingly, the verb "nutmegged" is listed by the Oxford English Dictionary as arising in the 1870s and in Victorian slang came to mean 'to be tricked or deceived, especially in a manner which makes the victim look foolish'." ?!?!?!
sal2015 - 12/08/2017 - 15:54:21
DO NOT use Nutmeg.
Purely from a fees perspective it is expensive.
I have posted this table many times before, but here goes again:
sal2015 - 12/08/2017 - 15:59:14
Generally anything Fidor has to offer is much cheaper elsewhere
SEPA transfers (Use Torfx, The Fx Firm)
Withdrawing Money from cash machines (Open a Bank with any of the high street banks or building societies)
Savings (Ulster Bank, RCI Bank, all east access)
Online Transfers (Open a Bank with any of the high street banks or building societies) – they actually transfer in real time. You don't have to wait 3 weeks for your transfer to complete.
Be smart. Use Martins money Supermarket website:
MIROW - 12/08/2017 - 17:30:29
Starling bank and Monzo will be adding it to their Marketplace offerings due to the popularity of Nutmeg.
As for payments. When you pay by card a merchant only gets a provisional notification at that time and they do not know 100% that they have that money from you until it becomes unreversable in 2 or 3 days. When a refund is made to a card it can take 3 to 5 days depending on the merchant's acquirer.
sal2015 - 12/08/2017 - 17:36:46
I really can't understand why anyone would use Nutmeg when it is more expensive and service offering is less competitive.
If its looks modern, fresh and 'hip' then it must be better.
The younger generation are the ones using the likes of Fidor, Starling Bank and Monza. Clearly they are not as financially astute as they would like to think.
Perhaps that's why the older generation voted to for BREXIT. Saving the younger generation from themselves ! (controversial lol)
DavidLV - 12/08/2017 - 18:56:53
Hi Mirow, I am not a banker so I don't know if what you say about the 3 day period needed to confirm debit card payments is correct or not. I do know when I use the very same debit card to pay into my LendInvest account, they credit my account immediately and I can use the credit to invest immediately.
Even if the 3 day period thing is correct, why do Nutmeg then still keep the money in limbo and only invest it into a fund twice a week?
As a previous contributor said, Nutmeg is pricey enough to start with, without these extra delays they engineer.
sal2015 - 12/08/2017 - 19:05:47
I agree, when I use my Fidor Debit card to fund both Hargreves Landsdown and Telegraph Investor I am able to invest that money immediately.
Regardless of the above and immediately following the debit card transaction Fidor send a message as below: (note the English is suspect)
"Please be aware that for now we have only blocked the amount on your account.
The money has not finally been debited from your account and can therefore not be refunded.
We are further unable to stop the merchant from completing the transaction and are therefore unable to accept
complains pertaining to pre-booked transactions.
If the transaction is not be completed within 30 days, we will release the hold and the money will be available
again in your account."
JohnnyD - 12/08/2017 - 19:08:32
I'm 56 and did not vote for self distruction (BREXIT) ..... Do not taint all 'old' people falling for the Gove/Johnson/May vote lies.... ;)