I wanted to see if Moneyfarm was a good option for people who don’t want to choose their own shares. I physically opened an account because I wanted to give an authentic Moneyfarm review. In March 2016, I invested £1,000 with Moneyfarm so that I could trial the service.
Moneyfarm offers a small range of ready-made portfolios to choose from.The simple set-up process chooses s a portfolio for you based on your risk appetite. You don’t need a vast amount of financial knowledge. They offer an ISA account as well as general investment accounts. I had to choose a general investment account because I have used my ISA allowance elsewhere. An ISA account would be a better choice because any profits will be tax-free.
The platform is visually pleasing and very intuitive. Both the browser based and the mobile application are really nice to use. Opening an account is easy with a step by step set-up process. Navigation is very clear and intuitive with chat available should you need it. I didn’t need chat but I used it to see how the service was. In fact, I deliberately made a nuisance of myself over a number of days. I’m pleased to say that the chat support is brilliant. Always patient, knowledgeable and extremely helpful.
Whilst all of the above is important, performance is critical. Investing is all about making your money grow after all. I’m pleased to say that Moneyfarm didn’t disappoint! The first image below shows how they have allocated my investment. The second image below shows the performance over 12 months. You will see that I am a whopping 15.24% up in 12 months. We have had some unique events in the last year, the EU Referendum & the election of Donald Trump. Those events undoubtedly had an impact, but I still think this performance is good.
Moneyfarm Review Summary
My experience of Moneyfarm is wholly positive. I believe it offers a good investment opportunity for those not wishing to choose their own shares or ETFs. It certainly offers greater potential than a savings account or cash ISA.
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