Here again is the link to open a new account with the first 6 months with zero management fee (T&Cs apply).
When you open a new account, Nutmeg will ask you your current investing experience, then asks a selection of questions which you need to say how strongly you agree or disagree with, including:
- I would be happy to risk losses to get potentially greater long term gains;
- I worry about the instability of the stock market;
- I would not be put off risky investments even if on a past investment I had made a big loss;
- If there’s a chance of making better long term returns, I’m prepared to take an investment risk;
- I would worry a great deal if I thought I would lose money in an investment;
- The idea that the value of my investments can be variable makes me feel anxious;
- I am willing to take financial risks with my investments;
- I would worry about losing money in the stock market;
- To get a good return on my money, I am prepared to risk a portion of my wealth;
- I would be anxious if I saw my investments had gone down in value.
Nutmeg will then serve you up a risk profile based on your answers. At this point, you have the option to retake the assessment if you disagree with the results of the questionnaire.
You then choose an account type – General, Stocks and Shares ISA, Stocks and Shares Lifetime ISA, Junior ISA, or Personal Pension.
They’ll ask you what you are saving for (we chose retirement) – and how long you plan to invest for (we chose 25 years).
Then choose your starting contribution – the minimum is £500, except on Lifetime ISA and JISA accounts (£100). Here you’ll also say how much you wish to contribute monthly (you can change this later).
Finally, you choose your investment style, from Fully Managed, Smart Alpha, Socially Responsible, and Fixed Allocation. We chose Fixed Allocation as it has the lowest fees at 0.45%. Nutmeg will ask you to confirm your Risk level at this point too.
You’ll have to click “confirm” a few times, and finalise the payment of your initial deposit – then your portfolio is built!