TSB customers will be able to invest via Wealthify partnership
The bank and platform have announced a new partnership which will give TSB’s five million customers the opportunity to invest.
Customers can follow a link within the TSB app or internet banking to start investing in a general account, investment ISA or Junior ISA via the robo-adviser.
They will have a choice of five investment approaches based on needs and risk, ranging from ‘cautious’ to ‘adventurous’
Users will also have the option to invest ethically, and can start from £1. Money is invested in a range of funds that contain investment types such as shares, bonds and property.
Neither TSB nor Wealthify will give advice or recommendations so it’s up to customers to decide which product is right for them.
Wealthify charges a management fee of 0.60% and an investment cost which averages 0.22%.
TSB and Wealthify will operate on a 50/50 revenue share arrangement of the management fees. This means there will be no additional cost to the customer. They add that all fees under this partnership are the same as if customers went direct to Wealthify.
Pella Frost, director of everyday banking products at TSB, said: “Our partnership with Wealthify further strengthens our digital banking offer, offers more ways to make money work harder for our customers and will help build their money confidence.”
Andy Russell, CEO at Wealthify, added: “This partnership is about giving customers more options when it comes to their savings. At Wealthify, we are committed to ensuring anyone can build their future wealth through easy access to investing.
“We’re extremely proud to work with TSB, and to offer their customers a simple-to-use investment solution which complements their existing service, and creates opportunities to grow their savings, without the cost or complexity that comes with traditional investing.”