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  • FSCS covered: Yes (covers up to £85,000)
  • FCA regulated: Yes
  • Management fee: 0.68%
  • Account opening charges: /
  • Customer support: Chat, phone, mail, Facebook, Twitter, in-person consulting
  • Available services: Stocks and Shares ISA, Personal Pension, GIA

minimum price:

Free account

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Moneyfarm Review

Have you ever stumbled across the opportunity to sit back and relax while your money works for you? If not, proceed to read this Moneyfarm review because that’s exactly what this wealth management company brings to the table.

Moneyfarm Review

minimum price:

Free account

Visit Website
  • FSCS covered: Yes (covers up to £85,000)
  • FCA regulated: Yes
  • Management fee: 0.68%
  • Account opening charges: /
  • Customer support: Chat, phone, mail, Facebook, Twitter, in-person consulting
  • Available services: Stocks and Shares ISA, Personal Pension, GIA

Best For

Medium to high financial growth

STRENGTHS

  • Portfolios managed by financial experts
  • Versatile customer care solutions
  • User-friendly app
  • Portfolios based on your goals

WEAKNESSES

  • Lacks LISAs and Junior ISAs
  • Only available in the UK and Italy
  • You can’t choose individual stocks

Regular investing can provide a stable passive income and teach people how to handle finances better, as it offers the opportunity to grow money over the long term. What’s more, you don’t have to set aside thousands of pounds a month to see a significant difference in savings. As long as you’re consistent, you’ll manage to grow your money and make it go further. 

So, if you’re ready to explore new investment possibilities, you will need a reliable service provider to help you make the first step. With that in mind, I’d advise you to read my Moneyfarm review, as it will show you the pros and cons of dealing assets on this platform.

 

  • What is Moneyfarm?
  • Who is Moneyfarm Best for?
  • How Does it Work?
  • Accounts and Services
  • Moneyfarm Charges
  • Account Setup and Withdrawals
  • Mobile App
  • Security
  • How Does Moneyfarm Compare?
  • Customer Support 
  • User Reviews

What is Moneyfarm?

Moneyfarm began its journey in 2012 when Giovanni Daprà and Paolo Galvani decided to start a business that helps clients with asset management. Since then, the award-winning company has grown to become one of the largest digital wealth management companies in Europe. 

Although born in the moral capital of Italy, the company moved its headquarters to the UK in 2016, where it continued helping people find their way to financial freedom. 

Moneyfarm has a specific goal in mind— to make investing accessible and easy to anyone through technology. With 61,000 active investors, Moneyfarm transformed the asset management industry and set high expectations for other similar service providers.  

In 2018, Moneyfarm was voted innovation of the year at the British Bank Awards, and its private pension won the ‘Best Direct SIPP 2019’ award. Moreover, by the end of 2021, this company had £2 billion worth of clients’ assets under management. 

Moneyfarm is authorised and regulated by the Financial Conduct Authority (FCA), and all assets managed by this company are covered by the Financial Service Compensation Scheme (FSCS). In other words, Moneyfarm is a legitimate company that works with financial regulatory bodies to ensure your funds are safe. So, if Moneyfarm or financial institutions that store your deposits were to go insolvent, FSCS and FCA will ensure their debtors won’t get a hold of your investments.

Who is Moneyfarm Best for?

The Moneyfarm platform exists to make investing simple and effective. With that in mind, this is an ideal starting point for those new to dealing with shares, funds, and other assets online. However, Moneyfarm is also an excellent choice for seasoned pros, as it allows them to build portfolios that meet strict environmental, governance, and social standards. 

Investing is a risky business, which is why Moneyfarm matches its clients with portfolios that reflect the level of risk they’re willing to accept. As a result, all Moneyfarm portfolios are diverse, allowing you to make the finest choices and invest in opportunities you believe are best for your financial growth. 

On top of that, this money management company offers investment advice that can help complete beginners become independent and successful investors. Moneyfarm brings smart tech and the top industry experts to the table, meaning you can always chat with your own investment consultant if something goes awry or you need further instructions. 

So, Moneyfarm is for anyone who wants to deal with assets on a secure platform and get the help they need along the way. In addition, Moneyfarm is a great service provider for:

  • Those willing to explore the benefits of tax-free retirement investments
  • Those who want to dive into the world of investment for the first time
  • Going through the stock market’s ups and downs in a managed environment
  • Investors who wish to make investment decisions based on data and research 
  • People who need to prepare for the future and improve their financial health

 

Additionally, Moneyfarm accepts clients from the UK and Italy only, and all clients must be 18 or older. But, if you don’t have Italian or UK citizenship, it would be best to contact Moneyfarm’s customer support and see whether they’re willing to make an exception. It is unknown whether Moneygram will open its platform to citizens of other countries.

How Does it Work?

An Investment Profile

Your journey with Moneyfarm starts with a brand new custom profile. As a future investor, it’s essential to understand your goals and what’s right for you, and that’s what Moneyfarm wants to make as easy as possible. Once you create an account, you will have to answer a series of questions about your attitude towards investing and risks. 

This profile will help your investment consultant lead you on your way to becoming a successful investor. If your investment goals change, and they probably will, you can always adjust your profile and change your preferences.

Your First Portfolio 

After choosing the account type you want to open at Moneyfarm, the company will match your investor profile to one of seven globally diversified portfolios. It’s noteworthy that each portfolio consists of handpicked and budget-friendly Exchange-Traded Funds (ETFs). 

In other words, the funds you get in your portfolio will meet your criteria, resources, and investment goals. Furthermore, you can optimise your potential for growth and control your risk exposure. 

Active Management

Now that you have your first funded Moneyfarm portfolio, this company will put your money to work. Moneyfarm will perform regular market analysis, and its team of experts will manage the entire investment process for you. That way, you won’t have to be on the lookout for new deals or spend hours on the Moneyfarm website monitoring your performance and market liquidity.

Accounts and Services 

Stocks and Shares ISA

With Moneyfarm, you can invest in Stocks and Shares ISAs for tax-free growth. If you invest in this account, you will pay less tax and target higher returns on your investments. 

Moneyfarm ISA is an excellent opportunity for first-time investors, as it has a deposit limit of £20,000 a year. Moreover, the Moneyfarm team will build and monitor your ISA and support you towards your investment goals via live chat, phone, email, or even in person. 

Stocks and Shares ISAs will bring you the flexibility and freedom you need as an investor. Namely, those who invest £20,000 and withdraw the same amount from their account can reinvest £20,000 and enjoy the ISA tax benefits. That is good news, as most similar service providers have strict account limitation rules.

If you want to transfer your ISAs to Moneyfarm, this company will handle the process for you. Not only will Moneyfarm transfer your ISAs fast, but it will also do it for free! 

Personal Pension

If you invest in a private pension, Moneyfarm will manage your portfolio around your target data, making it easier to reduce investment risks as your retirement approaches. With a Moneyfarm SIPP, you will get a 25% boost to your pension automatically, and you won’t have to make a claim to Her Majesty’s Revenue and Customs (HMRC). 

What’s remarkable about Moneyfarm SIPP is that you can withdraw 25% of your pension tax-free starting from age 55. So, whether you want to take a single lump sum or split your cash withdrawals into instalments, 25% of your Moneyfarm pension will remain tax-free. 

You can also transfer your pensions over to Moneyfarm free of charge. Moneyfarm will need your current provider’s name, valuation date, pension account number, and account value to complete the transfer. However, you will have to wait around four weeks to start investing with Moneyfarm, as transferring private pension over to another company isn’t easy. 

General Investment Account

A general Investment Account (GIA) can give you flexibility, as it doesn’t impose any limits on how much money you can invest in this account. Moneyfarm GIA is suitable for expert investors who deal and manage large amounts of money, but it can be a good choice for first-time investors too! 

As it all boils down to your personal goals, you should decide how much money you want to invest annually to determine whether GIA is suitable for you. So, if you’re going to invest more than £20,000 a year, a General Investment Account would be a better choice than an ISA. 

Still, it’s noteworthy that there aren’t any tax benefits for investing in a GIA. But, with low Moneyfarm fees, you’ll manage to keep most of your returns and grow your investments. 

Additionally, regardless of which investment account you choose, your Moneyfarm minimum investment will have to be at least £500. Of course, if you opt for a General Investment Account, you can invest as much as you’d like, as long as your monthly deposit is £500.

Important note: You don’t have to deposit your investments monthly. So, whenever you decide to contribute to your investment account, you will have to deposit at least £500. 

Moneyfarm Charges

Moneyfarm will charge you a monthly management fee of 0.68%. So, suppose you invest £20,000 a year. In that case, your monthly Moneyfarm management fee will be £11.25. 

This company will also charge the money spread and underlying fund fee, which will cost you 0.09% and 0.20% of the total asset value on your accounts. Therefore, those who invest £20,000 will have to save £16.08 a month for Moneyfarm fees in total. 

As you reach investment milestones, Moneyfarm will lower your fees. Check out the table below to compare fee differences.

 

Investments On the first £10,000 £10,000-£50,000 £50,000-£100,000 £100,000+
Fees 0.75% 0.60% 0.50% 0.35%

 

Account Setup and Withdrawals

If you want to start investing at Moneyfarm, you will first have to create an account. So, follow the steps below, and you’ll be able to begin your investing journey in minutes:

  1. Visit the Moneyfarm official website
  2. Click on the Get Started button
  3. Create an account by providing your email and a new password
  4. Once you have a verified account, sign up via the Moneyfarm website or mobile app
  5. Next, fill out a Moneyfarm questionnaire 
  6. Then, wait for Moneyfarm to assign you to your investor profile
  7. Finally, adjust your account to match your investment goals and needs

Withdrawals

If you want to withdraw from your available cash, you can request a withdrawal on your mobile or complete the process on the Moneyfarm official website. For starters, you will have to go to the Funding Details section and press the Withdrawals request button. Then, specify how much money you want to withdraw and select the bank account where Moneyfarm can send you your cash.

It’s worth mentioning that it might take around three business days for your money to appear in your bank account. Moreover, you will have to send new bank details if you want to transfer your money to an account that isn’t registered in Moneyfarm’s system. That is because Moneyfarm needs to verify these bank details before sending money your way.

How to Close a Moneyfarm Account?

If you ever decide you don’t want to invest at Moneyfarm anymore, you should contact customer support and ask them to deactivate your account. Still, it’s noteworthy that Moneyfarm won’t charge you inactivity fees, meaning you aren’t obligated to invest if you create an account.

Moneyfarm will charge you its standard fees the moment you fund your account. So, as signing up to its platform is free, you won’t have to pay any penalty or inactivity fees if you don’t want to invest. However, if you decide to close your account, you won’t have to withdraw your available balance at once. 

Mobile App

Interestingly enough, Moneyfarm was the first wealth management company in the UK to launch its own app. The Moneyfarm app became available to iOS users in 2016. Soon after the iOS app release, Android users could find the app on Play Store. 

Over the past few years, Moneyfarm has introduced many new features and improved user experience. Namely, Moneyfarm added the Private View feature that allows you to check the progress of your investments without displaying your balance openly. Additionally, Moneyfarm has recently introduced the In-app chat feature, allowing clients to contact customer support on the go. 

Of course, you can use the Moneyfarm app to deposit or withdraw funds and move your available cash into investment portfolios. Moreover, if you want to expand your knowledge or enhance your investment skills, you can always find the Moneyfarm blog within the app. 

Security

Primarily, Moneyfarm is regulated by the Financial Conduct Authority (FCA). With that in mind, Moneyfarm has to follow various regulations to protect its investors. Moreover, Moneyfarm’s compliance with CASS ensures the clients’ accounts are distinguished from the company’s accounts. 

On top of that, Moneyfarm keeps clients’ assets in a separate institution. As Saxo (a Danish investment bank) is Moneyfarm’s custodian, this bank holds all your deposits at its vaults. 

Moneyfarm completes an annual due diligence process on its custodian and partner banks for an additional layer to your security. This process analyses credit quality and financial resources at these institutions. 

All your deposits at Moneyfarm are also protected by the Financial Services Compensation Scheme (FSCS). So, if the company goes insolvent, FSCS will cover investments of up to £85,000.

How Does Moneyfarm Compare?

This section of my Moneyfarm review will show you the main differences between Moneyfarm and its competitors. That way, you’ll know which service provider can meet your investment needs and help you reach your goals. So, I’ll start by comparing two of the best investment apps in the UK — Moneyfarm and Nutmeg.

Moneyfarm vs Nutmeg

One of the main differences between these wealth management companies is the number of services available on their platforms. Namely, Moneyfarm allows you to invest in Stocks and Shares ISAs, SIPPs, and GIAs, while Nutmeg also offers Lifetime and Junior ISAs. So, Nutmeg is undoubtedly a better option for those who want to manage family accounts and prepare funds for their children’s future. 

However, Nutmeg allows you to choose between three standard yet fully managed investment portfolios. Moneyfarm, on the other hand, will offer you a portfolio based on your attitude towards risks. This company takes your investment goals seriously, and it employs investment experts to manage your portfolios and analyse market trends. 

Both companies charge impressively low fees. Still, they’re worth looking into before dealing assets on a new platform. As costs can vary based on the account you’re investing in, checking your available options will help you calculate your winning potential and commit to one of these platforms.

Moneyfarm vs eToro

eToro is another reputable trading platform in the UK that offers trading services to Britons. Although eToro is more focused on crypto trading, you can find a range of automated investment products on its website. 

Still, one of the main differences between the two is that eToro won’t charge you any share dealing fees. So, to put it in another perspective, eToro is an excellent solution for making a passive income. Moneyfarm, on the other hand, is more suitable for retirement planning or growing assets with the help of an expert.

Customer Support 

Moneyfarm offers a few communication channels for its users. Namely, you can contact Moneyfarm customer service agents via live chat, phone, and email. Although it’s not a common practice, clients can contact customer support on Facebook and Twitter. Clients can also talk to Moneyfarm’s financial experts in person to discuss their investment goals and portfolio. 

Still, what matters most is that the customer support representatives are always ready to resolve customer queries and guide them through Moneyfarm services and features. So, if you ever need someone to recommend new solutions or give more information about Moneyfarm’s products, don’t hesitate to contact the customer support team. 

User Reviews

Based on Moneyfarm reviews on Trustpilot, this company has an excellent reputation so far. Unsurprisingly, around 75% of all customers who left a review on this platform rated Moneyfarm with 5/5 stars. That is because, as reviews show, Moneyfarm offers excellent service and takes good care of its customers. 

So, for example, some clients say the Moneyfarm platform is intuitive and straightforward. Additionally, others claim this wealth management app allows them to grow their money fast. 

Moneyfarm User Reviews | CyberCrew

Intriguingly, only 3% of Moneyfarm clients who left a review on Trustpilot rated this company with 1/5 stars. Most other service providers have a higher percentage of bad reviews, which is why it’s safe to conclude that Moneyfarm indeed lives up to clients’ expectations. 

Still, those who had issues with Moneyfarm complained about its fees or financial losses. But, Moneyfarm product prices are below average, making it one of the most cost-effective service providers in the UK. Moreover, asset dealing is risky, meaning the investing and trading platforms can’t take full responsibility for clients’ losses.

Wrap Up

Finding a reliable investing platform can be challenging. So, I hope this Moneyfarm review gave you a better image of why investing at Moneyfarm can benefit your future. This company offers many benefits, including low fees and unlimited support from its financial experts, making it one of the UK’s most reliable service providers. 

As you aren’t obligated to fund your account immediately, it would be best to see for yourself whether this service provider is a good fit for you. After all, Moneyfarm can help you manage risks, and although it doesn’t offer LISAs or Junior ISAs, it’s an excellent platform for medium to high growth.

FAQ

Is Moneyfarm safe?

Yes, Moneyfarm is a safe and dependable wealth management company that will keep your funds safe. It’s regulated by the FCA and covered by the FSCS, meaning your deposits are in good hands regardless of what happens to this company in the future. 

Is Moneyfarm FSCS protected?

Yes, Moneyfarm is both FSCS and FCA protected. The Financial Services Compensation Scheme will cover up to £85,000 of your investments. So, if you want to invest more than £85,000 and ensure your assets are covered, consider opening a joint account or investing in multiple accounts. As FSCS covers only £85,000 per account, your money will be safer when divided into multiple investing accounts. 

Who owns Moneyfarm?

Giovanni Daprà is the CEO and co-founder of Moneyfarm. He and Paolo Galvani decided to open a wealth management company in 2012, and that’s how Moneyfarm started its journey. 

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