A quick review of the new ethical investing Tickr App – if you’re into ethical investments, this may just be the app for you!
Ethical investing is fast becoming a hot topic in the finance world. As the climate crisis worsens, more and more people are asking about ethical investments, and how to make sure your money is doing good for the planet as well as for your wallet.
Well, as with everything – there’s an app for that!
A new kid on the block, ethical investing Tickr app, has filled the market gap. It focuses solely on ethical investments – a great shout for anyone who is environmentally and ethically conscious. Here, I’ll tell you more about it. If you want to sign up, you can use my referral link – you’ll get £5 and I’ll get £5 🙂 (providing you top up and actually use the app). The award won’t work if you just top up and then try to withdraw.
At the moment Tickr offer General Investment Accounts (GIAs, which are taxable) and ISAs (which are tax free). The ISA is a Stocks & Shares ISA, so make sure you remember that you cannot open more than one new stocks and shares ISA in a tax year.
From the looks of it, they are planning to launch a few more accounts in the near future:
- JISAs – so you can start saving for your children;
- LISAs – (if you’re saving for your first home or retirement;
- SIPPs – for those putting money away for a pension.
The tickr ISA is a flexible ISA, which means it allows you to withdraw money from your ISA and put the money back in without affecting your ISA allowance – so long as it’s put back within the same tax year as it was withdrawn.
Say you deposit £15,000 into your ISA in 2019-20. You then have £5,000 of your ISA allowance remaining which you can still deposit.
Later in the tax year say you withdrew £2,000.
So long as it’s done in this same tax year, you can add the £2,000 back into your ISA as well as your remaining allowance of £5,000.
Tickr Theme Portfolios
Ethical Investing Tickr App offer four different portfolios to choose from: Climate Change, Equality, Disruptive Technology and Combination. You then get the choice of three risk levels Cautious, Balanced and Adventurous.
As far as I understand it, it is only ETFs and bonds that your money is invested in, which means you’re quite diversified in your investments from the start.
Dividends may be paid by the underlying ETFs in each theme but they will be automatically reinvested.
Tickr charges a flat £1 per month membership fee, but your first 30 days are free. I think this isn’t too bad, and I wouldn’t personally be put off by this.
There are no annual platform fees until your balance is over £3,000. For balances over £3,000 you will also be charged a platform fee of 0.30% p.a. on the portion above this. The platform fee is taken from cash in your Tickr account on a monthly basis.
To me, that would completely discourage me from topping up large amounts, so I’m hoping this is something they’ll change in the future.
They won’t charge you any additional costs, like trading fees; fees for opening/closing your account or depositing/withdrawing from your account; or transferring in an external account to your Tickr account.
The only other cost incurred will be the standard ETF costs from the provider of the underlying investments. This varies based on your choice of theme (Climate Change, Equality, Disruptive Technology, Combination) and Risk (Adventurous, Balanced, Cautious), and they vary between 0.25-0.49% p.a.
Is Your Money Safe With Tickr?
Your money is held in a custody account managed by their custodian, Third Platform Services. Third Platform Services has been established for over 10 years and they are regulated by the Financial Conduct Authority (FCA). They hold your money separately from tickr in a ring fenced custody account.
In addition, your money is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). Tickr are an appointed representative of a company called Met Facilities LLP, which allows them to offer you this protection.
So you can start investing with as little as a £5 deposit – and this doesn’t have to be a monthly top-up either! You can just open an account and deposit an initial one-off payment of £5, then return as and when you want to add some more money.
Currently, in my mind I only see two disadvantages – the top ups, and the withdrawals.
Both seem to take a long time, which isn’t ideal. However, as they are still expanding, I suppose it’s understandable that they haven’t yet splashed the cash on big systems.
If you remember, apps such as Freetrade used to take a lot longer for top ups too until they finally adopted open banking!
So, what do you think? Will you be using the ethical investing Tickr app for your future investments? If you do, I’d love to know your thoughts!