evestor review

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evestor lets you start investing with just £1, less than the price of a cup of coffee. You’re not going to make enough profit from £1 to get yourself a fancy new car anytime soon, but it’s certainly a starting point. We’ve looked at the portfolios available with evestor, how you get started, how much it costs and some pros and cons.

What is evestor?

Launched in 2017, evestor is an online investment manager that aims to help customers grow their finances through passive mutual funds. Like many of its digital wealth management peers, evestor assigns you to one of three portfolios based on your financial goals and appetite for risk. evestor also provides a financial advice service called OpenMoney.

How does evestor work?

evestor is a robo-advisor, which means that it invests on your behalf. Here’s how it works:

1. Choose your account. You have a choice between a general investment account, an individual savings account (ISA) and a pension. We go into more detail about these further down.
2. Fund your account. You can start with just £1, it can take up to 5 days for the money to clear.
3. Choose a risk profile. There are three risk options – low, medium and high. It’s got a questionnaire to help you choose.
4. evestor invests on your behalf. The portfolios are managed by experts, so you can relax.
5. Track your investment performance. You can do it 24/7 with the app.
6. Withdraw whenever you want. It can take 5 days for the money to clear.
   

   What can you invest in with evestor?

   evestor has 3 portfolios – low risk, medium risk and high risk. We’ve detailed how they’re broken down in some more detail below.

   What products does evestor offer?

   evestor has 3 different products on offer:

   • General investment account. Invest without any restrictions or limits, but you might have to pay tax on profits.
   • Pension. Lets you save for your retirement.
   • ISA. Lets you use your annual ISA allowance to invest tax free.

   evestor general investment account

   The evestor general investment account has no trading limits or allowances.

   You can’t use your ISA allowance with evestor, which means that any profits over £12,300 in each tax year are taxable. If you haven’t used your ISA allowance in the 2021/2022 tax year then you could invest in an ISA instead.

   evestor ISA

   You can invest in an ISA with evestor. This lets you use your ISA allowance, which means that you can invest up to a certain amount each year without paying any tax on your profits. The ISA allowance for the 2021/2022 tax year is £20,000.

   evestor pension

   The evestor pension lets you save up for your retirement. It’s separate from your state pension and your workplace pension, so it’s for anyone who wants to save a little extra for retirement.

   You can invest in the same investments as with the other accounts, but you can’t withdrawn until you turn 55. You can get tax relief on the money you pay into your pension from the government.

   If you have existing pensions elsewhere then you can transfer them to evestor.

   How much does evestor cost?

   evestor charges an annual management fee of 0.25%, as well as a 0.10% administration fee, on each of its portfolios. You’ll also pay a fund fee, which covers the cost of investing in the various funds.

   • Portfolio 1 (Low Risk) – 0.14% fund fee
   • Portfolio 2 (Medium Risk) – 0.12% fund fee
   • Portfolio 3 (High Risk) – 0.11% fund fee

   Overall fees

   This is the approximate amount you’ll pay in fees on each portfolio:

   Portfolio	Management fee	Admin fee	Fund fee	Total fees
   Low risk	0.25%	0.10%	0.14%	0.49%
   Medium risk	0.25%	0.10%	0.12%	0.47%
   High risk	0.25%	0.10%	0.11%	0.46%

   Is evestor safe?

   evestor uses 256-bit TLS encryption to protect your data and is authorised by the FCA. It is also covered by the Financial Services Compensation Scheme (FSCS)
   , so you may be entitled to compensation of up to £85,000 on your deposits in the event that evestor ceases trading or defaults.

   As with any other type of investment, whatever capital you invest with evestor is at risk, and there is no guarantee of returns. You may end up with less than you originally invested. The performance of each portfolio will also likely differ, and a higher risk portfolio does not necessarily mean higher profits.

   Pros and cons of evestor

   Pros

   • No upfront costs
   • You can invest from as little as £1
   • Offers pension and ISA accounts

   Cons

   • Only invests in passive mutual funds
   • Long withdrawal and deposit process
   • Only three risk portfolio options

   Our verdict: Is evestor any good?

   evestor is pretty similar to Wealthify, Wealthsimple and Nutmeg, three other robo-advisors. Both Wealthify and Nutmeg have more portfolios, however.

   evestor’s risk assessment quiz is a great feature, and it’s great that it has three different products that you can invest with. It’s simple to use, and a great way to get started with investing if you’re still a beginner.

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   All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

   Frequently asked questions

   • Will I pay tax on my investment profits?

     You’ll likely need to pay tax on any gains you make in a general investment account, depending on your current tax status. Any profits made with a pension or ISA account will generally not be taxed.

   • Where can I get the evestor app

     The evestor app is available on both iOS and Android and can be downloaded from the App Store and Google Play.

   • Does evestor offer ethical investing options?

     evestor invests in a range of mutual index funds but does not offer specific ethical or socially responsible investing options.

   • How much do I need to invest with evestor?

     You can invest as little as £1, with no upper limit.

   All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.