GreenGrowth review

Invest in sectors that help neutralise the damage you're doing to the environment in your everyday life.

GreenGrowth is a brand new ethical investment platform with a clear aim – it wants to “make your money make change”, by investing based on your carbon footprint. It does this with a short survey that asks about your daily life — how much alcohol you consume, how much time you spend on flights, whether you use a sustainable energy supplier — and crafts a portfolio based on the results. We’ve had a snoop through the GreenGrowth app to find out more about this new provider and how it works.

GreenGrowth products

GreenGrowth lets you invest in either a stocks and shares individual savings account (ISA) or a general investment account. You can’t currently choose a lifetime ISA or a pension product.

The fees don’t change based on the product you choose, so you’re able to make use of your ISA allowance without paying any additional charges.

Here’s a brief description of the accounts available.

General investment account (GIA)

The GreenGrowth general investment account is a standard investment account without the tax advantages that you’ll find with the ISA, so it’s often chosen by investors that have already made use of their allowance for the tax year. It doesn’t have any limits, so you can invest as much as you’d like into your chosen portfolio.

You could be liable to pay capital gains tax (CGT) on the profits you make over £12,300 in each tax year.

Individual savings account(ISA)

The GreenGrowth ISA is identical to the general investment account in terms of the investments you can choose, but you get to make use of your ISA allowance, which is £20,000 in the 2022/2023. This allowance is reset each year, and sometimes changes. You can invest up to £20,000 in this tax year without paying any capital gains tax on the profits you make. Your ISA allowance is inclusive of anything you pay into a cash ISA or lifetime ISA, so you need to ensure you’re not overpaying into your ISAs.

What can I invest in with GreenGrowth?

GreenGrowth is a little different to any investment providers we’ve seen before, as it doesn’t offer ready-made portfolios in the traditional sense, but also doesn’t have piles of funds or exchange traded funds to choose between.

Instead, GreenGrowth has 5 funds available to invest in, but rather than choosing one and rolling with it, you can split your investments over all 5 in a proportion that correlates to your carbon footprint.

The 5 themes are:

  • Clean energy. Companies that are decreasing carbon emissions.
  • Sustainable agriculture. The companies shepherding us towards sustainable food production.
  • Clean water. The companies pulling the plug on wasted water.
  • Circular economy. The companies at the forefront for reduce, reuse, and recycle.
  • Green transport. Companies that are shaking up transportation with sustainable technology.

GreenGrowth fees

GreenGrowth is the first platform that we’ve seen that charges lower fees the longer you stay invested with it. Fees start at 0.6%, which is pretty good for sustainable investments, compared with similar robo-advisor portfolios.

You’re charged a percentage of the amount you have invested, so if you invest £1,000 in your first year, you’ll be charged £6 in the year.

Time with GreenGrowthFee charged (per year)
Less than 1 year0.6%
1 year0.56%
2 years0.52%
3 years0.48%
4 years0.44%
5 years0.40%

Customer satisfaction

If you need help from GreenGrowth’s customer service team, you’ll only be able to speak to them via email, as it doesn’t have an in-app chat or help over the phone. As GreenGrowth only launched recently, there aren’t many customer reviews available to get a sense of what customers love (and hate) about GreenGrowth.

GreenGrowth review: What else do I need to know?

GreenGrowth is pretty different to any of the investment apps we’ve reviewed on our site – here’s some more information on how to sign up for GreenGrowth and how it works.

How to sign up for GreenGrowth

Signing up for GreenGrowth is really easy, it took us less than 5 minutes to get started.
Here’s the steps you’ll need to take:

  1. Download the GreenGrowth app. GreenGrowth is app only, so you won’t be able to make investments in your browser.
  2. Select “Get Started” and input some information. This is pretty simple, your name, email address and a chosen password.
  3. Log in using the email GreenGrowth sends you. You’ll be asked for more personal information, such as your address. You’ll also need to upload proof of your identity and address.
  4. Answer some questions about your lifestyle. This is used to determine the types of investments best suited to you based on your carbon footprint.
  5. Review the suggested portfolio. This will be weighted towards the areas where your carbon footprint is highest.
  6. Add money to your account. This is done with a bank transfer.
  7. That’s it! You can add more money down the line or set up a regular transfer.

GreenGrowth features

GreenGrowth’s best feature is its portfolio creation that’s based on your carbon footprint. GreenGrowth is different from robo advisors as it doesn’t give you a range of portfolios to choose between, instead allowing you to invest in all of the portfolios it has on offer at different weights, based on your answers to its questionnaire — if you jet off on holiday several times a year, you’re likely to be shown a portfolio that’s invested in green transport.

Once you’re invested, you can check out the impact of your investments. It shows you how many tons of CO2 emissions that have been avoided, how much waste water has been treated and how much renewable energy has been generated.

How does GreenGrowth work out my carbon footprint?

In order to get some information about your carbon footprint, GreenGrowth asks you some questions about your lifestyle, including whether you smoke, drink alcohol, how much you fly, whether you eat meat and what type of energy provider you use.

Is GreenGrowth safe?

GreenGrowth is an appointed representative of RiskSave Technologies, which is authorised and regulated by the Financial Conduct Authority (FCA). It’s also protected by the Financial Services Compensation Scheme (FSCS), which means that your deposits are protected by up to £85,000 in the case that the company were to go bust.

Bottom line: Is GreenGrowth any good?

GreenGrowth is still pretty new, but from our early interactions with it, it’s pretty decent. The app interface is pretty sleek and easy to use. We really like the premise — that you can neutralise the pollution you’re contributing to the world with your investments. We look forward to seeing GreenGrowth grow and what features it has planned down the line.

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.

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