By Daniel Lanyon on Thursday 27 May 2021
The fintech has been gearing up for the launch of its ChipX premium offering for some time and will be including the new investment products as part of the new paid-for plan.
Savings platform Chip has launched investment portfolios, managed by asset management giant BlackRock, ahead of the launch of its premium paid-for product ChipX.
Chip will offer three risk-targeted portfolios from BlackRock’s Consensus range: BlackRock Cautious, BlackRock Balanced and BlackRock Adventurous through its existing ChipAI plan as well as ChipX when it launches in a few weeks’ time.
The former will charge a 0.75 per cent annual platform fee on top of the cost of the ChipAI plan, which is £1.50 every 28 days. ChipX plan will charge a 0.25 per cent annual platform fee as well as its £3 charge every 28 days.
The fintech plans on adding more funds as it develops the product including thematic funds (Clean Energy, Healthcare Innovation and Emerging Markets) and multi-asset funds
“We believe investing should not be about stock picking, or single-share trading, or a get-rich-quick gambling culture. With our investment platform, we wanted to build something that offers returns over the long term, of course investors' capital is still at risk, but we’re aiming for much less drama than you’d get with stock-market hype, like the recent GameStop stock saga,” he said.
“I believe that all people should have access to tools that aim to grow their wealth steadily over time; trading meme shares or buying bitcoin is not it,” he added.