Trading wars: HSBC UK dips its toe into mobile app investing
With a £50 minimum and starting with only 10 portfolios available.
HSBC is today starting to roll out investing via its UK mobile banking app with a minimum monthly investment amount of just £50.
The global bank said its move was designed to appeal to younger 18-34s who have a ‘want it now’ attitude to investing.
Included in the selection are five sustainable fund portfolios, which target companies with higher environmental, social and corporate governance (ESG) standards and a lower carbon footprint.
“Around 389,000 of our customers aged under 35 have sufficient assets to invest but are currently not doing so,” said James Hewitson, head of wealth management at HSBC UK.
“If you have an emergency fund of 3-6 months of living costs and can afford to put away at least £50 a month, then investing can really help you grow your money.”
HSBC says 64 per cent of its customers are digitally active, and it’s adding investment functionality and reducing its minimum investment amounts to either £50 a month or a lump sum of £1,000 to encourage more to try investing.
“Our online advice service, HSBC My Investment, already provides an accessible and low cost route to investing for novices,” added Hewitson.
“With the addition of mobile, we’re offering more opportunities for savers to try out investing and make their money work harder."