FixedRate is back! You can choose to invest your savings for one year with a fixed interest rate of 2.5%! The pre-investment campaign is active until the 30th of June 2019.
Have you finally decided to start your savings journey? Then the starting point is surely your Oval digital savings account, i.e. to put away those pennies when and where you can. Oval allows you to improve you financial health, while you think about living in the present.
You should consider that the money you put in the bank is static. It doesn’t increase in value year-on-year. On the contrary, it actually decreases in value. According to the Credit Suisse Global Investment Returns Yearbook, due to inflation, the value of the money you have saved in the bank depreciates year-on-year.
That's why you can choose among the products on Oval to make it grow.
What is it and how does it work?
Our Oval users asked it back, so the new investment product through our investment section that allows you to grow your savings by 2.5% annually without you needing to do a thing, is back! Just sit back and relax. We’ll do the rest.
In order to invest in the new product you must know that the pre-investment campaign comes to an end on the 30th of June 2019. In this period, if you are interested in the new product, you can invest using your digital savings account. Then, after this term, your money will be invested and tied up for one year. At the end of this period, it will be dis-invested and returned directly to your digital savings account with a guaranteed increase of 2.5%.
Is my money protected?
If you see this logo near the investment products offered through Oval, like the FixedRate, it means it's covered by the FSCS (Financial Service Compensation Scheme):
FSCS is the UK’s statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. You may be eligible to claim compensation if the investment firm fails and has been authorized by the Prudential Regulatory Authority (PRA) or Financial Conduct Authority (FCA). FCSC covers your investments up to £85,000. More information on the FSCS can be found here.
Who is this product for?
This product is for all our Ovalers, and those of you that haven't started using it yet. We envisioned this product to give everyone the chance to grow their savings over time, even with small sums (the position can be opened already with an amount of £100).
The fast facts:
- Minimum opening contribution: £100
- Maturity time: 365 days
- Maturity date: June 30th 2020
- Minimum holding period (ie. how long you must invest your money before you can withdraw it): 60 days
- Additional costs: zero. There are no management fees and no entry or hidden fees
- Early redemption cost: 1.95% with up to 15 days to return your capital
In order to invest in this product remember that, unlike the other products on the investment section, you have limited time until June 30th to invest in it!
Get ready and make sure to complete your profile in-app to access the investment section of your Oval account. If you have already completed your profile, and can already access the investment section, then you can simply invest your desired amount.
You still need to complete your profile? You can do so in 4 simple steps:
1. Take a photo of your valid ID (identity card, passport, driving license)
2. Take a selfie (the photo must be clear and sharp)
3. Take a photo of your proof of residence in paper form, such as a bill in your name or a bank statement
4. Complete a quick investment risk assessment (MiFID)
Then, all you need to do is wait (up to 48 hrs) for the activation of your profile and you're ready to invest!
If you haven't downloaded Oval yet, just click here!
** Please note that this interest rate only applies for GBP accounts. You can check in-app which interest rate applies to you.
Oval Money is not permitted to provide financial advice, and if you have any questions please consult an expert.