Royal Bank of Scotland (RBS) has introduced a new online investment service, dubbed Royal Bank Invest, which can allow its customers to invest amounts from as little as £50.
Image: RBS introduces new investment service. Photo: Courtesy of Royal Bank of Scotland.
Through the service, customers of RBS will be able to link their investments to a financial goal and can also monitor the performance online 24/7.
The RBS’ new investment opportunity will allow customers to invest either in one lump-sum amount, or as a monthly contribution on individual savings account (ISA) transfer.
It also offers Automated Advice, a service for such customers who are investing for the first time. The service will be a fast, low cost advice on investing space income and savings.
Automated Advice service will ask customers about their goals, financial situation along with their risk-taking capability, to generate recommendations based on the unique situation of each customer.
Customers are given advice online along with the recommendations such as – how much to invest, which funds are right for them, and how to use their ISA allowance.
The Automated Advice will also suggest alternatives, if the customer’s financial profile is not right for investing.
Royal Bank of Scotland personal & premier distribution managing director Marcelino Castrillo said: “At Royal Bank, we focus on meeting the ever changing needs of our customers.
“By offering a low minimum investment sum and a simple online service, we hope that Royal Bank Invest will encourage more of our customers to get investing to help them achieve their financial goals.”
RBS stated that the funds customers invest in Royal Bank Invest will also be available as ISA and the customers can also transfer their existing ISA to Royal Bank Invest.
No minimum term has been specified, but the service is aimed at customers who plan to invest for at least five years.
Last month, RBS’ subsidiary NatWest has said that it is trialing Mimo, a personal finance app. The app has been designed to help customers remind them of the financial tasks they need to do and offer personal insights into their money, by looking at their bills and day-to-day spending, insurance, subscriptions and utilities.