Evestor will be closing down their investing services, so we need to find a new home for your investments.
We’re committed to giving you the brilliant customer service that Octopus is famous for, without increasing your fees or changing your current investments. But if you’d rather not transfer your account to us, we understand.
You have 30 days to opt out of joining Octopus Money. To opt out, you’ll need to identify a different provider to transfer your account to and then follow their account transfer process. You may also have the option of withdrawing your funds and closing your account.
To opt out, please complete this form by 23:59 on 21 November 2023.
If you're thinking of opting out of the move to Octopus, here's some questions you should think about:
Is there anything I should consider when choosing a provider to transfer to?
It's always worth checking if your future provider charges any transfer fees. You should also check if your new provider will sell your current investments before transferring and consider if you're comfortable with this.
Unfortunately, we can't advise you on the pros or cons of different providers. But for reference, if you move to Octopus Money, we're happy to say there will be no transfer charges, your current fees will remain the same (or less) and your current investments will not be sold.
Will my current investment approach continue if I move to a different provider?
You are currently invested in a portfolio which is bespoke to evestor. Octopus Money has agreed to take over the management of this portfolio to allow your chosen investment choices to continue.
If you decide to migrate to a new provider, you will either need to get new advice from an adviser to agree on a new portfolio or you will need to decide for yourself which shares or portfolios which you would like to invest your funds in.
Can I decide to transfer my account to a different provider after I move to Octopus Money?
Yes, you're always free to withdraw or transfer your money somewhere else after you move over to Octopus Money.
What if I want to keep my money with OpenMoney?
Unfortunately, this is not an option because evestor will no longer be offering their investing operations.
Can I withdraw and close my account instead?
It will depend on the type of account you have. For example, you can't normally withdraw money from a SIPP (Self Invested Personal Pension) account until age 55.
Be aware that when it comes to Stocks and Shares ISAs, as a general rule, you should never withdraw your money if you’re considering to move it somewhere new. This will cause it to lose its tax-free status when you come to reinvest it and will decrease your annual allowance. If this applies to you, we suggest considering the transfer process instead to make sure your money remains tax-free. If you decide you would still rather withdraw your account,
please contact evestor directly.