| OpenMoney | Octopus Money | ||
| Advice | Financial advice1 | ✔ | ✔ |
| Financial coaching | ✘ | ✔ | |
| Cash flow forecasting | ✘ | ✔ | |
| Mortgages | ✔ | ✔ | |
| Protection2 | ✔ | ✔ | |
| Invest | Investments | ✔ | ✔ |
| Products | ISA, GIA, SIPP | ISA, GIA, SIPP, JISA | |
| Service | Human advice3 | ✔ | ✔ |
| Online portal | ✔ | ✔ | |
| Mobile access | Native mobile app | Mobile-optimised web app |
|
| Open banking | ✔ | ✘ |
1 - Financial advice, regulated by the FCA
2 - Includes life insurance, income protection and critical illness cover
3 - A real person to speak to about your money and finances
Our services are similar in many ways. You can access your investments and receive advice on investing, pensions, mortgages and protection.
One of the main differences is that OpenMoney takes a “digital first” approach to financial advice, whereas Octopus Money takes a “human first” approach.
When you received financial advice from OpenMoney, you used an online tool. You stated how much you wanted to invest, and the tool asked you questions to confirm that the amount was suitable for you. Then, you may have spoken to an adviser if you needed any extra help.
At Octopus Money, we like for every client to have a conversation with one of our financial coaches, to make sure we really understand you, your life and your dreams. We chat through your short, medium and long-term goals. Then, your coach builds a personalised forecast of your financial future. With the help of our technology, we give you advice on how much to save, invest and contribute to your pensions.
In addition, we don’t currently have a dedicated mobile app. Instead, you’ll be able to enjoy access to our investing portal via your phone browser, where all of our services have been designed for mobile.