Customers of HSBC UK's online advice platform will no longer be required to invest a minimum of £1,000 upfront as the bank moves to attract a wider demographic to the service.
In an announcement today (October 2) HSBC confirmed it had scrapped the condition on its My Investment service in a bid to "open up the world of investing" to more customers.
Investors can now invest a minimum of £50 a month and HSBC anticipates the lower entry point allowing an additional 1.8m of its customers to invest funds in the service.
James Hewitson, head of wealth and advice at HSBC UK, said: "It’s more important than ever to take a long-term look at our finances. Investing cash early on can make your money grow and help to avoid financial regrets later in life.
"Many people think that you need a lot of spare cash to start investing or that it’s overly complicated.
"We want to break down these barriers and make investing a good alternative to putting a bit away in a savings account each month. £50 a month is only the beginning and you can increase your monthly payments in future. The important thing is to start small, but think big."
My Investment launched in December 2018 offering online FCA-regulated advice, alongside the bank's telephone and face-to-face wealth management service.
The changes follow YouGov research commissioned by HSBC UK in March which found one in three people considered investing as the best way of increasing their money, but almost half ultimately did not invest and regretted it later in life.
rachel.mortimer@ft.com
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
