Frequently Answered Questions

Yes! Our custodian, Seccl Custody, pays interest on uninvested cash each month. We believe that this income belongs to our customers and so we pass 100% of the interest straight through to you. As of 08/11/2024 the rate is 4.00% AER.

You can read more about Seccl's current and past interest rates here.

No. TILLIT is completely independent and gets no kickbacks, commissions or other forms of payment from the asset managers whose funds, investment trusts or ETFs we offer in the TILLIT Universe. Every fund in the TILLIT Universe has been selected based on rigorous research and merit alone.

If you have any questions about our fund selection process, please reach out to us at talktotillit@tillitinvest.com and we'll be happy to tell you more.

The 'Recommended minimum cash balance' is a voluntary cash balance for your Stocks & Shares ISA, General Investment Account or Pension.

It is there to help you manage your cash balance to make sure there is always sufficient cash in your account to cover platform fees.

It is calculated based on platform fees due in the next three months, which in turn are based on the current assets in the account and assuming a 5% per month growth of your investments.

It is set to round up to the nearest £10.

You can find it on your Dashboard.

TILLIT Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our custodian, Seccl Custody Ltd, is also authorised and regulated by the FCA, and your money is FSCS protected (up to £85,000) should TILLIT or Seccl's banking partner Lloyd's go into administration. Any invested money is not protected against market movements and your capital is at risk.

Seccl Custody is our custodian. A custodian is a regulated financial institution responsible for safekeeping client assets. Investment platforms and financial advisors regularly use custodians to safeguard client assets, execute and settle trades and transactions, as well as manage dividend and interest payments.

If you want to find out more about Seccl, you can do so by clicking this link.

Capital is the money you use to buy investments such as funds and stocks & shares in financial markets.

Once bought, the value of the investments may fall as well as rise due to a number of things including market movements. You are not guaranteed to make a profit when you invest.

“Capital at risk” means that because the value of your investments may fall, at the point when you come to sell your investments you may get back less than the amount you initially invested.

In plain English, it means that you may lose money when you invest.

For almost all funds on the platform the minimum investment amount is just £1! A small handful are slightly higher (£1-4) due to restrictions on the smallest quantity of the fund we can offer for sale and the market price of those funds combining in a way that means the smallest tradeable unit of those funds exceeds £1 but in general, you can start investing on TILLIT with as little as £1.

If you want to set up an auto-investment, the minimum deposit amount is £10 for ISAs & GIAs and £100 for pensions.

At this time we accept customers who are:

• over 18 years old;
• a UK taxpayer/UK tax resident and have a current address in the UK;
• not a 'US Person', as defined by the United States FATCA regulation, and;
• have a UK bank account.

If you do not meet these criteria, unfortunately we cannot offer you an account at this time. If have any questions, please reach out to our friendly customer support team at talktotillit@tillitinvest.com and they'll be happy to help.

We currently offer a Stocks & Shares ISA, a General Investment Account (GIA) and a Self Invested Personal Pension (SIPP).

Stocks & Shares ISA:

This is a tax-efficient investment account. The main perk is that you don't have to pay capital gains tax on any gains made. However, there is one main restriction:

1. There is a maximum amount you can invest through this account in any given tax year. Currently, the maximum amount is set to £20,000.

Given this tax benefit, it is usually a good idea to open a Stocks & Shares ISA before opening a General Investment Account so that you can maximise those tax benefits!

Tax treatment depends on your individual circumstances and may be subject to change.

General Investment Account (GIA):

A General Investment Account is a standard investment account. Unlike a Stocks & Shares ISA, you can contribute as much as you'd like to a GIA, without limits tied to the tax year. However, you will have to pay capital gains tax on any gains made.

Yes, you can subscribe to multiple ISAs of the same type in the same tax year as long as your total contributions across them do not exceed the annual allowance of £20,000.

The short answer is yes. You can open and contribute to a Cash ISA and a Stocks & Shares ISA in the same tax year, but your total annual contributions across both accounts must not exceed £20,000. Therefore, if you have added £10,000 to a Cash ISA, you can only add up to £10,000 to your Stocks & Shares ISA in the same tax year.

At TILLIT we believe in quality over quantity. Choice is good, but too much choice can be overwhelming, even paralysing. That is why we have whittled thousands of funds down to what we believe are the best-in-class.

We currently have 106 open-ended funds, investment trusts and ETFs on the platform, covering a wide variety of asset classes, regions, and styles. Whether you are a novice or a seasoned investor, there is something for everyone.

Everything in the TILLIT universe is available for all accounts. Regardless of whether you have a Stocks & Shares ISA, a General Investment Account or a Pension, you can invest in whatever you like!

This depends on the type of fund you are buying or selling.

Open-ended funds are traded directly with the asset manager via a system called Calastone. From the time you place your order for an open-ended fund on TILLIT, it will typically settle within 3 working days. In the meantime, your order will show as "Pending" on your Dashboard.

The settlement time depends on the asset manager's daily cut-off time (if it's before or after the time you placed your order that day) as well as how quickly they process orders. You will find the cut-off time for each fund on its information page on the platform. If you can't find it, you can speak to us on live chat, otherwise you can always email us at talktotillit@tillitinvest.com

Investment trusts and ETFs are closed-ended funds that trade on an exchange. At TILLIT we trade this type of funds daily at 15.00.

If you place your order before this time, your order typically settles within a couple of hours. If you place your order after this time, it will be traded at 15.00 the following day.

When you make an order, it will show in the 'Holdings' section of the relevant account. There will be an 'i' symbol with a tooltip containing more information about the order. It will also show in 'My documents' under the 'Contract notes' tab with an 'i' symbol showing that the order is pending. Once the order has settled, you will be able to download the contract note.

If you place an order using the Basket you will receive a confirmation email. Confirmation emails will not be sent when a quick-order is placed but you can still find and download the order notes on your Dashboard.

Yes! You can transfer a Stocks & Shares ISA, a General Investment account or a Pension to TILLIT, either in cash or in specie. Just send us a message on live chat or email us on transfers@tillitinvest.com to get started.

We have a TILLIT team dedicated to helping our customers transfer their Stocks & Shares ISA, General Investment Account or Pension to TILLIT with ease. Speak to us via live chat or email us at transfers@tillitinvest.com to find out more.

One of our founders is an ex-fund manager and we know how difficult it is to pick individual stocks, and to do that well, consistently. It's also very time consuming (if you want to invest based on fundamentals) and we all have full-time jobs already!

We believe that funds (regardless of structure) is the best solution for long-term investing for the majority of people. Funds offer diversification, risk management and (for actively managed funds) professional expertise in a way that individual stocks & shares don't.

Knowing how to tell the difference between a great company and a great investment is tricky, even for the pros.

A piece of legislation called MiFID II requires that we report trading in certain investments to our regulator, the Financial Conduct Authority. On TILLIT this means that if you want to trade Investment Trusts or ETFs we may have to ask you for a national identifier before you can proceed.

The identifier we need differs depending on your nationality. For example, if you are a British citizen without dual citizenship we will ask for your National Insurance number, while other nationalities might require a different identifier such as a tax identifier or passport number.

You may be asked for your national identifier during onboarding, or when trying to place a trade in an Investment Trust or ETF if we don’t have an identifier on file.

If you only intend to invest in open-ended funds, we do not need to ask for your national identifier - though supplying it if asked while opening your investment account means you won’t be prompted to submit it if you later choose to invest in an Investment Trust or ETF.

At this stage, TILLIT cannot serve customers who 'US Persons' covered by FATCA reporting requirements.

The US Internal Revenue Service (IRS) places regulatory reporting requirements on financial institutions serving 'US Persons' through the Foreign Account Tax Compliance Act, or FATCA. 'US Persons' include all US citizens, permanent legal residents or 'green card' holders, and persons born in the US. This also includes dual nationals where one of the nationalities is the US as well as people who have had a 'substantial presence' in the country over the past three years.

If you are unsure if you may be covered you should seek independent tax advice.

You can set up a regular deposit or automated investment from your Dashboard by clicking 'Set up regular deposit & order'.

You will be asked to select the date and amount of your payment. To keep your deposits as cash for the time being, just click 'Hold as cash'.

Please note there is a £10 minimum regular deposit amount for ISAs & GIA's. For pensions, the minimum is £100.

A time-weighted return figure is a calculation of the performance of your investment strategy that tries to compensate for the timing of your trading activity and cash flows.

An example of a situation where time-weighted return might give a better indication of investment selection performance than just comparing investment cost to value is when you invest new money in an existing investment account.

Let’s say you have £1,000 invested in your account and it has grown to £1,100 over time - in monetary terms the position has grown by 10% or £100.

Now let’s imagine you add a further £5,000 to your account, meaning its total value is £6,100. In monetary terms the account is still worth only £100 more than we put into it, but now we’re comparing that £100 growth to £6,000 of inflows. Measured this way the position’s monetary growth drops to 1.67% (£100 monetary growth divided by £6,000).

Your investments aren’t performing worse just because you added cash, it’s just that the £5,000 inflow hasn’t had time to affect the monetary return of the account yet - it’s only just been invested. Over time its impact will be felt much more.

A time-weighted return figure spreads the effect of that £5,000 addition over time, making it easier to assess the overall performance of your investment choices independent of the timing of your investments as you add and remove investments in your account.

The time-weighted return figure rarely matches the monetary return of an account, and can even show a gain in £-terms when your account has made a loss (or vice-versa). For this reason the value can be confusing at times.

This is why we’re exploring better ways to express your account’s performance and why we prioritise showing a more straightforward £ monetary growth figure. You can see the time-weighted return of your account by clicking the ‘info’ icon on your account card in the Dashboard.

There are 3 main factors that affect how likely it is you're left with uninvested cash after an order completes:

1. The price of the investment per unit or share;
2. How small a fraction of a unit or share we can trade - this varies based on the investment itself;
3. and the £ amount you wish to buy.

Investments can only be bought in multiples of a specific fraction of a share - for some funds it might be 0.01 units/shares (i.e. hundredths of a unit), for others it might be 0.001 units/shares (i.e. thousandths).

When you instruct a buy order, you ask us to secure as much of a fund as we can up to the £ amount you enter. This quantity will vary based on the price of the investment, which can fluctuate daily, and the minimum tradable fraction of the investment. If the £ value of the minimum tradable fraction is more than a penny at the point the trade is executed then you'll have some left over cash.

For example: consider a fund that trades at £400 per unit and can be bought in multiples of 0.01 units, and you place a buy order for £45.

• The smallest fraction we can buy of that fund at the point the trade executes is £400 x 0.01= £4; or put another way, we can only trade in multiples of £4 per hundredth of a unit;
• £45 does not cleanly divide by £4 - we could buy 0.11 units for a cost of £44, but we can't do anything with the £1 change as it's not enough to buy another hundredth of a unit;
• So: your £45 buy order actually secures you £44 worth of the fund, and £1 is returned to you and remains uninvested.

In almost all cases funds are cheap enough per unit, and can trade at a tiny enough fraction of a unit, that the difference is at most pennies and often not even that.

However sometimes the combination of the instrument's latest price, its minimum tradable fraction and your order amount means that it's much more likely that the trade will leave a high proportion of your cash uninvested, or fail entirely leaving the whole amount uninvested.

When we think this is a possibility we show a notice during the buy process - you can still place the order, but there is a possibility that you will end up with cash left over.

At this stage, TILLIT only operates in the UK and to open an account you have to be a UK resident.

TILLIT is all about empowering you to take control of your pension savings.

Compared to most other pensions, with TILLIT you have the freedom to invest your hard-earned savings in line with your values and your requirements to achieve your retirement goals.

We have built the pension with one goal in mind - to help you make good decisions today, which your future self will thank you for. That is why the TILLIT Pension comes with innovative features and nudges to help you make the most of your pension today, and in the future.

There are a few general differences with personal pensions (like the TILLIT Pension) compared to many traditional workplace pensions. For example, you can access your money earlier (at 55 compared to 60-65). It also offers greater flexibility for how you access your pension pot when you come to draw from it.

The TILLIT Pension is a Self-Invested Personal Pension (SIPP) account. The main difference between a SIPP and some other pensions is that you can take full control of your retirement savings by picking your investments in line with your goals and values.

The TILLIT Pension is available direct as well as a workplace pension via employers who want to offer their employees more freedom of choice and the chance to take ownership of their pension.

If you want to find out more about how you can get TILLIT for your workplace pension, email us at groupsipp@tillitinvest.com.

Anything you like in the TILLIT Universe! And if you're not ready to build your own portfolio yet, you can leave your pension on autopilot, which means any contributions will be automatically invested in our default fund.

You can pay into your TILLIT Pension either by setting up a regular payment or making ad-hoc deposits.

If TILLIT is your workplace pension then your and your employer's monthly pension contributions will be made directly into your TILLIT Pension. You can also choose to top up your pension should you wish to, just be aware of the annual allowance rules.

If you don't currently have access to the TILLIT Pension through your employer and you would like to, you can ask them if they would consider paying your pension to TILLIT instead of your current provider.

Alternatively, we'd be delighted to speak to your employer to tell them more about TILLIT and how the TILLIT Pension can benefit you and your colleagues. Just send us an email at pensions@tillitinvest.com with the name of your employer and we'll take it from there!

Yes, once you have opened a pension on TILLIT you can use the transfers card on your Dashboard to start your transfer.

Please note that the process may vary by provider and there are limitations to what kind of pension schemes we can accept. For instance, we are unable to accept transfers from a Defined Benefit (or ‘Final Salary’) scheme or from a pension that’s been crystallised (accessed and cashed-in), or that has any guarantee or safeguarded rights. If you are unsure about your scheme please refer to your paperwork from your current provider before proceeding.

Safeguarded rights are special features of a pension pot that guarantee or promise certain payments that the member (or their beneficiaries) will receive, or will have an option to receive after retirement.

The three types of safeguarded rights are defined benefit pensions (final salary), guaranteed minimum pensions (GMP), and guaranteed deferred annuities (GAR).

Please note that some defined contribution pensions may also have safeguarded features, such as a guarantee from the pension provider about the amount of pension to be provided when retiring.

Yes, we offer partial transfers, so that you can have some flexibility over your investments but can maintain being invested with your existing pension provider (some providers don't currently support this, speak to us and we'll find out).

Yes, you can open and save into a TILLIT Pension while also contributing to a workplace pension. You can even set up a regular partial transfer from your workplace pension to your TILLIT Pension (some providers don't currently support this, speak to us and we'll find out).

If you want TILLIT as your workplace pension, email us at pensions@tillitinvest.com and we'll reach out to your employer.

Yes, there is no limit to how many pensions you can have but there are annual and lifetime limits on how much you can save.

You may wish to think about consolidating your pensions to make it easier to plan for your retirement. If you are interested in transferring a pension to TILLIT, reach out to our Transfer Concierge at transfers@tillitinvest.com and they'll help you!

You can pay in as much as you earn each year, up to £60,000 across all your pensions.

This amount includes tax relief so the maximum you can pay in yourself is £48,000, and the remaining £12,000 would be added by the government.

You can carry forward any unused allowance from previous tax years, assuming you meet the requirements.

Remember, tax treatment and eligibility to invest in a pension depend on personal circumstances. Pension and tax rules may change in future.

Your tax relief depends on how much you pay in, and the highest rate of income tax you pay in a tax year.

For example, if you're a nil or basic-rate taxpayer, for every £100 you put into your pension, you'll get £25 tax relief, giving a total contribution of £125. This is because basic rate tax in the UK is currently 20% (and 20% of £125 = £25). Any basic rate tax relief will be added to your TILLIT pension automatically.

If you're a higher (40%) or additional (45%) rate taxpayer in England, Wales and Northern Ireland, or a Scottish intermediate (21%), higher (42%), advanced (45%) or top (48%) rate taxpayer and paying into a personal or group personal pension, you can claim back extra tax relief through your self-assessment. You just need to include your pension contributions when you file your return.

Remember, tax treatment and eligibility to invest in a pension depend on personal circumstances. Pension and tax rules may change in future.

The TILLIT Pension is a tax wrapper, meaning that the assets held inside it benefit from some tax advantages and exemptions. Just like in an ISA, the funds held inside your TILLIT Pension can grow and are exempt from capital gains tax on growth and income tax on dividends or interest received.

However, just like in other pensions, when you choose to access the funds within your TILLIT Pension, any withdrawal(s) will be subject to income tax.

Remember, tax treatment and eligibility to invest in a pension depend on personal circumstances. Pension and tax rules may change in future.

The standard TILLIT platform fee is 0.4% on the assets in your account(s) in the first year. After the first year, your fee will drop by one basis point (0.01%) each year, until it reaches 0.25% - regardless of how much money you have in your account(s).

We don't charge you on contributions, withdrawals or transfers (in or out) and there are no dealing commission charges.

The funds you choose to invest in have their own fees (starting at 0.06% pa). Stamp duty and PTM levies may apply.

We advise you to regularly review your TILLIT pension and the investments within it to make sure they still meet your needs, goals and attitude to risk. What does regularly mean? Pensions are long-term investments, so we would suggest 2-4 times a year.

You can start withdrawing from when you reach 55 (57 from 2028), even if you’re still earning. The first 25% is tax-free.

When it comes to withdrawing from your pension you have three options. You can:

1) Take a lump sum directly;

2) Use it to buy a guaranteed income for life (known as an annuity)

3) Choose to keep it invested and make withdrawals (known as drawdown) as and when you need to (up to 25% tax-free).

You could also choose a mixture of the options above should you want to.

With a personal pension, you can continue to make payments when you turn 75, but you will no longer receive tax relief.

If you die after age 75, your beneficiaries won’t have to pay inheritance tax on any money they receive but may pay income tax on any withdrawals.

Remember, tax treatment and eligibility to invest in a pension depend on personal circumstances. Pension and tax rules may change in future.

Pensions aren't normally part of your taxable estate.

Therefore, following your death, your TILLIT Pension will be passed on to the individuals you nominate as your beneficiaries. You can nominate one or more beneficiaries and should you wish to change your beneficiaries at a later date, you can do so at any time.

The Money Purchase Annual Allowance (or MPAA) might be triggered when taking money from a Defined Contribution pension pot. It reduces the amount of money you can add to your pension tax-free from £60,000 to £10,000 per year. If you haven't taken any benefits from your pension (for example taking a cash lump sum, buying an annuity or starting to draw down an income from your pot) then you probably haven't triggered this.

You can find more information about the Money Purchase Annual Allowance and the ways it can be triggered on the MoneyHelper website.

If you're still unsure, you should consider seeking independent financial advice. Remember, tax treatment and eligibility to invest in a pension depend on personal circumstances. Pension and tax rules may change in future.

If you are unsure whether a SIPP is right for you, we’d encourage you to seek independent financial advice. If you are 50 or over, you can access free, impartial guidance on your pension options by booking a face to face or telephone appointment with Pension Wise. If you are under 50 you can still access free, impartial help and information about your pensions from MoneyHelper.

1. Log in to your TILLIT account;

2. Click the 'Start investing' button at the top of the screen. Alternatively you can do so from your Dashboard. You have a choice of a Stocks & Shares ISA, a General Investment Account (GIA) and a Pension;

3. Complete the steps on the screen. Remember, you will need the following information to complete the process:

• ID scan/photo (passport, driving licence or national ID card);
• Bank account details (sort code and account number);
• National Insurance number;
• Address history for the past 3 years.

4. Once completed, we will verify your identity and open your account. The entire process can take as little as 5 minutes, but sometimes it can take a bit longer if we need to perform additional verification of your details.

5. Once the account is set up you can add cash and start making investments!

Still not sure? If you have a TILLIT account you can speak to us on live chat, otherwise you can always email us at talktotillit@tillitinvest.com and we'll help you.

TILLIT is authorised and regulated by the Financial Conduct Authority (FRN 983417) and as such there are certain Anti Money Laundering rules and regulation we need to comply with which require personal information for ID verification.

In addition, if you open a tax wrapper like a Stocks & Shares ISA or a Pension, your National Insurance number is required for tax purposes.

Adding cash is simple and most deposits clear within seconds!

1. Head to your Dashboard.
2. Click ‘Add cash’ on the account you wish to fund and follow the instructions on screen.

We offer payment by OpenBanking for most UK banks and for the rest you can make a manual transfer. Either way, we’ll guide you on the screen.

Top tip for manual transfers!

When setting up the payment in your banking app, make sure to use the exact amount and payment reference shown on the screen on TILLIT. This allows cash to transfer more quickly and without hold-ups!

1. Head to your Dashboard;
2. Click on the relevant account card;
3. Click the 'Withdraw cash' button;
4. Enter the chosen amount that you would like to withdraw and follow the steps on the screen.

Withdrawals can take up to four working days to clear.

1. Head to your Dashboard;
2. Click on the relevant account card;
3. Scroll down to the 'Holdings' tab.

• Stocks & Shares ISAs
• General Investment Accounts (GIAs)
• Pensions

To transfer your account to TILLIT, head to your Dashboard and click on the Transfer card or tab and follow the steps on the screen.

If you don’t yet have an investment account, you can open one by clicking the button ‘Start investing’ on the website or the platform and follow the steps from there.

You can transfer your account in cash or in specie. Please see below FAQs for more information on both options.

If you have a Stocks & Shares ISA, a General Investment Account (GIA) or a Pension with another provider, you can transfer it to TILLIT in cash or in-specie. By transferring your account to TILLIT as cash, your existing provider will sell down any holdings in your account to cash before transferring it to TILLIT.

Once your transfer has completed, you can login and find your cash will be available on your TILLIT Dashboard, ready to be invested.

An in-specie transfer is the process of transferring assets you hold as they are from one provider to another, instead of having to sell them and transfer the cash proceeds. You remain invested throughout the transfer.

If you are unsure whether we are able to accept a particular asset, speak to our team via live chat or email our Transfer Concierge team at transfers@tillitinvest.com and we’ll be happy to help.

The Dark Universe is where we host any funds, investment trusts (including REITs) or ETFs (including ETCs) you bring with you that are not currently in the TILLIT Universe. Find out more about the Dark Universe here.

You will be able to continue to trade your Dark Universe holdings but if you sell out of a Dark Universe holding in full you will not be able to buy it back, unless it was later added to the main TILLIT Universe.

You can only buy more of a Dark Universe asset in the account it was originally transferred into. You would not be able to invest in it through a different investment account. For example, if you have an ISA and a GIA and you hold a Dark Universe fund in your ISA, you cannot buy it in your GIA.

You will find all the information about your Dark Universe holdings on your Dashboard and from there you can click through to the information page for each of your holdings, including your Dark Universe holdings.

Please see the table below outlining the information you will get on your Dark Universe holdings compared to TILLIT Universe assets.

Any Dark Universe holdings will only be available and visible to you. Other customers on TILLIT will not be able to find or invest in a Dark Universe holding, unless they have themselves transferred it to TILLIT.

To start a transfer you need:

• The name of your current provider
• The client or account number of the account you want to transfer

If you don’t currently have an investment account with TILLIT, you will also need your passport or driving licence, National Insurance number, bank details and address history covering the last three years.

If we need any other information to get your transfer moving, our Transfer Concierge will let you know.

To avoid delays or interruptions to your transfer to TILLIT, make sure that your personal details match those at your current provider before you start your transfer.

Once your transfer is in progress, should we need to contact you about anything, such as a unit class conversion, it may also take a little longer than usual. Our Transfer Concierge will contact you as soon as possible in that case and we will do everything we can to get you back on track as soon as possible.

You can start transferring your account to TILLIT in less than 5 minutes! Once we have received your transfer request, we will reach out directly to your existing provider to let them know that you want to transfer your account to TILLIT.

Cash transfers typically take a few working days to complete and in specie transfer typically takes 4-8 weeks to complete, depending on your current provider and the complexity of your account. Please note, pension transfers can take up to 12 weeks to complete but our Transfer Concierge team will keep you in the loop every step of the way.

Your existing provider may reach out to you to confirm that you want to transfer, so keep an eye out for any communications in the days after you submit your transfer request on TILLIT to avoid any delays.

Once your transfer has been initiated it might not be possible to cancel. Whether we are able to cancel the transfer or not will depend on where we’re at in the transfer process as well as the policy of your current provider.

If you want to cancel a transfer, please contact us on transfers@tillitinvest.com or speak to us on live chat as soon as possible and we will see if the transfer can still be cancelled.

We won’t charge you any fees to transfer your account to (or from!) TILLIT. However, your current provider may charge exit and/or dealing fees. The costs and charges are dependent on your current provider.

Please note that some providers charge higher dealing fees if they make sales on your behalf, as opposed to you instructing the sale yourself. You should confirm dealing charges with them if you have any questions ahead of your transfer.

Please note that if you are transferring a General Investment Account in cash, or in specie and hold investments that TILLIT cannot accept, you may also incur a Capital Gains Tax charge as a result of those investments being sold down to be transferred as cash.

Tax treatment depends on an individual’s circumstances and may be subject to change.

When you click ‘Transfer to TILLIT’ on your Dashboard, you will be presented with a list of providers. Once you have selected your provider you will see if the in specie transfer option ‘Transfer my holdings’ is available or not.

If your current provider does not currently support in specie transfers, you will be prompted to note your interest of an in specie transfer from that provider in a live chat window. Our Transfer Concierge team will then investigate whether we can make it available.

If you transfer an account containing one or more ineligible assets, then our custodian will instruct your current provider to sell the assets and transfer them as cash alongside the eligible assets.

Depending on your provider, they may make the sale for you automatically or you may be asked to make the sale yourself before the transfer can continue.

Please note that some providers charge higher dealing fees if they make sales on your behalf, as opposed to you instructing the sale yourself. You should confirm dealing charges with them if you have any questions ahead of your transfer.

In some cases, though rare, you may be invested in an open-ended fund through a special unit class that is not available on all investment platforms.

This may be for a range of reasons, including a special commercial agreement between your current provider and the asset manager, or if you invested a long time ago and your unit class has been superseded by a newer (typically a cheaper) one.

If you transfer a holding in a restricted unit class, we will attempt to get access to it so that you can continue to hold it, but if we are unable to do so, we may have to convert your holding into a different one. During a fund conversion you stay invested and there is no need for to buy or sell the units and there are no Capital Gains Tax implications.

Please note that you will still hold the same fund, but the fee may be different in the new unit class. If we cannot onboard your current unit class, our Transfer Concierge will reach out to ask you how you want to proceed and your transfer will be on hold until we hear from you.

Partial in specie transfers are complex, not easily automated and dependent on the terms and conditions of your current provider.

If you want to make a partial transfer to TILLIT, please reach out to us on live chat or email our Transfer Concierge at transfers@tillitinvest.com and we’ll be happy to help. We will ask you for information about the type of account you are looking to transfer, the assets and units you want to transfer and details about your current platform.

Please note that partial ISA transfers are only possible by transferring either the current tax year’s contributions in full, or some/all of your previous years’ contributions.

Your current provider may restrict your ability to trade, add or withdraw cash while the transfer is in progress. You should reach out to them if you are unsure before you transfer.

Please note that if you have opened a TILLIT Stocks & Shares ISA as part of a transfer, you will not be able to add cash to your ISA on TILLIT until the transfer completes. This prevents you from accidentally over-subscribing cash to your ISA in the current tax year.

As soon as we receive your transfer request, we automatically reach out to your current provider to let them know you want to transfer your account. At this stage the status of your transfer will show as ‘Requested’ on your Dashboard.

Once your current provider has accepted the transfer request, your transfer starts and we begin to onboard your assets. At this stage the status of your transfer will change to ‘In progress’ on your Dashboard. You will also receive email confirmations at each stage.

Once your transfer has completed, we’ll send you a confirmation email and the status of your transfer will change to ‘Completed’ and appear as a card within the Transfers section on your Dashboard.

When we have received your transfer request, you will see the status and progress of your transfer on your Dashboard.

We work hard to make the transfer process as easy and transparent as possible and some assets may complete quicker than others, sometimes several days or weeks apart, but as soon as we have any new information about your transfer or the assets being transferred, we will update the status on your Dashboard automatically.

If anything about your transfer doesn’t look right or if you have any questions, please reach out to us on live chat or email our Transfer Concierge at transfers@tillitinvest.com and we’ll be happy to help.

This depends on your provider. Some providers will cancel your direct debit once the transfer has completed, but you should check with your bank to make sure. We recommend that you contact your current provider to find out what their procedure is before initiating your transfer.

To set up a regular deposit or investment instruction on TILLIT just click, 'Set up regular deposit & order' from your Dashboard.

If you’re due a dividend payment, your ceding provider will forward it to us as residual cash and we will allocate it to your account.

Please note, it can take a few weeks for your dividend to clear with your provider first but once your transfer is complete and your assets have been re-registered your dividends will be paid directly to TILLIT.

Seccl Custody is our custodian and manages the transfer of your account from your current provider to TILLIT. Therefore, your current provider may refer to the transfer being transferred to Seccl Custody, not TILLIT. But there is no need to worry, we work closely with Seccl to ensure that your account is moved over to TILLIT as smoothly as possible.

You can read more about Seccl Custody here.

A piece of legislation called MiFID II requires that we report trading in certain investments to our regulator, the Financial Conduct Authority. On TILLIT this means that if you want to trade Investment Trusts or ETFs we may have to ask you for a national identifier before you can proceed.

We can't see which investments you have on your current investment platform, so to make sure you're able to trade on your transferred investments as soon as possible we may ask you to supply a national identifier when you start an in specie transfer.

The identifier we need differs depending on your nationality. For example, if you are a British citizen without dual citizenship we will ask for your National Insurance number, while other nationalities might require a different identifier such as a tax identifier or passport number.

Unfortunately not but as soon as your transfer has completed, you are free to make contributions again!

0.40% of your assets in the first year.

We believe in simple, clear fees. We therefore only charge one fee, a platform fee of 0.40% for the first year on the total assets (cash and invested) in your TILLIT account(s).

Your fee will drop by 0.01% every year thereafter until it reaches 0.25% - regardless of the size of your assets!

We believe that investing is about the long-term and we want to reward customers for taking a long-term view. This discount is applied at the client level, not the account level.

Example 1: After five years of being a TILLIT customer, you would only pay 0.35% per annum. The maximum discount is achieved after 15 years when you would pay 0.25% per annum

Example 2: You open a Stocks & Shares ISA today and pay 0.40% per annum. In three years time you decide to open a General Investment Account as well, at which point you pay 0.37% on the total assets in your accounts, not just on those in your ISA.

There are no trading, transfer, or exit fees.

Stamp duty. This is a one-off tax of 0.5% applied to buy orders for investment trusts. This is charged by the UK government.

PTM levy. This is a charge of £1.50 applied to investment trust buy and sell orders with a value greater than £10,000. This is charged by the Panel of Takeovers and Mergers.

Ongoing Charge Figure (OCF). This is an annual fee expressed as a percentage to cover the costs of running the fund, trust or ETF you have chosen to invest in. It is charged directly by the asset manager. In some cases, there may be additional fees charged by the asset manager, such as performance fees.

It is calculated daily based on your TILLIT platform fee and the total value of the assets in your account(s). Please see the calculation below:

Daily value of the assets in your account(s) x (your TILLIT platform fee/365)

It is charged on, or around, the 10th of every month, in arrears, from available cash in your TILLIT account(s).

If you do not have enough available cash to cover the TILLIT platform fee, we may have to sell down some of your investments to cover our fees.

When a fund makes a trade, it has to pay certain costs. These costs are split into three types: explicit costs, implicit costs, and an anti-dilution offset.

1. Explicit costs

These are straightforward fees like the money paid to brokers for making trades and any taxes on the transactions. These fees are taken directly from the fund’s value when a trade happens.

2. Implicit costs

These costs are a bit more hidden. They represent the difference between what the fund pays for an investment and its actual value. Several factors can affect these costs:

• Market Impact - When a fund buys a large quantity of a particular stock, the increased demand can drive the price up before the purchase is complete, resulting in a higher average purchase price. Conversely, selling a large quantity can drive the price down.
• Timing of the Trade - The timing of a trade can affect costs, as market conditions and prices fluctuate throughout the day.
• Slippage - This is the difference between the expected price and the actual price of a transaction. Sometimes slippage can be negative, meaning the transaction was cheaper than expected.

3. Anti-Dilution Levy (ADL)

This is a fee charged to investors when they buy or sell shares of the fund (either through a bid/ask spread or through entry/exit fees). This fee helps cover the trading costs caused by money moving in or out of the fund. It ensures that existing investors aren’t unfairly affected by these transactions.

Fund transaction charges can often be a negative number because the factors that reduce the costs (like anti-dilution offset and slippage) are greater than the positive costs.

See below for an example breakdown of transaction charges that result in a negative charge:

Breakdown of costs:

• Anti-Dilution Levy (ADL) - charge is: -0.15%. The ADL is a charge added to protect existing investors from dilution when new investors buy and sell share of a fund. In this example it results in a negative cost, effectively reducing the overall transaction cost.
  
• Implicit costs - (slippage, market impact, bid-ask spread, etc) is: -0.10%. Slippage, market impact, etc can occur when the actual price of a transaction is different to the expected price. In this example it results in a negative cost, as the transaction price has ended up less than expected.
• Explicit costs - (broker fees, taxes, etc) is: 0.20%.

These are the typical transaction costs an investor would expect to pay.

Calculation:

Net transaction cost = (ADL) + (Implicit costs) + (Explicit costs)

Net transaction costs = (-0.15%) + (-0.10%) + (0.20%) = -0.05%

Summary:

The example shows how the combined effect of implicit costs and ADL can potentially outweigh the explicit costs. As a result, in this example, the overall transaction costs are negative. This means that rather than incurring additional costs, the adjustments from implicit and ADL have effectively reduced the fund’s cost, which can in turn boost returns.

Text messages/SMS

SMS two-step verification (also known as multi-factor authentication) sends a one-time code to your mobile phone via text message when you want to sign into your account. For a lot of people this is a familiar and friendly process and typically works well, but has some downsides:

• You need mobile phone signal to receive the message, which isn't always available.
• There can sometimes be delays in message delivery making is harder to log in.
• SMS is typically considered a less-secure mechanism for two-step verification.

Authenticator app

Authenticator apps like Google Authenticator, Authy, Duo and others generate a one-time code on your device, rather than having a code sent to you via text message. To make this work you pair your authenticator app with your account by scanning a QR code and after that you just enter the code you see on the phone when logging in.

Using an authenticator app is considered a more secure option than text messages, and doesn't need mobile phone signal to operate. However, there are some extra considerations:

• Not all authenticator apps back up your pairings to the cloud, so changing phone can prevent you signing into accounts using them. Consider using whatever sync mechanism your authenticator app has to back up your authenticator pairings to the cloud.
• When signing in on your mobile phone, switching between your web browser and your authenticator app might be less convenient than waiting for a text message.

Which should I choose?

If you already have an authenticator app on your phone then this is likely to be the fastest and most secure way of performing two-step verification on your account - but if you lose your device it can make signing into accounts more difficult if your authenticator app doesn't sync to the cloud.

We suggest choosing whatever you're most comfortable with - we consider that using either two-step verification method is a positive step in securing your account.

Two-step verification, also known as multi-factor authentication, helps to secure your TILLIT account by requiring something that you know (your password) as well as something that you have (such as a mobile phone) to log in. It ensures your account remains secure, even if somebody has managed to get hold of your password.

When you have enabled two-step verification, each time you sign into TILLIT you'll either be sent a text message to your registered phone number with a one-time code, or you can enter a code generated by an authenticator app such as Google Authenticator or Authy.

1. Head to your Dashboard;
2. Click on 'My details';
3. Click 'Change password'.

If you have forgotten your password, you can reset it by clicking 'Forgot your password?' on the login page.

1. Head to your Dashboard;
2. Click on 'My details';
3. You can click on the relevant prompt that will take you to live chat, otherwise you can always email us on talktotillit@tillitinvest.com and let us know what information you need to update.

As a financial platform, there are certain AML rules and regulations we need to comply with. Therefore, some personal detail changes may require us to run a new identity verification check. If so, we'll let you know.

Yes, you can! Reach out to us on live chat or email us on talktotillit@tillitinvest.com and we'll get your nominated bank details updated.

Please note the new bank account must be held in your name and registered to your current address. We will require a recent bank statement in order to verify your new details and process your request.

We're sorry to see you go.

To close your account, please send us a message on live chat or email us on talktotillit@tillitinvest.com and we'll take it from there.

We're sorry that you are having difficulty accessing your account! Email us on talktotillit@tillitinvest.com and we'll help you regain access.

Sometimes, we have to carry out additional checks to verify your identity. This is standard practice for AML verifications and we appreciate your patience.

We will send you an email to your registered email account within 24 hours. This will contain more information about what is holding up your account as well as next steps to get it up and running.

There can be a number of reasons why your identity verification has failed. But don't worry, we are looking into it and will be in touch within 24 hours (usually sooner) to let you know what is happening.

We understand that this can sometimes be frustrating, but we will always keep you informed and we aim to get your account up and running as quickly as possible!

When adding cash to your TILLIT account via a bank transfer, you must make sure that the details of your transfer match the details on the screen in the app - including the payment amount and the reference.

If the details aren't an exact match, there will be a delay in allocating your deposit. This is because we need to perform some extra checks manually to make sure your hard-earned cash goes to the correct account and not someone else's!

If you are unsure, or have made a transfer and need help, drop us a message on live chat or email us on talktotillit@tillitinvest.com and we'll help you!

Cash withdrawals can take up to four working days to clear. If you still cannot locate your withdrawal after four working days have passed, then reach out to us on live chat or email us on talktotillit@tillitinvest.com and we'll help you.

Lost or broke your phone? No worries! Just let us know on live chat or email us on talktotillit@tillitinvest.com and we'll update your mobile number.

Because we use your mobile number to secure your account via two-factor authentication, we may need additional information to change your phone number. If so, we'll let you know.

If you see something that doesn't look right, then please let us know as soon as possible by speaking to us on live chat or emailing us at talktotillit@tillitinvest.com.

If you have a TILLIT account you can speak to us on live chat, otherwise you can email us directly on talktotillit@tillitinvest.com or use the contact form on the 'Contact us' page.