OpenMoney Reviews 

183
TrustScore 3.5 out of 5

3.7

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Rated 1 out of 5 stars

I have been with OpenMoney for a few years with little issues, until I decided initiate a transfer out of my OpenMoney ISA into another company (standard process normally taking 30 days). 3 mont... See more

Rated 5 out of 5 stars

We were due to remortgage and contacted OpenMoney to help. We were put in touch with Karina who was just brilliant, she was always available and very helpful in her explanations. It was incredibly str... See more

Rated 5 out of 5 stars

I needed a lot of guidance over a period of a few months as I was fairly overwhelmed and didn't know where to start. Ryan Browns helped me along all the way. He was exceptional at explaining everythin... See more

Rated 5 out of 5 stars

So far so good. I had a slight problem understanding how to set up the account so I took advantage of the call back option. They explained the mechanics and Also explained pension taxation to me in mo... See more

Company replied

Company details

  1. Investment Service

About OpenMoney

Information provided by various external sources

OpenMoney are here to make financial advice accessible and affordable to everyone.

They offer personalised financial advice through their online platform and offer tools in their app to help people follow that advice and get out of their financial cycle.

Within the app, users can connect all their accounts to the OpenMoney app to see all their money in one place. Once connected, OpenMoney will then start advising you on how to manage your money properly. Sounds great right!

They also offer a personalised recommendation on whether you should manage, save or invest your money, and help you every step of the way.

Based on your goals and financial situation OpenMoney lets you invest from as little as £1 - cheaper than your morning coffee! As well as creating your own diversified portfolio in which they invest in assets from all over the world including shares and bonds in companies and governments worldwide.

Finally, Financial Advice for all.


Contact info

3.7

Average

TrustScore 3.5 out of 5

183 reviews

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3.7

All reviews

(183)

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Rated 1 out of 5 stars

Can't transfer ISA balance out once deposited

I have been with OpenMoney for a few years with little issues, until I decided initiate a transfer out of my OpenMoney ISA into another company (standard process normally taking 30 days).

3 months later, OpenMoney have not responded to the request. My new provider has emailed and phoned multiple times with no reply. Furthermore, both OpenMoney's customer service portal and customer service phone number are not currently active, making it hard to get in touch. I have sent them an email but am awaiting a reply.

I believe this is due to the takeover by Octopus Money, but regardless I have not been able to transfer my own money easily, or at all successfully yet.

December 9, 2023
Unprompted review
Rated 1 out of 5 stars

Awful experience with Openmoney.

Awful experience with Openmoney.
Lets hope Octupus is better than this shower.
Thanks for nothing Openmoney; I've just wasted two years being with you with dreadful returns.

November 17, 2023
Unprompted review
Rated 1 out of 5 stars

In the heart of the boardroom, lies

In the heart of the boardroom, shadows cast,
I saw misdeeds, from a past so vast.
A director's actions, veiled and masked,
I took the step, a daunting task.

Whispers echoed, secrets untold,
The weight of silence, heavy and cold.
I raised my voice, firm and bold,
For the sake of justice, the truth must be enrolled.

The winds of change began to gust,
Trust in leadership started to rust.
From foundations of deceit, built on mistrust,
The once mighty company crumbled to dust.

And as the walls came tumbling down,
The city watched, some with a frown.
But I stood firm, wearing no crown,
For in truth's victory, deceit would drown.

August 9, 2023
Unprompted review
Rated 1 out of 5 stars

Can't manage their own finances

Can't manage their own finances. Let all their staff go with no pay. How could they manage mine?

April 27, 2023
Unprompted review
OpenMoney logo

Reply from OpenMoney

Hi Katherine,
Thank you for taking the time to review OpenMoney.

It is accepted there is some restructuring ongoing within our parent company, OpenMoney Limited, but this has no impact on customer service or that client funds have the protection of the FSCS. It is usual business practice for a firm like ours to use a third party custodian to actually hold client funds. We are no different and our third party custodian, Quai Investment Services, who are also authorised and regulated by the FCA do this for OpenMoney.

OpenMoney Adviser Services Limited, is authorised and regulated by the Financial Conduct Authority (FCA) and has been since 2015. Our details can be found on the FCA Register, at https://register.fca.org.uk and our Firm Reference Number is 676331.
OpenMoney is also part of the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service which is there to protect investors who invest their funds within the Portfolios we offer.

Rated 5 out of 5 stars

Exceeded my expectation!!

I could not rate OpenMoney more! Despite being an online service, I have had such a personable and human experience with my Mortgage advisor. Karina has guided me through every step, answered all of my queries (of which there have been many!) and been available promptly for calls. I have never had to wait longer than half a day for a response and they have always been very thorough. Karina has worked hard to get me a really great deal and kept me updated throughout. As a first time buyer, I could not ask for a better service. In my opinion what Open Money offer is best practice and I highly recommend them.

April 24, 2023
Unprompted review
Rated 1 out of 5 stars

Not worth it, better off with a savings account

I have been with openmoney for over 12 months and have had a -3.67% return on my investment.

When I have tried to withdraw my funds I've found that this cannot be done online (as can be done to make a payment or set up a direct debit), but instead I've had to email them and I'm now awaiting a reply.

There are plenty of savings accounts out there offering 3%+ interest with instant access to funds, with better rates available if willing to fix in for a period of time. This seems a much more sensible option than a negative return from a platform where you have to email them to try and withdraw funds.

April 21, 2023
Unprompted review
OpenMoney logo

Reply from OpenMoney

Thank you for taking the time to review OpenMoney.

Apologies for the delayed response.

Interest rates on deposit accounts are looking attractive at the moment, but they are not guaranteed to stay that way.

The global Stock Market has been extremely challenging over the last 18 months, however, there are reasons for this. Events such as the Russian invasion of Ukraine, soaring inflation and rising interest rates have caused a lot of volatility in the market. Periods like this aren’t unique and we have seen many examples throughout history. This is why we recommend that you invest for a minimum of 5 years.

The support team are available 9am - 8pm Monday to Friday to facilitate any withdrawal requests.

If you would like to discuss this further, you can book in with one of our Financial Advisers via your portal.

The OpenMoney Team

Rated 5 out of 5 stars

A fair service

I don't yet know how will I end up in the long way, but so far I am very satisfied with the service and help of Mr Ryan Brown. It was free for me, as the company is paid for by the lenders, but the mortgage I've been offered seems fair, safe and affordable. Well suited to my needs. The contact was quick and efficient as well and the online portal was clear and easy to manage.

April 20, 2023
Unprompted review
Rated 5 out of 5 stars

We went out of our way to work with Karina

Karina has provided invaluable guidance and advice throughout every mortgage process we've had to date. She's managed to make what could have been a daunting experience feel seamless and stress-free. Karina took the time to understand our situation and financial expectations to ensure she found the best mortgage option for us.

We will definitely continue to contact Karina for all enquiries moving forward.

April 18, 2023
Unprompted review
Rated 5 out of 5 stars

As a first time buyer Karina supported…

As a first time buyer Karina supported us throughout the process from MIP to mortgage offer. Karina explained the whole process it us and was an email away if we needed clarity. Would highly recommend open money due to the service Karina provided.

March 20, 2023
Unprompted review
Rated 5 out of 5 stars

Remortgage Made Easy!

We were due to remortgage and contacted OpenMoney to help. We were put in touch with Karina who was just brilliant, she was always available and very helpful in her explanations. It was incredibly straight forward and she was understanding of our concerns and helped us overcome them. Thank you OpenMoney!

March 20, 2023
Unprompted review
Rated 5 out of 5 stars

Definitely recommend!

As a first time buyer i wasn't sure about the process of where to start. I randomly found OpenMoney and tried getting an MIP which was the best thing i did! I had Ryan Brown help me throughout the whole process and find the best mortgage deal that suited me. He explained the whole process and communicated with me at every step of the way. He was very helpful and would definitely recommend Ryan and OpenMoney to others

April 4, 2023
Unprompted review
Rated 5 out of 5 stars

Karina was brilliant

Karina was brilliant throughout the process. Took an interest, explained with great clarity and found me a really great mortgage. Thank you, Karina, for all your help - you really do give Open Money a great name!

February 1, 2023
Unprompted review
Rated 5 out of 5 stars

great company

great company, very helpful and fast responses. helped all the way and gave me very helpful advise. i would recommend them to family and friends.

March 15, 2023
Unprompted review
Rated 5 out of 5 stars

Would rate higher if I could - perfect for beginners

I needed a lot of guidance over a period of a few months as I was fairly overwhelmed and didn't know where to start. Ryan Browns helped me along all the way. He was exceptional at explaining everything and taking time to make sure I was happy with the process and I genuinely felt like he had my best interest at heart. Due to this level of trust it made the whole process far less stressful as I knew I had someone on my side. He was responsive, efficient and definitely went the extra mile for me. I would 100% recommend this company if you're a housing and mortgage novice as you'll be supported through the entire process.

March 13, 2023
Unprompted review
Rated 5 out of 5 stars

Can't fault this company even remotely

Can't fault this company even remotely, I've tried to think of something bad and I just can't. Like to specifically recognise Ryan Browns outstanding customer service and efficiency and all round being absolutely amazing at his job, this has been such a stressful experience mortgage shopping, until I randomly filled in the openmoney online thing and the stress just went away and within a few weeks had an offer better than I could of imagined sat on my dashboard. I usually only write reviews when annoyed with a company tbh but I'm so thrilled with this service and I wholeheartedly recommend them to anyone whose had enough of 'brokers' who aren't even brokers trying to rinse them during a massively pressured time, these guys are actually qualified brokers and they take their fees from the lenders - in my opinion a mark of quality and good service.

The house purchase hasn't gone through yet, so it could still all fall apart but the broker part- they've done their bit, I'm at offer and I can't fault this part of the journey, I hope the rest goes as smoothly as this bit! Thanks Ryan!

March 7, 2023
Unprompted review
Rated 4 out of 5 stars

This company have qualified Financial…

This company have qualified Financial Advisers, they can advise on your investment and on top of that their charges are low, l am very pleased despite the current market conditions on other benefit is the adviser chat line is very helpful

November 25, 2022
Unprompted review
OpenMoney logo

Reply from OpenMoney

Hi Michael
Thanks for taking the time to leave a review - we really appreciate it and glad you're happy with our service.
Thanks,
OpenMoney

Rated 5 out of 5 stars

Would highly reccommend

This is my first time using this service to help with the remortgage process and Ryan could not have been more helpful, despite all of my many questions! The process was thoroughly explained to me and fairly stress free.

November 15, 2022
Unprompted review
OpenMoney logo

Reply from OpenMoney

Hi Sarah
Thank you so much for your lovely review. We're really glad we could help. We will pass this onto the mortgages team and Ryan!
Thanks again,
OpenMoney

Rated 5 out of 5 stars

First time buyer

As a first time buyer, I needed a lot of help and advice in regards to obtaining a mortgage. I dealt with Karina who was an Absolute Star throughout the whole process. Professional and friendly, she kept me informed every step of the way and was always on the end of the phone if I had any questions. I would highly recommend this company to anyone.

November 9, 2022
Unprompted review
OpenMoney logo

Reply from OpenMoney

Hi Michael
Thank you so much for the lovely review! Karina is definitely a star. We'll be sure to pass your kind feedback on.
Thanks again,
OpenMoney

Rated 5 out of 5 stars

Karina help me and my partner get…

Karina help me and my partner get approved for our first mortgage. Cannot recommend enough! Thank you so much Karina.

October 18, 2022
Unprompted review
OpenMoney logo

Reply from OpenMoney

Thank you so much for the lovely review - we're so glad Karina could help and we will pass on your feedback.
The OpenMoney Team

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