Frequently Answered Questions

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

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 15/08/2023 the rate is 3.35% 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 or General Investment Account.

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.

You can find it on your Dashboard.

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.

Here.

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 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.

No. You can start investing with TILLIT with as little as £1.

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;
• you 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 and a General Investment Account (GIA) and will soon be offering 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.

No. 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.

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 both a Cash ISA and a Stocks & Shares ISA in the same tax year, but your total annual allowance is £20,000 including both accounts. 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 SIPP, 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.

We are currently working on automated email confirmations for orders, but for now you can find and download the order notes on your Dashboard.

Yes! You can transfer your a Stocks & Shares ISA or a General Investment account to TILLIT in cash or in specie.

We have a TILLIT team dedicated to helping our customers transfer their Stocks & Shares ISA or General Investment Account to TILLIT with ease. Speak to us via live chat to find out more: Monday-Friday, 09:00 - 17:00.

Not yet, but you can register your interest and we'll let you know as soon as it’s ready!

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.

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 and a General Investment Account (GIA);

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, 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. Click on 'My documents';
4. Click on the 'Contract notes' tab.

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)
• Self-Invested Personal Pension (SIPPs) - Coming soon! Register interest

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 or General Investment Account (GIA) on another platform, you can transfer it to TILLIT. 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. 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.

Unfortunately not. The reason for this is to make sure that you don’t contribute to two different Stocks & Shares ISAs in the same tax year by mistake. But as soon as your transfer has completed, you are free to make contributions again.

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.

If you would like to set up a regular deposit or investment instruction on TILLIT, please speak to our team and we’ll be happy to help.

If you’re due a dividend payment, this won’t delay your transfer. Once the dividend clears with your old provider, they will forward it to us and we will allocate it to your account.

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.

Nothing! It is free to sign up to TILLIT and explore the platform and the investment universe we offer.

If you want to start making investments you can choose to open a Stocks & Shares ISA or a General Investment account.

A platform fee will be charged on the assets in your account(s).

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 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.

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 the first, 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. This secures your account even if somebody 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 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'.

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 help you.

The new bank account must be held in your name and registered to your current address. We may require additional documentation to process your request. If so, we'll let you know.

We're sorry to see you go.

To close your account, you can reach out to us on live chat or please 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.

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 you 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 chat, otherwise 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 chat, otherwise email us on talktotillit@tillitinvest.com and we'll help you.

Lost or broke your phone? No worries! If you have a TILLIT account you can speak to us on live chat, otherwise just email us on talktotillit@tillitinvest.com and we'll be happy to help.

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.