FAQs
Investing in funds
What is a Stocks and Shares ISA?
Individual Savings Accounts - known as ISAs - are accounts in which you can save (for example, in a cash ISA) or invest (like our Stocks and Shares ISA). The money you make on your savings or investments in your ISA isn’t taxed. With a Stocks and Shares ISA, you don’t pay capital gains or income tax on gains or income which your investments make. HMRC sets a limit on how much you put into your ISA each tax year. Although there’s a limit on what you can put into your ISA, there’s no limit on the tax-free gains you can make. However, it is important to note that tax is subject to personal circumstances and is subject to change. Individuals should consult with a qualified tax advisor to determine the specific tax implications of their ISA investments.
What is a GIA?
GIA stands for General Investment Account. It’s another type of account you can use to invest - but without any limits on the amount you can put in it each year. Many people use these accounts if they’ve already reached their ISA limit for a given tax year, and want to keep investing. Unlike an ISA, you may need to pay tax on any gains or income you make on the investments in this account.
Who can open an ISA with us?
You must be a UK resident, which means you pay your taxes in the UK. You can’t open one if you’re a US citizen or have any tax to pay there. You also must be aged 18 or over to open a Propelle ISA.
Who can open a GIA with us?
You must be a UK resident, which means you pay your taxes in the UK. You can’t open one if you’re a US citizen or have any tax to pay there. You also must be aged 18 or over to open a Propelle GIA.
Can you take money out of your ISA?
You can request to take money out of your ISA at any time, by requesting a withdrawal in your Propelle dashboard. In order to send you your money, we may have to sell down some of your investments, which can take 5 business days to complete. Here are some things to think about when taking money out of your ISA: Investing is for the long term. It’s recommended to invest for a minimum of 3 years to give your money a chance to ride out market fluctuations. By taking money out too often or too soon, you may not reach your financial goals. Taking money out of your ISA, reduces your annual allowance.
What fees do you charge for my investment?
At Propelle we charge a single all in fee of 0.7%, regardless of your invested amount. We split this fee between Vanguard (the fund manager), who gets 0.22%, and ourselves, who take 0.48% of the fee.
Can I transfer an existing ISA?
Propelle doesn’t currently support the transfer of an existing ISA to Propelle. We do allow you to transfer your Propelle ISA to another provider.
Can I cancel my investment account?
You have the right to cancel your investment account within 30 days of opening it. If you want to cancel your account, please get in touch at support@propelle.io and we’ll disinvest your total balance and close your account.
Can I switch funds?
Yes! You can decide to switch your selected fund anytime from the Propelle platform. The process can take up to 3 business days.
Is Propelle regulated by the FCA?
Propelle is an appointed representative of RiskSave Technologies Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 775330)
Is my money FSCS protected?
Propelle ISAs are managed by Welathkernel, who is your custodian. If they fail as a custodian, each customer may be protected up to a value of £85,000, subject to conditions set out by FSCS. Your ISA will be invested in one of our five Vanguard funds. These five funds are covered by the FSCS as well.
Your Account and Data
How can I change my data?
If you need to change your personal data, please get in touch with us at support@propelle.io. We'll be happy to assist you with your query.
How can I delete my account?
If you decide to leave us and would like to delete your account, please get in touch with us at support@propelle.io.
Propelle
Who is behind Propelle?
Propelle was founded by Ayesha Ofori, a former ultra high net worth adviser at Goldman Sachs. Feeling unfulfilled by predominately helping men, Ayesha left Goldman Sachs on a mission to level the investment landscape and help more women to actively invest. At Propelle, we're a team of wealth management and fintech experts from Goldman Sachs, Moneybox and Pensionbee. We understand investing and wealth building! We also know that when it comes to investing, women have specific needs. We've built Propelle from the ground up to cater to these needs.
How much do we charge?
Propelle is currently in a closed beta and is free to use.
What's a closed beta?
Closed beta testing is an opportunity for real users to use a product in a production environment to uncover any bugs or issues before a general release. Closed beta testing is the final round of testing before releasing a product to a wide audience. The objective is to uncover as many bugs or usability issues as possible in this controlled setting.
How does Propelle make money?
Currently, Propelle makes money by receiving marketing / or introducer fees. When people invest with one of our partner companies through Propelle, Propelle can get paid a fee by the third party provider. This fee is not charged to the investor.
Property Investing
Who are Propelle’s property investment partners?
Propelle’s property investment partner is Simple Crowdfunding.
Who are Simple Crowdfunding (SCF)?
SCF is a property crowdfunding platform, offering peer to peer loans and equity finance for projects in the UK.
Is SCF authorised and regulated by the FCA?
Simple Crowdfunding is a trading name for both Focus 2020 Limited and Simple Property Ltd. Focus 2020 Limited (FRN 727214) is authorised and regulated by the Financial Conduct Authority. Simple Property Ltd (FRN 747022) is an appointed representative of Share In Ltd (FRN 603332), authorised and regulated by the Financial Conduct Authority. Focus 2020 Limited (Number 04016517) and Simple Property Ltd (Number 08317754) are registered companies in England and Wales.
What’s the relationship between Propelle and SCF?
Propelle and SCF are two completely separate companies. They have a marketing agreement in place allowing Propelle customers to be introduced to SCF to access investment opportunities.
Why do I have to register separately with SCF?
Propelle is not authorised by the FCA to provide property crowdfunding or property peer-to-peer lending investment opportunities. Therefore to invest in such investments you will need to become a customer of SCF, in addition to being a customer of Propelle.
What investment opportunities does SCF offer?
SCF offer peer to peer loans and equity finance for projects in the UK. Property equity deals are where investors can invest and become shareholders in companies raising funds. In this case investors will share in any profits or losses of the company. Peer to peer loans are where investors lend money for a fixed period of time, for a fixed return. Any security provided will be managed on behalf of the lenders.
Where can I find out the details of investment opportunities with SCF?
You will be able to see selected investment opportunities from SCF on the Propelle platform in the invest - property section. You will be able to see more opportunities on the SCF website directly.
How do I know if SCF investments are relevant or appropriate for me?
When registering on SCF, you will be asked to answer some appropriateness questions as part of the registration. This will help determine if such investments are suitable for you. Additionally Propelle has free educational content on property crowdfunding and peer-to-peer lending which you can read so that you can be better informed about these areas. You should also read SCF’s FAQs section before completing the appropriate test questions. You can find them here: https://www.simplecrowdfunding.co.uk/help. Finally, you should make sure that you understand the opportunity before investing, as well as ascertain and understand the risks involved (we have created tools and content to help you do this). If you do not understand an investment or you are not sure if the investment is suitable then such an investment may not be for you. If you are not sure, we suggest you speak to a financial adviser.
Am I a customer of Propelle or SCF?
If you have registered with Propelle, then you are a customer of Propelle. If you also separately register with SCF on their website then you will also become a customer of SCF.
Do Propelle and SCF share my data?
Propelle and SCF only share your data which is relevant for your investment characteristics to be seen in your Propelle dashboard. Propelle will send your information to SCF to notify them of Propelle customers being referred to their website and SCF will send Propelle the investment information of their customers. For more information please see our Privacy Policy.
If I have any questions about investments I have made via SCF, who do I speak to, Propelle or SCF?
You should speak directly to SCF if you have any questions about investments you have made with them, as you are a customer of SCF.
My balance is not updating on the Propelle dashboard. Who should I speak to?
You should email us at support@propelle.io.
What’s the difference between peer to peer and crowdfunding?
In a property peer to peer deal, the investor (you) lends money to the developer company. This is for a fixed period for a fixed return. Interest earned can be at the end of the term or paid on a regular basis, such as quarterly. The capital is paid at the end of the term. In a property crowdfunding deal, the investor (you) buys a share in the company (that owns the project). This means that when the project completes, you should get your investment back with a share of the profit.
What is a peer to peer deal?
In its simplest form, property peer to peer investing means lending money to a property developer (i.e. loaning them some money. This is the money you invest) for the duration of a property development project. You loan money for a fixed period of time (known as the term), for a fixed return. Interest payments will be made periodically or, in some cases, at the end of the loan term. The loan is usually secured against property, and often on a first charge basis, which means that if something happens, the developers have to sell the property and pay back the loan ahead of paying back shareholders (equity crowdfunding investors).
What’s a crowdfunding deal?
Property Crowdfunding is a way for property developers to raise the money they need to develop property projects. This money is usually raised from lots of individual investors. In equity based property crowdfunding investment deals, the investor (you) is typically buying shares in the company that owns the “property”. The “property” can be a plot of land, a building or other property asset. In essence, the investor (you) becomes a part owner of the company (also known as a shareholder of the company).
Can I invest in multiple property deals?
You can invest as much as you like just so long as the investment allows it. If you’re a restricted investor, you can’t invest more than 10% of your net assets in a year.
How much can I invest?
You can invest as much as you’d like. If you’re a restricted investor, you can’t invest more than 10% of your net assets in a year.
Membership
How much does the Propelle Pro membership cost?
The Propelle Pro membership costs £9.99 per month, or £99.99 if paid annually.
When will my Propelle Pro membership renew?
If you select monthly, your membership will automatically renew once per month. If you select annually, it will renew once a year. We’ll send you an email 7 days before the renewal date to ensure your details are up to date.
What do I get from being a Propelle Pro member?
By becoming a Propelle Pro member, you will gain access to additional resources and opportunities to help you on your investment journey. You will get access to Property Investment Tools, Level 2 Investment Courses and learning supplements; all our previous webinars available to rewatch on demand, access to exclusive monthly investment workshops led by financial experts across the field, as well as early access and discounts on tickets to our in-person networking events.
How do I cancel my Propelle Pro membership?
To cancel your membership, simply navigate to your Account Overview page and click on “Manage Membership”. You’ll be taken to a page hosted by Stripe, where you can manage and cancel your membership.
Can I pause my Propelle Pro membership?
We don’t currently have the functionality to pause a membership. However, if you do decide to cancel your membership, you can restart it at any time, just drop us a note at support@propelle.io.