HSBC UK has removed the £1,000 ($1,226, €1,123) minimum investment requirement to access its online advice platform.
The ‘My Investment’ service was rolled out in December 2018 and provides individual financial advice that is regulated by the Financial Conduct Authority.
Previously, customers needed to pay the sum upfront to use it, and then choose whether they wanted to make monthly contributions.
From now on, people can start investing and using the platform with as little as £50 a month, to open up “the world of investing to more people than ever before”, the bank said.
It expects that an additional 1.8 million of its own customers will be able to start investing as a result.
Based on research
The change was underpinned by a survey carried out by polling company YouGov on behalf of HSBC UK.
It found that 33% of people believe investing is the best way to make their money grow, but 44% end up not investing at all.
James Hewitson, head of wealth and advice at HSBC UK, said: “It’s more important than ever to take a long-term look at our finances.
“Investing cash early on can make your money grow and help to avoid financial regrets later in life.
“Many people think that you need a lot of spare cash to start investing or that it’s overly complicated.
“We want to break down these barriers and make investing a good alternative to putting a bit away in a savings account each month. £50 a month is only the beginning and you can increase your monthly payments in future.
“The important thing is to start small, but think big,” Hewitson added.
